Tuesday, March 26, 2019
Online furniture seller Wayfair will open its first permanent mall store later this year at the Natick Mall in Natick, MA, where it tested a pop-up shop last year...Payless ShoeSource Inc. filed for bankruptcy protection a second time, and will close about 2,500 stores in North America by the end of May... Gap Inc. plans to separate into two publicly traded companies, spinning off Old Navy into a separate firm as it closes about 230 Gap stores over the next two years. The other company, yet unnamed, will consist of the Gap, Athleta, Banana Republic, Intermix and Hill City. Gap will pay children’s clothing retailer Gymboree Group Inc. $35 million for the high-end children’s fashion line Janie and Jack and its online business and leases to its stores, as well as other assets including customer data. The Children’s Place will pay the company $76 million for the rights to its Gymboree and Crazy 8 brands, and assume a contract with Zeavion Holding Co., which acquired Gymboree’s Play & Music business in 2016. The Children’s Place has 988 stores. Gymboree filed for Chapter 11 bankruptcy in January, saying it would close about 800 Gymboree and Crazy 8 stores. The proposed transactions must be approved by the bankruptcy court...Chico’s FAS will close 60-80 stores in 2019 following a disappointing fourth quarter, part of a previously announced plan to close approximately 250 stores across its Chico’s, White House|Black Market and Soma brands in the next three years...J.C. Penney will close 18 department stores and 9 free-standing furniture stores at which comparable sales were significantly below the rest of the company’s 840 stores… L Brands plans to close approximately 53 underperforming Victoria’s Secret locations this year. The lingerie chain currently has 957 US stores...Charlotte Russe will close all of its stores over the next two months.