Thursday, March 19, 2015
Decelerating Retail News
Frederick’s of Hollywood has hired liquidators the Great American Group to wind down operations for at least 31 of its stores, which will close in the coming months. The company filed for Chapter 11 protection in 2000. It emerged from bankruptcy three years later and went public in 2006...Chico’s will shut about 120 stores by 2017 and open fewer this year than last. The company, which operates 1,547 stores in the US and Canada, opened 109 stores last year...Cache is going out of business a little more than a month after filing for bankruptcy protection. Great American Group, which won a bid for Cache’s assets at a March 3 bankruptcy auction, has begun going-out-of-business sales for all Cache's retail locations in the US, the Virgin Islands, and Puerto Rico...Target Corp. laid off 1,700 mostly headquarters employees and is eliminating 1,400 open positions. Target notified employees of the workforce reduction in an email.The cuts are part of a two-year, $2 billion corporate restructuring. Roughly 13% of the jobs in Target’s Minneapolis workforce will be eliminated. Target has disclosed it expects severance costs to total about $100 million...Children’s Place plans to close 200 stores through 2017, up from its previous plan to close 125 stores through 2016.