Thursday, March 24, 2016

Decelerating News

Office Depot will shutter about 50 US stores this year. Last year, the company closed 181 stores following the exit of 168 locations in 2014. As part of its buyout of Office Max in 2013, Office Depot said it would close at least 400 stores by the end of 2016. The closure of 50 stores this year will effectively bring Office Depot to its goal...Sports Authority has filed for Chapter 11 bankruptcy in US Bankruptcy Court in Delaware, hoping to reorganize its operations and reduce its $1.1 billion debt. The filing was expected. The company has marked two distribution centers and 140 of its 464 stores for closure in the coming months. The court still must approve store-closing sales...Stage Stores will close 30 of its 832 units...Hometown Buffet and its affiliated concepts including Old Country Buffet, Ryan’s, Fire Mountain and Tahoe Joe’s have filed for Chapter 11 bankruptcy protection. The restaurant is owned by Ovation Brands, which closed 74 locations in February. The brand operates 328 restaurants in 35 states, employing 17,000.The chains filed for Chapter 11 in 2008, downsizing from 626 locations, and again filed in 2012, cutting 494 restaurants...Tailored Brands, formerly known as Men’s Wearhouse, plans to close roughly 250 stores this year, including 80 or 90 full-price Jos A. Bank stores, all Jos. A. Bank and Men’s Wearhouse outlet stores, and 100 to 110 tuxedo shops.

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