Wednesday, December 14, 2011
Industry News: Decelerating
Brown Shoe Co., parent of Famous Footwear, said it will close between 70 and 75 Famous Footwear stores in fiscal 2011 and 2012, for a total of about 145 store closures. The company will also be closing all of its Brown Shoe Closet and F.X. LaSalle stores, and will exit several business units including all of its children's wholesale and some women's specialty and private brands...Charming Shoppes will seek to sell its Fashion Bug clothing store chain and concentrate on growing its flagship Lane Bryant brand. The company will also undergo a strategic review of all its operations and finances. The company plans to open 125 new Lane Bryant stores over the next few years, relocate 125 stores from malls to lifestyle and strip shopping centers, and close 50 stores when their leases expire, bringing the number of Lane Bryant stores and outlets to 900...Pacific Sunwear of California Inc. will close as many as 200 of its weaker-performing stores around the country...RoomStore, the last surviving segment of the Heilig-Meyers furniture store chain, filed for Chapter 11 bankruptcy protection, with plans to reorganize around a smaller core of stores. RoomStore operated 66 RoomStore locations at the end of its second quarter, and owns 65% of Mattress Discounters, with 83 bedding specialty stores in the mid-Atlantic. RoomStore said it will continue to operate its stores while restructuring, and will retain its interest in Mattress Discounters…Sears Holding Corp. will spin off its Orchard Supply Hardware Stores later this month, with the hardware chain becoming a standalone public company. Sears bought Orchard Supply in 1996.