Is H& m Going Out Of Business
H& M is not going out of business. Like most stores, the fashion retailer is dealing with losses due to the impact of the pandemic closures. In June 2020, the company announced that it would be permanently closing 170 locations in 2020, a higher number than it originally planned. In October 2020, the company announced that it would be permanently closing another 250 locations in 2021. The retailer operates more than 5,000 stores worldwide.
Global Brands Group Usa
Date: July 2021
Category/Product: Apparel
The North American arm of apparel maker and brand owner Global Brands filed for Chapter 11 bankruptcy at the end of July. Established in 2005 by the century-old Li & Fung, the company licenses major brands such as All Saints, Saga, and Le Tigre and makes private label products as well. A large majority of its sales come from wholesaling to major retailers like Macys, Nordstrom, Bloomingdales, and Costco, which left it vulnerable to the decline of retail store foot traffic and consumer spending brought on by the pandemic. Compounded by supply chain disruption, liquidity issues, and pressing royalty obligations, Covid-induced shifts led to sales dropping 44% in the fiscal year ended March 2021. GBG USA entered into purchase agreements for its Aquatalia brand and others and looked to sell its remaining assets under court supervision.
The Retail Apocalypse Continues: 13 Major Chains That Went Out Of Business In 2020
Stein Mark on the Carlisle Pike is closing. The company had filed for bankruptcy earlier this month.
For brick-and-mortar retailers, 2020 has been more of the same retail apocalypse, just at a faster pace.
Over the past decade weve seen stores were once mainstays in Pennsylvania — Bon-Ton, HH Gregg and Toys R Us — close. For a number of struggling retailers the pandemic just brought on the inevitable faster.
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Is Modells Going Out Of Business
In March 2020, Modells Sporting Goods filed for Chapter 11 bankruptcy protection. It announced that it would permanently close all 141 of its stores once going-out-of-business sales were completed and all assets were liquidated. In August 2020, Retail Ecommerce Ventures, an investment firm with an e-commerce focus, acquired Modells intellectual property and e-commerce assets.
Is Bath & Body Works Going Out Of Business
Bath & Body Works is still in business. In May 2020, its parent company L Brands announced that it would be permanently closing 50 stores in the U.S. However, L Brands ended up only closing 30 Bath & Body Works locations during the pandemic and opened 26 new stores outside of malls, while remodeling another 29 locations.
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Is Brooks Brothers Going Out Of Business
In September 2020, the storied retailer was acquired by Authentic Brands Group LLC and SPARC Group LLC. As part of the agreement, the new owners will continue to operate at least 125 Brooks Brothers locations. In July 2020, Brooks Brothers filed for Chapter 11 bankruptcy protection. Earlier this year, the company started to permanently close 51 of its over 200 stores in North America. The retailer operates more than 630 stores worldwide.
Is Furniture Factory Outlet Going Out Of Business
In November 2020, Furniture Factory Outlet announced it was filing Chapter 11 bankruptcy protection. Due to the financial strain brought on by the pandemic, the company had already permanently closed over 30 stores. In December 2020, the company was acquired by American Freight, which rebranded more than 30 FFO Home stores under its name.
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Is The Disney Store Going Out Of Business
The Disney Store is not going out of business. In March 2021, Disney announced that it would permanently close at least 60 stores as it shifts to online sales. Following the closures, about two dozen stores remain, in addition to the more than 600 stores inside Disney parks and third-party locations like Target.
Are Stages Stores Going Out Of Business
In May 2020, Stages Stores filed for Chapter 11 bankruptcy protection. The retailer announced that it will reopen its over 700 stores for going-out-of-business sales, liquidate its assets and search for a buyer. The retailer will permanently close all Stage, Goodys, Palais Royal, Bealls, Peebles and Gordmans locations.
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Is Sur La Table Going Out Of Business
Sur La Table is not going out of business. In July 2020, the retailer filed for Chapter 11 bankruptcy protection. In August 2020, the company was sold at auction. The new owners, CSC Generation and Marquee Brands LLC, plan to keep more than 50 stores open. Sur La Table had previously operated more than 130 stores.
Is Macys Going Out Of Business
Macys is still in business. In 2019, the department store closed 25 locations and announced another 125 permanent store closings prior to the pandemic. In January 2021, the company announced it will close 45 of these stores by the middle of 2021.
Macys temporarily closed all of its 775 locations in response to the pandemic, continuing sales through its website. Macys has reopened many of its locations following local pandemic guidelines.
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Why Is Walmart Closing Stores Suddenly
Walmart is closing stores suddenly due to two reasons:
- The recent surge of online shopping
- The need to deep clean some stores
Throughout 2020-2021, Walmart has witnessed immense growth in online shopping in the US, with most customers now preferring to shop online rather than in brick-and-mortar stores.
Last year, Walmart recorded an e-commerce growth of 97% in the second quarter compared to the previous, a figure that is considered the fastest rate on Walmarts record.
Therefore, to take advantage of the new shopping trends and make maximum profits, Walmart is closing some of its stores as the company tries to strategize and invest in e-commerce activities.
The new strategies of serving online shoppers include developing programs, software, and capabilities to enhance its service to the online shopping community.
As well, newly introduced programs such as pick-up today and home deliveries have made it easier for consumers to order online without worrying about any shipping costs.
In addition to an increase in online sales, Walmart may temporarily close its local Walmart store due to a deep clean drive and sanitization.
During the deep cleans, Walmart closes temporarily for a few days and reopens once assessments on the deep cleans are deemed as complete.
The most recent incident of a Walmart deep clean drive was in Lynn Haven, Florida, where the local store was closed for 3 days in July.
Popular Department Stores Closing In New York Hudson Valley
More iconic department stores are leaving the Hudson Valley and New York State.
For all the news that the Hudson Valley is sharing make sure to follow download the Hudson Valley Post Mobile App and sign up for the Hudson Valley Post Newsletter.
Last month, Hudson Valley Post reported the final Kmart in all of the Hudson Valley will soon close its doors. The Kmart located on Tarrytown Road in White Plains is closing, according to a store closing list released by SB60 Capital Partners.
SB60 Capital Partners also announced two more New York department stores will close in the near future.
The Sears and Kmart, both on Beverley Road in Brooklyn are both closing, according to SB60 Capital Partners.
Closing dates for all three stores aren’t known.
Hudson Valley Post has now learned two more department stores in New York will be closing.
The Kmart at The Shops at Bruckner in the Bronx and the Sears in Massapequa are both closing in the near future, List Man Jack tells Hudson Valley Post.
The Westchester County Kmart is the final Kmart in the Hudson Valley, according to Kmart’s website.
In 2018, the final Kmart in Dutchess County closed. In 2017, the Kmart in Vails Gate also closed. In 2016, Kmart closed its doors on Route 9 in Poughkeepsie.
The Kmart closing in the Hudson Valley is one of over 70 businesses that have left the region recently. See the full list below:
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Is Starbucks Going Out Of Business
Starbucks is not going out of business. The coffee retailer did temporarily close its locations in response to the pandemic but has since reopened many locations for to-go only service. In 2020, Starbucks announced that it would be permanently closing 500 of its company-operated locations in the U.S. and Canada. In January 2021, the company announced it would be closing an additional 300 Canadian locations by the end of March. The company, which operates more than 32,000 stores worldwide, announced plans to open 300 to-go style locations through the end of 2021.
Is Godiva Going Out Of Business
Godiva is not going out of business. In January 2021, the company announced that it would be permanently closing all of its North American locations due to the pandemic. The closures will impact the 128 Godiva locations in the United States and Canada. The company will continue to operate locations in Europe, Asia and the Middle East and Godiva chocolates will continue to be available through the website and wholesale.
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True Religion Apparel Inc
Date: July 2017
Category/Product: Denim & jeans
Summary: California-based denim retailer True Religion was another company who sought bankruptcy in efforts to revive itself from huge debts and decreasing sales. The company struggled to retain business in a difficult denim market that was being chipped away by the athleisure clothing trend as well as fast fashion and low-priced retailers. After filing for Chapter 11 protection in July, the company exited in October with plans to establish a smaller footprint and increase digital growth.
Is Walmart Closing Stores In 2021
Walmart is closing some of its stores to focus more on e-commerce as of 2021. A recent analysis of the companys revenue reveals that more customers now prefer shopping online to visiting Walmart stores. Therefore, Walmarts business operations are currently shifting to support online shopping and maintain fast, efficient, and reliable services.
If youd like more information on why Walmart is closing some of its stores and whether your local Walmart store will be closed, keep reading for more facts!
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Is American Eagle Outfitters Going Out Of Business
American Eagle Outfitters is not going out of business. In January 2021, the retailer announced plans to shutter up to 250 of the 880 current American Eagle locations primarily mall-based stores in the U.S. and Canada over the next two to three years. Meanwhile, the retailer plans to expand its lingerie and activewear brand Aerie by opening up 50 new stores in 2021, bringing the total to approximately 400 by the end of the year. By 2023, the company hopes to have more than 500 Aerie locations and double its revenue to $2 billion.
Good Times Convenience Stores
Date: November 2015
Category/Product: Gas & Convenience
Summary: Facing legacy supply issues from 2006, Good Times Convenience Stores, once a major player for gas stops and convenience stores, declared Chapter 11 protection in November 2015. Back in 2006, Dallas-based Alon USA Energy Inc. purchased 40 of its stores and converted them into 7-Elevens.
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Is Lucky Brand Going Out Of Business
In July 2020, Lucky Brand filed for Chapter 11 bankruptcy protection and announced it would be closing 13 of its 200 stores in North America. The company has entered into a sale agreement with the SPARC Group, owners of the Aéropostale and Nautica brands. The remaining Lucky Brand stores, and its website and wholesale business continue to operate through the sale.
New York & Co Parent Receives Green Light To Begin Going
New York & Company offers a versatile array of womens fashion-wear that is on-trend and stylish at a great value, said Scott Carpenter, president of retail solutions at B. Rileys Great American Group. We encourage customers to shop early for the very best selection as the store closing sales will last for a limited time only.
According to the firms, safety measures have been put in place for guests stopping at New York & Company stores amid the coronavirus pandemic.
At the end of the liquidation process, RTW Retailwinds plans to terminate all of its approximately 1,225 store workers. It has received approval for a $1.2 million store bonus program to incentivize employees to stay on through the completion of the liquidation. Employees will receive payouts based on 12% of their salaries during the closure period, or 2.5% of their annual salaries, for an average payout of $985.
After warning in multiple Securities and Exchange Commission filings that it could be headed toward bankruptcy, RTW Retailwinds sought Chapter 11 protection on July 13. It listed estimated liabilities of between $100 million and $500 million the same range as its estimated assets.
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Is Mens Wearhouse And Jos A Bank Going Out Of Business
In August 2020, Tailored Brands, the parent company of Mens Wearhouse, Jos. A. Bank, Moores Clothing for Men and K& G, filed for Chapter 11 bankruptcy protection to restructure its debts and remain in business. Previously, in July 2020, the company announced that it would be permanently closing up to 500 stores. Locations and a timeline for the closures were not disclosed. Tailored Brands operates over 1,400 stores.
Is Bed Bath & Beyond Closing
Bed, Bath & Beyond has not gone out of business. In July 2020, the retailer announced it would be permanently closing an estimated 200 stores. Store closures will take place over the next two years and have started in some areas. By early 2021, the retailer had closed more than 40 stores.
In January 2020, before the pandemic, the retailer had announced it would close 60 of its more than 1,400 locations. In March 2020, in response to the pandemic, the retailer temporarily closed 800 of its stores. The store shifted its focus to curbside pickup and its online store and expanded its buy online, pickup in-store options in over half of its locations.
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Are Heritage Brand Stores Going Out Of Business
In July 2020, PVT Corp, the parent company of Heritage Brand outlet stores announced that it would be closing all of its Van Heusen, Izod, Arrow, Warners, Olga and Geoffrey Beene outlet stores. The company expects the stores to continue operating through mid-2021. The brands will continue to be available through wholesale stores and online. PVT Corp is also the parent company of Tommy Hilfiger and Calvin Klein, but these brands will not be affected by the announced closures.
Why Did New York & Company Go Bankrupt
New York & Company has been in business a long time, going all the way back to 1918 when it was incorporated as Lerner Shops.
But now its done.
New York & Company declared bankruptcy in July of 2020, citing COVID-19 as the main factor. But in truth, the company had been on deaths doorstep for years.
New York & Company sells womens workwear, casual apparel, and accessories to women between the ages of 25 and 49. The company has 387 stores in 33 states, and its been a fixture in American malls for decades.
Which is precisely the problem.
Mall traffic has been declining for quite some time, slowly siphoning away New York & Companys customer base. The company knew it was in trouble and tried several strategies to stay alive.
First, it closed 150 stores since 2014. Sales per square foot has been declining, so the company wanted to decrease its physical footprint and shift more sales online. And it partially worked the least profitable stores were closed, and one-third of the sales now come from e-commerce. But this wasnt enough same-store sales declined a whopping 5.4% in fiscal year 2019. The firm planned to shutter an additional 150 stores to reposition itself as a digitally dominant retailer before COVID hit, so clearly it didnt see much of a future in its stores.
Okay, that didnt work so how about a change in leadership? Maybe a new CEO can bring in some fresh ideas.
Nope.
Thus, RTW didnt have much of a turnaround strategy aside from sell more stuff online.
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Is Pet Valu Going Out Of Business
In November 2020, Pet Valu announced it was permanently shutting down its U.S. operations, including its stores and warehouses. The retailer operated over 380 stores, primarily located in the Northeast and Midwest. The company started store liquidation sales within a few days of the announcement. The announcement does not impact the Pet Valu stores in Canada.
Is Rent The Runway Going Out Of Business
Rent the Runway is not going out of business. In August 2020, the apparel rental service announced that it would be permanently closing its five locations. The company plans to focus its efforts online and increase the number of its drop-off locations. The flagship location in New York was transformed into a drop-off location.
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The Parent Company Of The Women’s Fashion Retailer Filed For Bankruptcy Monday
LONG ISLAND, NY The parent company of New York & Company, the women’s fashion retailer, has filed for Chapter 11 bankruptcy protection and could be closing all of its stores as a result, including 10 stores on Long Island. The company said, alternatively, that it could close a significant portion of its stores.
RTW Retailwinds, which owns New York & Company, filed for bankruptcy Monday in U.S. Bankruptcy Court for the District of New Jersey.
A news release said the company “has launched a store closing and liquidation process,” but will continue to operate the business in the near term, include online sales.