Wednesday, November 20, 2019
Decelerating Retail News
Hamilton Beach Brands Holding Co. is closing all 160 of its Kitchen Collection retail stores by the end of this year. Kitchen Collection has stores in 39 states, mainly in outlet malls...Destination Maternity filed for bankruptcy with the US Bankruptcy Court in Delaware and is considering options including a sale. Destination Maternity said it intends to use the process to optimize operations, including right-sizing its brick-and-mortar store footprint. As of August, Destination Maternity operated 446 stores in the US, Canada and Puerto Rico under the banners Motherhood Maternity, A Pea in the Pod and Destination Maternity, along with 491 leased departments in department stores and baby specialty stores. It also operates international stores via franchising…Hudson’s Bay Company has agreed to be taken private by a group of its shareholders headed by Richard Baker, executive chairman of the company. The shareholders include Rhone Capital LLC, WeWork Property Advisors, Hanover Investments and Abrams Capital Management. Hudson’s Bay has been struggling to adjust to the evolving retail marketplace, closing underperforming locations and shedding assets. In August, the company announced that it was selling its Lord & Taylor division to clothing rental subscription company Le Tote. Founded in 1670, Hudson’s is the oldest company in North America. It operates more than 300 stores around the world, under the banners Saks Fifth Avenue, Hudson’s Bay, Lord & Taylor, and Saks Off 5th... Fresh Thyme Farmers Market will close 3 stores in mid-November. These closures follow two others that took place over the summer...Parent company Ascena Retail Group started store-closing sales at all of Dressbarn’s remaining 544 locations. All stores are expected to go dark no later than December 26…Olympia Sports is closing 76 stores across the country. 50 of those stores are in New England, 22 in MA...Forever 21 Inc. will keep open more than 60 US stores previously set to close as part of the company’s bankruptcy restructuring, after the retailer secured rent concessions from several landlords. The company had no reorganization plan when it filed, and had said it would close at least 178 US stores. Its beauty offshoot, Riley Rose, will also be closing all 100 stores…A bankruptcy court judge in Poughkeepsie, NY approved the sale of Barneys New York to Authentic Brands Group, which plans to close most Barneys stores...Transformco, parent company of Sears and Kmart, will close another 96 Sears and Kmart stores, leaving the Sears/Kmart chain with a total of 182 locations…CVS Health Corp. will close 22 “underperforming” drug stores early next year, in addition to the 46 stores CVS closed earlier this year….BBB Group, parent company of Bailey Banks & Biddle, filed for Chapter 11 bankruptcy. Bailey Banks & Biddle began 2019 with 5 stores. However, by the summer, it had closed 4.