Tuesday, April 26, 2016

Decelerating

Finish Line has closed 54 stores as part of its plan to shutter 150 locations. The retailer plans to close about 25 stores in fiscal 2017, Finish Line opened 8 stores in the past year and plans to open up to 7 others. Finish Line ended fiscal 2016 with 591 stores...Destination Maternity will close 25 to 30 stores and open 7 to 10 new stores... After announcing bankruptcy in February, Hancock Fabrics has announced that they are closing all 185 stores. Liquidation sales have already started, both online and in-store. Hancock Fabrics filed for bankruptcy in 2007 and reorganized, filing again in February of 2016. There has been no exact date announced for closings...L Brands announced a series of broad changes at its Victoria’s Secret division, eliminating the jobs of approximately 200 people at its Columbus, OH, and New York offices and splitting the division into three business units. Certain merchandise categories will be eliminated as the brand refocuses on core categories...Pacific Sunwear of California Inc. filed for Chapter 11 bankruptcy court protection. PacSun said it would continue to operate all of its 593 stores and does not expect the bankruptcy filing to have an immediate impact on employees... Vestis Retail Group LLC, operator of Eastern Mountain Sports, filed for bankruptcy protection. Vestis, which also runs the Sport Chalet and Bob’s Stores chains, is owned by Philadelphia-based private equity firm Versa Capital Management. Its Chapter 11 petition filed in Wilmington, DE, listed as much as $500 million in liabilities and less than $50,000 of assets. The restructuring will focus on Eastern Mountain Sports and Bob’s, while all 47 Sport Chalet stores will be closed. 56 locations will be shuttered in total, including one Bob’s store in Portland, ME, and 8 EMS locations.

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