Wednesday, January 27, 2016
DECELERATING INDUSTRY NEWS
A&P has requested the bankruptcy court for permission to reject 52 leases including 36 for closed stores it has been unable to sell. If approved, the rejections would send the former A&P, Pathmark and Superfresh stores back to their landlords, who would be free to pursue new leases or uses for the spaces. A&P, which is approaching the final stages of its Chapter 11 wind-down, is selling the stores to raise funds to pay back creditors...Macy’s plans to close 35-40 department stores in early 2016 while moving ahead with expansion of its off price format. Since 2010, Macy’s has closed 52 Macy stores and opened 12 new stores. The closing will include 2 MA mall locations, in Springfield and Lanesboro...The 110,000 s/f four- level Times Square Toys “R” Us megastore shut its doors forever last month. Toys “R” Us Times Square opened in 2001, complete with a 60-ft. Ferris wheel. The retailer, which opted not to renew its Times Square lease, is looking for another Manhattan location... Barnes and Noble will close 10 stores in 2016. The chain currently operates more than 647 US stores...Fast-casual chain Cosi Inc. will shutter stores. The company closed a location in NYC and will close 3 additional locations in other markets. Cosi is “actively pursuing an exit strategy” for 6 other locations. The company has 79-company-owned and 30 franchised stores...Finish Line Inc. will close up to 150 of its 600 stores over the next few years as the company retrenches after posting a deep quarterly loss... Apparel retailer Joyce Leslie filed for Chapter 11 bankruptcy protection in New York, and is a likely candidate for liquidation. The chain, founded in 1945, operates 47 Northeast stores... JCPenney is closing 7 of its 1,020 stores as part of its annual review. The stores are mostly in smaller markets. Last year, Penney closed 41 stores and in 2014 it closed 33 stores...Sears Holdings Corp will close a number of US stores as part of an annual review and ongoing efforts to cut costs. The number was not disclosed; the closings will be primarily Kmart stores...Walmart will close 269 stores worldwide in 2016: 154 US locations including 102 Walmart Express stores, plus some supercenters, discount centers, and Sam’s Clubs. Walmart plans remain intact to open 50-60 supercenters, 85-95 Neighborhood Markets and 10 Sam’s Clubs during fiscal 2017.