syn
Senior Member
I've liked their shift into more 'mature' clothes. For me they strike the right balance.
I hope they can find some way to stay afloat.
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The Retail Apocalypse
- Thread starter Johnny Au
- Start date
I've liked their shift into more 'mature' clothes. For me they strike the right balance.
I hope they can find some way to stay afloat.
WislaHD
Superstar
Townhouse units would be disappointing.
I hope they embrace live-work units instead and just let the market figure out what to do. Some may become doctors and dental offices, others mom-and-pop shops, and more just residential units, but at least it won't be "fixed" as one class of unit.
picard102
Senior Member
Not sure I've seen live-work units done in a way that's successful that isn't a convenience store.
^^ Realtor
Towered
Senior Member
syn
Senior Member
Definitely better than the Gap (I've never shopped there).
AlbertC
Superstar
J.C. Penney to cut 1,000 jobs, close 152 stores
July 15, 2020
J.C. Penney Co Inc said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the U.S. department store chain looks to emerge from Chapter 11 protection and the COVID-19 crisis.
The layoffs would impact corporate, field management, and international roles and eligible departing employees would receive a severance package. The company is also in talks with its landlords regarding store closures.
finance.yahoo.com
July 15, 2020
J.C. Penney Co Inc said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the U.S. department store chain looks to emerge from Chapter 11 protection and the COVID-19 crisis.
The layoffs would impact corporate, field management, and international roles and eligible departing employees would receive a severance package. The company is also in talks with its landlords regarding store closures.
J.C. Penney to cut 1,000 jobs, close 152 stores
The layoffs would impact corporate, field management, and international roles and eligible departing employees would receive a severance package. On Tuesday, Calvin Klein owner PVH Corp <PVH.N> also announced a reduction in the number of office employees.
AlbertC
Superstar
Canadian Fashion Retailer ‘Mendocino’ to Permanently Shut Stores Amid Insolvency
July 21, 2020
Toronto-based women’s fashion retailer Mendocino says that it will shut most or all of its stores amid insolvency. The company’s 20+ units, operating under Mendocino and M Boutique banners, are located in Southern Ontario, primarily in the Greater Toronto Area.
Publication Insolvency Insider reported that the insolvent Mendocino filed a Notice of Intention pursuant to the Bankruptcy and Insolvency Act to restructure the business. A filing document by KSV Advisory Inc. notes that Mendocino is not bankrupt at this point although some or all of the company’s stores will be closing as the retailer focuses on selling online.
www.retail-insider.com
July 21, 2020
Toronto-based women’s fashion retailer Mendocino says that it will shut most or all of its stores amid insolvency. The company’s 20+ units, operating under Mendocino and M Boutique banners, are located in Southern Ontario, primarily in the Greater Toronto Area.
Publication Insolvency Insider reported that the insolvent Mendocino filed a Notice of Intention pursuant to the Bankruptcy and Insolvency Act to restructure the business. A filing document by KSV Advisory Inc. notes that Mendocino is not bankrupt at this point although some or all of the company’s stores will be closing as the retailer focuses on selling online.
Canadian Fashion Retailer ‘Mendocino’ to Permanently Shut Stores Amid Insolvency
The company will close most or all of its locations amid struggles following extended COVID-19 store closures.
www.retail-insider.com
GKW
Active Member
Ann Taylor, Loft, Justice stores to close as parent company seeks Chapter 11
https://www.thestar.com/business/20...close-as-parent-company-seeks-chapter-11.html
https://www.thestar.com/business/20...close-as-parent-company-seeks-chapter-11.html
Johnny Au
Senior Member
Rimsky44
Active Member
New openings: Polestar
Closings:
www.retail-insider.com
Closings:
- All Chicos and White House/Black Market Stores to close
- Moores filing for bankruptcy
- Laura Shoppes filing for bankrtupcy
BRIEF: Chico’s/White House Black Market Exiting Canada, Polstar Announces First 3 Stores
Other News: Moores parent company files for bankruptcy, Saint Laurent opens Montreal boutiques, Toronto Premium Outlets adding Moncler and Balenciaga, Cadillac Fairview expands parking lot drive-in theatres.
www.retail-insider.com
AlbertC
Superstar
Capri, Ralph Lauren quarterly results indicate widespread damage to apparel sales
Even consumers better insulated from the pandemic's financial fallout are reserving their discretionary funds for items in other categories.
Aug 5, 2020
As apparel retailers buckle under intensified pressure brought on by the COVID-19 outbreak, several that cater to middle-income and budget-minded consumers have turned to bankruptcy and other restructuring measures. But quarterly results from Ralph Lauren and Capri in recent days demonstrate that clothing companies selling to higher-income customers aren't immune to its fallout, either.
Capri, which runs the Michael Kors, Versace and Jimmy Choo brands, on Wednesday reported that total Q1 revenue fell 66.5% year over year to $451 million and the company swung to a net loss of $180 million, from net income of $45 million last year. Earlier this week, Ralph Lauren said Q1 revenue fell 66% to $487 million, also swinging to a net loss of $128 million, from net income of $117 million a year ago. Neither company reported store comps, as physical locations spent much of the quarter locked down in an effort to stem the spread of the disease.
"With the results from both Capri and Ralph Lauren out, a clear pattern is emerging: the pandemic has deteriorated demand for apparel and accessories across the board, but nowhere more so than in the luxury sector," GlobalData Retail Managing Director Neil Saunders said in emailed comments, adding that a falloff in tourism has also depleted sales of upscale brands like these, as has the lower traffic to their outlet stores.
www.retaildive.com
Even consumers better insulated from the pandemic's financial fallout are reserving their discretionary funds for items in other categories.
Aug 5, 2020
As apparel retailers buckle under intensified pressure brought on by the COVID-19 outbreak, several that cater to middle-income and budget-minded consumers have turned to bankruptcy and other restructuring measures. But quarterly results from Ralph Lauren and Capri in recent days demonstrate that clothing companies selling to higher-income customers aren't immune to its fallout, either.
Capri, which runs the Michael Kors, Versace and Jimmy Choo brands, on Wednesday reported that total Q1 revenue fell 66.5% year over year to $451 million and the company swung to a net loss of $180 million, from net income of $45 million last year. Earlier this week, Ralph Lauren said Q1 revenue fell 66% to $487 million, also swinging to a net loss of $128 million, from net income of $117 million a year ago. Neither company reported store comps, as physical locations spent much of the quarter locked down in an effort to stem the spread of the disease.
"With the results from both Capri and Ralph Lauren out, a clear pattern is emerging: the pandemic has deteriorated demand for apparel and accessories across the board, but nowhere more so than in the luxury sector," GlobalData Retail Managing Director Neil Saunders said in emailed comments, adding that a falloff in tourism has also depleted sales of upscale brands like these, as has the lower traffic to their outlet stores.
Capri, Ralph Lauren quarterly results indicate widespread damage to apparel sales
Even consumers better insulated from the pandemic's financial fallout are reserving their discretionary funds for items in other categories.
AlbertC
Superstar
Estée Lauder will close up to 15% of its stores, exit some department stores
Aug. 21, 2020
Dive Brief:
www.retaildive.com
Aug. 21, 2020
Dive Brief:
- Estée Lauder on Thursday announced a two-year post-pandemic "Business Acceleration Program" in conjunction with its fourth quarter earnings, which includes reducing its physical footprint and shifting priorities online. The company aims to close 10% to 15% of its standalone stores globally as part of the effort, according to a company press release.
- The beauty giant will be reevaluating its role in department stores as well, closing "certain less productive department store counters" and investing savings from those and its own store closings into digital initiatives. The company hopes to save $300 million to $400 million annually from the efforts.
- As part of the plan, the beauty retailer will cut about 3% of its global workforce, or around 1,500 to 2,000 positions. The layoffs are mostly related to sales employees and "related support staff" in some of the regions impacted most by the plan.
Estée Lauder will close up to 15% of its stores, exit some department stores
The beauty giant announced a pandemic-related restructuring plan that shifts its priorities toward digital and away from unproductive locations.
AlbertC
Superstar
Here's why observers say Simon Property Group is bailing out bankrupt retail chains
August 23, 2020
In mid-August, Simon Property Group in a joint venture agreed to buy Brooks Brothers and Lucky Brand Jeans out of bankruptcy for $325 million and $140.1 million, respectively.
According to market speculation and other reports, Simon Property Group and rival mall owner Brookfield Property Partners could partner to buy J.C. Penney, which also has filed Chapter 11 bankruptcy.
finance.yahoo.com
August 23, 2020
In mid-August, Simon Property Group in a joint venture agreed to buy Brooks Brothers and Lucky Brand Jeans out of bankruptcy for $325 million and $140.1 million, respectively.
According to market speculation and other reports, Simon Property Group and rival mall owner Brookfield Property Partners could partner to buy J.C. Penney, which also has filed Chapter 11 bankruptcy.
Here's why observers say Simon Property Group is bailing out bankrupt retail chains
Retail industry observers say Simon Property Group, the largest owner and manager of U.S. malls, is well suited to turn around trouble retailers.
AlbertC
Superstar
Gap Inc. will close 225 stores this year, more in 2021
Aug 28, 2020
Dive Brief:
www.retaildive.com
Aug 28, 2020
Dive Brief:
- Gap Inc. on Thursday said it will close yet more Gap and Banana Republic stores for a net total this year of 225, and more planned for 2021. Among them is the company’s San Francisco flagship. Second quarter store comps, which reflects online sales and sales days in stores that have reopened, rose 13%.
- The news comes as the apparel retailer bested analyst expectations with month-over-month sales improvements. Second quarter net sales fell 18% year over year to $3.3 billion, with sales at Gap down 28%, Old Navy down 5%, Banana Republic down 52% and Athleta up 6%.
- Pandemic-related store closures hurt sales in the quarter, though e-commerce nearly doubled year over year and 90% of the fleet has reopened as of Aug. 1, according to a company press release. The company swung to a net loss of $62 million from $168 million in net income a year ago.
Gap Inc. will close 225 stores this year, more in 2021
Gap and Banana Republic footprints will shrink as Athleta emerges as the company's best performer. But executives dismissed the notion of a spinoff.