Monday, February 25, 2019
Decelerating Retail News
Shopko has filed for Chapter 11 and is pursuing restructuring. Shopko, owned by Sun Capital, will close 289 stores, relocate over 20 Optical centers to freestanding locations, and conduct an auction for its pharmacy operations. Shopko also revealed a plan to grow its optical business and open additional locations in 2019... Performance Bicycle is closing all of its more than 100 locations, including stores in Cincinnati, Cleveland and Dayton. In November, Advanced Sports Enterprises, the parent company of Performance Bicycle, filed for Chapter 11 bankruptcy protection, listing debts of more than $100 million...The Michaels Companies will close all of its Pat Catan’s stores in the fourth quarter of 2018. The retailer plans to rebrand up to 12 of the 36 closed stores under the Michaels banner. Michaels owns and operates more than 1,200 stores in 49 states and Canada under the brands Michaels, Aaron Brothers and Pat Catan’s...H&M will close 160 stores this year. The company still plans 175 net new stores in 2019.