Wednesday, August 28, 2019
Decelerating Retail News
Yum! Brands said Pizza Hut will likely decrease domestic locations by nearly 500 stores over the next two years as the brand closes underperforming dine-in restaurants and swaps them out for modern express stores. Pizza Hut closed 2018 with 7,482 US restaurants...The iPic Entertainment movie theater-restaurant chain has filed for Chapter 11 bankruptcy protection. The 16-location operation will remain open while financial problems are resolved…Walgreens Boots Alliance plans to close about 200 US stores. Earlier this summer, the company announced it was reviewing its portfolio in the US, where it operates approximately 10,000 stores…Steak n Shake burger chain has closed 106 restaurant locations since the beginning of 2019 with 67 of these closures occurring in the second quarter. The decision to close was made as Steak n Shake faces reduced customer traffic at its locations. Total locations fell to 307 at the end of the quarter…Perkins & Marie Callender’s Inc. filed for bankruptcy protection and closed 29 Perkins Restaurant & Bakery and Marie Callender’s restaurants. Perkins has 342 locations; Marie Callender’s has 7 company and 21 franchised restaurants…Barneys New York filed for bankruptcy protection as it looks to find a buyer. The 96-year-old luxury retailer will shutter its stores in Chicago, Seattle and Las Vegas and Seattle, along with 5 smaller format stores and 7 Barneys Warehouse locations. The closings will leave Barneys with 5 flagships, including its outpost on Manhattan’s Madison Avenue...TransformCo. announced that 21 Sears stores and 5 Kmart stores will close in late October. TransformCo. said it could not rule out additional store closings in the near-term as it works to return the company to profitability. Liquidation sales at the 26 locations are expected to begin around August 15...Women’s fashion retailer A’Gaci filed under Chapter 11 in the United States Bankruptcy Court, with the intention to close all 54 of its retail stores.