Tuesday, November 22, 2016
Decelerating Retail News
American Apparel is preparing its second Chapter 11 bankruptcy filing in roughly a year. American Apparel, which emerged from bankruptcy as a private company in February, has brought in strategic advisory firm Berkeley Research Group to oversee its restructuring efforts. American Apparel hasn’t been able to get its feet on solid ground since its controversial split from founder Dov Charney, who was ousted by the board in 2014...Office Depot will close 300 stores over three years, including 65 locations to close in the fourth quarter. Office Depot closed 7 stores during the third quarter, and with the 4th quarter closings will bring the total to 125 stores by the end of this calendar year.. Macy’s Inc. has sold five stores to General Growth Properties for $46 million. 4 of the locations will be closed by spring 2017. Macy’s currently operates about 880 stores... Fossil Group is planning an overhaul of its business that includes closing some of its 284 US stores; the company did not announce how many stores will close... Ignite Restaurant Group closed 14 Joe’s Crab Shack restaurants and 1 Brick House Tavern + Tap unit in the 3rd quarter. Ignite has closed 17 Joes and the one Brick House already this year. Ignite has 138 restaurants, down from 154 at the end of the same quarter last year including 113 Joe’s and 25 Brick House units...Store closing sales have started at 59 US Golfsmith stores. Golfsmith gift cards and merchandise credits will be honored at all closing stores through November 11, 2016...Noodles & Company will consider closing some of its under-performing stores or converting company-owned restaurants to franchised properties. The chain closed 16 restaurants at the end of 2015. Noodles currently has locations in 35 states. The company will slow growth to 10 or 15 new restaurants in 2017 and will concentrate those new stores in more established markets... Hhgregg has exited the Wisconsin market, closing its five “under performing stores in the state... Kenneth Cole is closing its 63 outlet stores within the next six months. After the closings, the retailer will only have two-full priced stores left in the US - in New York and Arlington, VA.