Thursday, February 20, 2020
DECELERATING RETAIL NEWS
Pier 1 Imports filed for Chapter 11 bankruptcy protection as it pursues the sale of the business. It plans to complete the previously announced closing of up to 450 stores...The Ratner Cos., parent company of Hair Cuttery, Bubbles and Salon Cielo, plans to trim its 844-store portfolio by 10%. Closings began this month…The Krystal Company filed for Chapter 11 bankruptcy protection in Georgia. Krystal has 318 restaurants…Lucky’s Market is planning to shutter as many as 32 of its 39 stores in 10 states...Fairway Market filed for Chapter 11 and entered an agreement with Village Super Market Inc. to sell its 5 Manhattan stores. Fairway will also begin a court-supervised sale of its 9 remaining stores...Gap closed 40 stores globally last month, including 29 US locations, part of a previously announced plan to shutter 230 stores over of 2 years...Bar Louie has filed for Chapter 11 bankruptcy protection after closing 38 of its 134 locations…Bakers Square and Village Inn filed for bankruptcy protection and closed 33 locations. The company now operates 97 restaurants...Saks Fifth Avenue closed its 16,000 s/f men’s store at Brookfield Place in Manhattan...Procter & Gamble will close a majority of the company’s 83 Art of Shaving stores in the next year. 70 of the stores are in the US…16 US Hallmark stores in 12 states are closing...Stein Mart has agreed to be taken private by a unit of Kingswood Capital Management LP. Stein Mart operates 283 stores in 30 states…Forever 21 has reached an agreement to sell its assets to a group of buyers that includes Simon Property Group Inc., Brookfield Property Partners and Authentic Brands Group for $81 million. Forever 21 filed for Chapter 11 bankruptcy protection in September, with a plan to close up to 178 US stores. The company had a total of 815 stores at the time...Grocery chain Earth Fare is beginning liquidation sales as it prepares to close its stores and corporate office. Earth Fare operates approximately 50 stores in 10 states...Macy’s plans to shut 125 stores over the next 3 years, with plans to exit weaker malls, and focus on smaller-format stores in strip centers. Macy’s has shuttered more than 100 stores since 2015...Marathon Petroleum Corp. will close 450 Speedway-operated Dunkin’ units this year. Dunkin’ will open 200 - 250 new US units in 2020...SD Holdings, which operates 73 Sonic Drive-Ins in the South, has filed for Chapter 11 protection. Sonic Corp. plans to acquire the restaurants...L Brands Inc. agreed to sell a 55% stake in Victoria’s Secret to private equity firm Sycamore Partners in a deal worth $1.1 billion.The brand, which will include Pink, will become a private company. L Brands will retain a 45% minority stake, while Bath & Body Works will be a standalone public company.