Thursday, August 20, 2020

DECELERATING NEWS

 J.C. Penney plans to close 2 NYC stores: its location at Manhattan Mall in Herald Square and Kings Plaza in Brooklyn, with liquidation sales likely to begin next week…Bed Bath & Beyond plans to close about 200 stores during the next 2 years. The retailer operates a total of 1,478 stores. Authentic Brands Group LLC and Simon Property Group Inc. won a competition to supply financing to the retailer, offering an $80 million debtor-in-possession loan…Sur La Table, which filed for bankruptcy this month and said it would close over 50 of its 121 stores, has been sold for nearly $89 million to a joint venture between e-commerce investment firm CSC Generation and Marquee Brands LLC. According to court documents, the joint venture plans to keep at least 50 stores open....RTW Retailwinds, parent of New York & Company, has filed for Chapter 11 bankruptcy protection with plans to close many, if not all, of its 378 stores…The U.S. arm of Japanese retailer Muji has filed for Chapter 11. Muji is looking to close unprofitable stores and renegotiate leases in the Chapter 11 process.  The retailer has 18 US stores...The Paper Store filed for Chapter 11 protection in US Bankruptcy Court for Massachusetts. The retailer, hoping to secure a sale by late August, is not planning to liquidate. The Paper Store has 86 stores... PVH Corp. plans to shut down its 162-outlet-store Heritage Brands Retail business. Brands include Van Heusen, Izod, Arrow, Warner’s, Olga, Geoffrey Beene, Calvin Klein and Tommy Hilfiger. The stores are expected to stay open through mid-2021... Tailored Brands has filed for Chapter 11 bankruptcy protection. The retailer currently operates more than 1,400 stores under the Men’s Wearhouse, Jos. A. Bank, K&G, and Moores names...Ascena Retail Group, parent company of Ann Taylor, Loft, Lane Bryant, Justice, Cacique, Catherines, and Lou & Grey, filed for Chapter 11 bankruptcy protection. Ascena plans to permanently close a “significant” number of stores during its restructuring, and permanently close all stores across all brands in Canada, Puerto Rico and Mexico. It is shutting down Catherines entirely and plans to sell those intellectual property assets to City Chic Collective Limited. Last year Ascena wound down its Dressbarn business, shuttering more than 600 stores. Ascena currently has 2,800 stores...Neiman Marcus plans to close its store at Hudson Yards, NYC, the new retail, residential, and office complex, according to a court filing. The store opened less than a year ago. The 3-level, 180,000 s/f store served as the anchor for Hudson Yards’ retail complex... Lord & Taylor has filed for Chapter 11 bankruptcy protection and will close 19 US stores…Pret a Manger is pulling out of the Boston and Chicago markets and has closed 17 locations…California Pizza Kitchen has filed Chapter 11 protection…Dunkin’ will close 800 Dunkin’ stores by the end of 2020…Bootmaker Frye’s will shutter its entire fleet of 16 stores... Steak ‘n Shake is auctioning off 15 properties. Steak ‘n Shake’s total unit count has declined by 69 restaurants over the first half of 2020. 56 of those are corporate locations...Stein Mart filed for Chapter 11 bankruptcy protection and plans to permanently close most, if not all, of its 281 stores... Rent the Runway does not plan to reopen any of its 5 physical locations, in New York, Chicago, Boston, Washington, D.C., and San Francisco... Stage Stores has received court approval for its bankruptcy plan, which calls for the liquidation of all its stores and the wind down of the company…NPC International plans to close up to 300 Pizza Hut locations, after an agreement with the franchisor that will pave the way for a sale of the company’s remaining pizza operations.

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