This was the highest ever paid for an e-commerce site says Reuters. SF Gate goes on to say Z Gallerie wished it invested more in e-commerce and didn’t sink so much into a costly distribution center. Allegations of sexual misconduct by the Weinstein Company co-founder Harvey Weinstein were finally heard by the public in October 2017 after a New Yorker article about the accusations were published. Kiko USA is having most of its troubles in the U.S. while its international business is going strong. Despite its financial troubles, the instrument retailer was planning on opening new stores and managed to avoid a crisis by doing an emergency loan negotiation. At the beginning of the year, Stein Mart had announced it hired advisors to help turn the chain around. Actresses Rose McGowan and Ashley Judd were some of the women to come forward and accuse the film executive. The UK’s biggest tour operator, Tui, is to close 166 high street stores in the UK and the Republic of Ireland. In 2018, 1,000 employees were laid off and a distribution center closed. Retail bankruptcies hit an all-time high in the first quarter of 2018, even more than last year according to Business Insider. A few months later in March, they made the announcement that things have changed. Get involved with the news in your community, This website and associated newspapers adhere to the Independent Press Standards Organisation's Editors' Code of Practice. Hopefully, the reorganization works out for all the denim fans out there! The 35-year-old company had tried to turn things around years prior. That’s before fellow shoe company Rockport. To remediate its U.S. troubles, Kiko USA has tried to negotiate with landlords to lower rent and terminate leases. A bankruptcy judge in Delaware had declared Bernstein, who originally launched Beauty, the “stalking horse bidder,” meaning he’s in a position to purchase Beauty Brands’ assets unless a better offer comes along. RetailDive says the new emphasis is pushing up the company’s top-line. The Kansas City brand went on the market selling some of its assets, according to the Kansas City Star. Its other locations were in malls but they’re closing all 101 of them, CNBC says. The places in Wales that now have to close as outdoor attractions are shut down. Its sale to Golden State Capital in 2009 saved it from bankruptcy. Pier 1 might have to figure out new strategies, but we hope it’s not similar to Lands’ End’s efforts. With that announcement, Forever 21’s executive vice president Linda Chang told the New York Times that the company would be closing 350 stores globally and ceasing operations in 40 countries. Thankfully for those in the market for personalized gifts, Things Remembered will live on. It is important that we continue to promote these adverts as our local businesses need as much support as possible during these challenging times. Its Gump’s By Mail was an attempt to sell goods online but perhaps it couldn’t compete with e-commerce giant Amazon? The department store noticed that their lowest-performing stores were the ones located inside or near malls. Tui will close 34 shops over the next 12 months, but it will re-deploy all affected agents and invest in other premises which will open in new locations. All good things must come to an end, however — or do they? The company says it’s shifted its focus to rebranding and remodeling stores that are still open, which they hope will turn things around. According to an April 8 report in Retail Dive, Roberto Cavalli was also planning to liquidate the rest of its North American operations. As we all know, malls have been experiencing lower foot traffic. The fashion retailer’s sales began to suffer after its creative director, Neda Mashouf, left after divorcing her husband in 2007. RetailDive also attributes declining mall popularity and other retail challenges as negatively affecting Bebe. Changing consumer interest has also affected David’s Bridal. With more shoppers interested in non-traditional food retailers, falling food prices, and competition, Tops had to file for Chapter 11 bankruptcy. Use my current location. In 2017, it had an operating loss of $4.6 million. Crew raised prices and underwent expansion during years when consumers became more and more thrifty. Starbucks has announced that it will be closing hundreds of stores in the US, after predicting their revenue decline attributable to Covid-19, could be up to $3.2bn (£2.5bn). This caused publications to speculate as to whether or not it was actually gearing up for a reboot. Find your nearest TUI store or browse our directory. Sources told the WSJ that the companies were in talks in March. Things aren’t looking too bright for the retailer, even a hedge fund couldn’t keep it afloat. Like 99 Cents Only, they might be suffering from competition in the market. In this press release, Bluestem had reported its 2017 numbers. Their finance trouble has partly to do with an accounting scandal and what CNBC described as “an onerous store footprint.”. “Although we still have work to do, I am confident we are on the right path to build a better Lowe’s and generate long-term profitable growth,” Marvin R. Ellison, Lowe’s president and CEO said. It lowered its debt by $600 million and closed nearly 100 stores. It filed for bankruptcy in May 2018, joining fellow bankrupt shoe makers Payless and Nine West. It was able to close on a $50 million term loan this March, according to RetailDive, which could be increased. It will get rid of lots of merchandise, however. The film company was able to find a buyer in May 2018 — Lantern Capital Partners, a Dallas-based private equity firm. Are you sure you want to delete this comment? Travel agent TUI said it will close 166 of its stores across Ireland the UK due to the impact of Covid-19. “$235 million would go a long way to support the victims of last year’s wildfires,” California state Senator Jerry Hill was reported as saying. A further 28 closures are planned for 2021. Bebe is another clothing store affected by declining interest in malls. It also closed its bridal store and parted with its creative director, Jenna Lyons, and CEO, Millard “Mickey” Drexler. It said it had a 10.9 percent decrease in net sales compared to the first quarter of fiscal year 2017. Newsquest Media Group Ltd, Loudwater Mill, Station Road, High Wycombe, Buckinghamshire. They project that by maintaining those stores and pulling out of the larger locations, they should be able to turn things around. The publication goes on to say what might have caused its troubles: National Stores has collected many brands over the years, thus likely taking on too much debt. CheatSheet says the shoe retailer is $1.5 billion in debt and in negotiations to restructure its debt. The decision, according to the statement, was made on account of changes in customer behavior following the coronavirus (Covid-19) pandemic. Bebe decided to attempt to stay afloat by moving away from the traditional retail space. We’re not experts on utility companies but victim claims seem more of a priority over employee bonuses, no? In December, that number was far fewer. Tui permanently closed 166 stores in July (Image: PA) Read More Related Articles. I have not received anything formal for next week. Those ads you do see are predominantly from local businesses promoting local services. This bankruptcy announcement comes after reports indicated Forever 21 had to hire advisers to seek out private-equity support to refinance and restructure the company, says a September report in Business Insider. In an attempt to try and avoid bankruptcy, CEO Eddie Lampert’s hedge fund has loaned hundreds of millions of dollars to Sears Holdings (with interest, of course). To add salt to the wound, S&P Global downgraded David’s Bridal credit rating in June 2018. Another thing stacked against them is Trump’s 10 percent tariff against Chinese goods. This extra space was available as Walgreens tried to get a deal with Rite Aid but that fell through. Bebe’s problems are common for retail but Pier 1 has a unique problem…. However, the store, founded in 1961, might not be a part of future young girls’ childhoods anymore as it stopped its IPO. In March, the retailer said that top-line sales fell year over year. This retailer is in charge of companies like Ann Taylor, Dress Barn, LOFT, and Lou & Grey. Vitamin Shoppe has also tried to shift its company’s focus. Hopefully, Things Remembered doesn’t become things forgotten! The major holiday company recently announced that it would be axing all its holidays until July 10, dashing Britons hopes for … It filed for Chapter 11 bankruptcy in August 2018, saying it planned to close 74 of its more than 340 stores in the U.S. and Puerto Rico, reported CNBC. Like Gump’s, Brookstone is also looking for a buyer but just for its airport locations, e-commerce businesses and wholesale operations. A March 5 article in Retail Dive indicated Diesel’s plans for reorganization includes relocating specific stores to locations “with a smaller footprint,” opening a Miami pop-up shop, opening new stores in strategic locations, and rebranding. Sears Holdings has undergone trouble for a decade, with their sales continuing to decline. This site is part of Newsquest's audited local newspaper network. They might have to find a new way to make a comeback like Bon-Ton. The January 23 article goes on to say that Kansas City advertising icon Bob Bernstein (who is credited with inventing the McDonalds Happy Meal) has a strong chance of purchasing the company. It also got itself a new CEO, Jack Sinclair, who replaced Geoffrey Covert. RetailDive attributes the struggles seen by Vitamin Shoppe and GNC to lessening popularity of malls and supplement store competition. In total during 2017’s fiscal year, the retailer saw sales fall 6.3 percent year over year to $406.2 million. The equity firm doesn’t have any Hollywood experience but its portfolio includes auto dealerships and a zinc recycling company. It’s a possibility that Imerys’ talc may not appear in Johnson & Johnson’s baby powder product anymore. A decade beforehand it also filed Chapter 11. Use my current location. The decision to axe stores was … Bloomberg reports that this includes Chapter 11 bankruptcy and selling off parts of the company. Looks like we may not have to worry about our discount goods going away! Top-line sales dropped 0.3 percent in 2017 with net income at $116 million. When it couldn’t find a buyer, CNBC reported, it filed for Chapter 11 bankruptcy in August 2018. Tour operator Tui, with outlets across Norfolk, is to close almost a third of its shops, moving staff to work from home instead. Stein Mart’s sales stabilized and digital sales grew by 47 percent in the third quarter of 2017. Andrew Flintham, managing director of Tui UK and Ireland, said: “We want to be in the best position to provide excellent customer service, whether it’s in a high street store, over the telephone or online, and will continue to put the customer at the heart of what we do. It was sold to Apax Partners in 2013 and also abandoned Nike’s comfort technology. Its CEO Gerry Smith announced Office Depot would be making a shift from mostly retail sales to also include services. It did acquire an e-commerce site, Chewy, but paying $3.35 billion for the site added to its existing debt. Lowe’s reported it will be closing locations including 26 Ronas, 6 Lowe’s, and 2 Reno-Depots between January and February of 2020. It blames its bankruptcy upon self-imposed problems — a common bankruptcy cause. Fast fashion company Forever 21 filed for Chapter 11 bankruptcy on September 29, 2019. So far we’ve named quite a few shoe companies that have had to file for Chapter 11 bankruptcy. The UK's largest tour operator said it hoped … CheatSheet reports the company has a $520 million loan facility due in 2019 and $270 million in unsecured notes due in 2020. At the time of filing, the retailer said it planned to close all of its 800 Gymboree and Crazy 8 stores. “Through our conversations with the potential buyers, it has become clear that it is in our best interest to operate with a significantly smaller store footprint,” spokeswoman Michelle Hansen told USA Today. This company, started in Los Angeles, owns Fallas, Conway and Anna’s Linens. Seems like August 2018 is the prime time for filing for Chapter 11 bankruptcy? Streets are closed and People are not free to move about as they want. However, this isn’t the first time The Walking Company has filed for bankruptcy. FullBeauty did have a shake-up of its executive team in July 2018, bringing on Bob Riesbeck as CFO, Liz White as chief customer officer and Robert Lepere as chief people officer. Thomson tour holiday operator TUI Travel has announced plans to close 100 of its UK-based travel stores. Thanks! Canadian company Hudson’s Bay considered buying the luxury retailer Neiman Marcus. In order to save itself, Nine West has sold off its Easy Spirit brand and closed all of its stores except for a mere 25. CheatSheet says they were able to be successful as they were in small towns with little competition. 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