Monday, March 22, 2021

Decelerating Retail News

 Walgreens Boots Alliance is selling the majority of its pharmacy wholesale unit, Alliance Healthcare, to AmerisourceBergen in a $6.5 billion cash and stock deal…Macy’s will close about 45 stores by mid-year, part of a plan to shutter 125 of its least productive stores during the next 3 years. Macy’s currently operates 544 namesake stores...Family Video, the last video store chain in the country, is closing all 250 of its locations. The chain closed more than 200 stores last fall…NPC International and Flynn Restaurant Group entered into an agreement in which about half of NPC’s 393 Wendy’s units will be sold to Flynn. Flynn will also acquire all of NPC’s 925 Pizza Hut units. This sale totals about $553 million…Bed Bath & Beyond plans to close 200 locations by 2022. The retailer is liquidating 43 stores by the end of February...Love’s Furniture and Mattresses has filed for bankruptcy protection months after it opened its first stores. Loves, owned by U.S. Assets, was founded by entrepreneur Jeff Love in 2020 when it purchased the inventory and assets of 27 Art Van Furniture, Levin Furniture, and Wolf Furniture...Christopher & Banks filed for Chapter 11 bankruptcy protection with plans to shutter a significant portion, if not all, of its 449 stores. Christopher & Banks is in talks with potential buyers of its e-commerce platform and related assets and will continue to do business in the near-term...Francesca’s Holdings Corp. will permanently shutter half of its stores as it exits bankruptcy. A US Bankruptcy Court approved the sale of the retailer’s assets to an affiliate of TerraMar Capital LLC and Tiger Capital Group LLC. TerraMar and Tiger will preserve the business with at least 275 Francesca’s stores. The chain currently operates 551 stores, the majority in malls...American Eagle Outfitters will close200-250 American Eagle locations. There are currently 880 stores…Godiva will sell or close all 128 of its North American shops within the next few months...Belk has filed for Chapter 11 bankruptcy protection with a plan to recapitalize its business and reduce its debt burden. The retailer operates nearly 300 stores in 16 Southeastern states…CiCi’s Pizza has declared bankruptcy. The 318-unit pizza chain agreed to sell itself to D&G Investors as part of an expedited bankruptcy process...H&M plans to close 350 stores, but will open over 100 new stores...Ralph Lauren will close up to 10 retail locations globally...After closing nearly 250 US stores in 2020, Victoria’s Secret plans to close 30 to 50 more this year. L Brands also plans to open 49 new Bath & Body Works stores in off-mall locations; it plans to close up to 40 stores in malls...Paper Source filed for Chapter 11 bankruptcy protection and plans to close at least 11 of its 158 stores...The Walt Disney Co. plans to close at least 60 stores this year.

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