Tuesday, February 24, 2015
As has been expected for some time, RadioShack Inc. has filed for bankruptcy protection. The filing includes a plan to sell more than half of the 4,000 company-owned stores and to shutter the remaining 1,600 or so over time...Gap Inc plans to close its Piperlime business, including the online platform and single store in New York, by the end of the first quarter of fiscal year 2015. Piperlime launched in 2006 as an online footwear store. In 2012, the brand ventured into bricks-and-mortar, opening a store in Manhattan...Jones New York will close 127 Jones New York Outlet stores and discontinue its wholesale business over the course of 2015....Kate Spade & Company is closing all 19 of its lower-priced Kate Spade Saturday stores and all 12 of its Jack Spade menswear stores in a phased approach during the first half of 2015...Cache has filed for Chapter 11 bankruptcy protection. The women’s apparel retailer will continue to operate its business, but will reduce its store count and sell and renegotiate some of its leases. The retailer has secured up to $22 million in financing from Salus Capital Partners to keep operating during the Chapter 11 proceeding, with the financing subject to court approval. Cache also will seek a stalking horse buyer for its assets...Saladworks LLC filed for Chapter 11 bankruptcy protection. Saladworks has hired SSG Advisors to help market the company for a possible sale, according to the bankruptcy filing. Saladworks has more than 100 locations with another 80 units in development...Ascena Retail Group is eliminating its fledgling boys brand, Brothers, as part of a strategic review of its Justice business. Operations related to the brand are expected to be fully wound down by the end of the company’s fiscal year. Ascena operates 3,900 stores under the Lane Bryant, Cacique, Maurices, Dressbarn, Catherines, and Justice banners.