Thursday, August 30, 2018
Decelerating Retail News
Furniture retailer and wholesaler Heritage Home Group, which owns the Thomasville & Co. brand, filed for Chapter 11 bankruptcy this week, hoping to sell off assets. The company, formed out of the Furniture Brands’ 2013 sale in bankruptcy to private equity company KPS Capital Partners, faced years of declining sales...National Stores Inc, which operates the Fallas, Factory 2-U, and other discount apparel and housewares stores, filed for Chapter 11 bankruptcy. The family-owned company plans to close 74 of its 344 US stores... Noon Mediterranean, the fast-casual chain formerly known as Verts Mediterranean Grill, has also filed for bankruptcy protection. The chain recently shuttered 7 units and laid off 89 employees. Before the filing, the chain had 19 units, largely on the East Coast and in Texas...Guideboat, the upscale clothing chain started by Stephen Gordon, founder of Restoration Hardware, is liquidating its stores after a five-year run. Guideboat had 4 stores, 3 in Northern CA and 1 in Austin, TX. 3 have now closed, with the original store in Mill Valley, CA to be shuttered soon...Lowe’s plans to close all 99 of its Orchard Supply Hardware stores by the end of the year in order to focus on its core warehouse model. Orchard Supply Hardware stores are located mainly in California, but also in Oregon and Florida... Sears Holdings is closing 46 more stores in November across the US. Liquidation sales at the 33 Sears stores and 13 Kmarts have begun. Sears said in January it was planning to shut more than 100 stores, then announced another 100 closures in May. Sears was operating 894 stores as of May 5, the latest available total provided by the company.