Wednesday, October 19, 2016
Decelerating Retail News
Golfsmith International Holdings Inc. filed for bankruptcy, hoping to reorganize or attract a buyer. Golfsmith said it would try to sell part of the chain while shutting some stores. If that fails, the Austin, Texas-based company will liquidate. The company blamed an aggressive plan that began in 2011 to open bigger stores that cost more to operate just as golf began to lose popularity...Kmart is closing 64 locations, in addition to a decision in April by parent Sears Holdings Corp. to close about 68 Kmart stores this year... Garden Fresh Restaurant Corp., owner of Souplantation and Sweet Tomatoes, has filed for bankruptcy. The company plans to close locations and put itself up for sale. Garden Fresh plans to close 20 to 30 underperforming locations. The company has 124 units, primarily on the West Coast and in the Southwest. The brands are known as Souplantation in Southern California and Sweet Tomatoes elsewhere....Red Robin Gourmet Burgers Inc. has closed 9 of its fast-casual Burger Works locations and is rebranding the remaining 3 as Red Robin Express...Walmart will slow the pace of new store openings to focus on online sales, improve existing stores, and invest in tech. Walmart now plans to open 130 US stores this year, less than the 135 to 155 stores it had forecast previously (and compared to 230 last year), and only 55 stores next year. Walmart operates about 4,500 US stores... Supervalu is selling its Save-A-Lot supermarket chain for $1.37 billion to Canadian private equity firm Onex Corp. The deal is expected to close before the end of January. There are more than 1,300 Save-A-Lot grocery stores.