christiesplits
Senior Member
I’ve never seen Staples so busy. Huge crowds by the laptops for parents who are anxious to get their kids ready for school.
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The Retail Apocalypse
- Thread starter Johnny Au
- Start date
AlbertC
Superstar
Groupe Dynamite Files for and Obtains Creditor Protection Amid Pandemic Struggles
September 09, 2020
On Tuesday, Montreal-based fashion company Groupe Dynamite filed for and obtained creditor protection to restructure its operations. The company operates stores in Canada as well as internationally under the Dynamite and Garage banners.
French language publication La Presse first reported Tuesday that Groupe Dynamite had filed for and obtained protection under the Companies’ Creditors Arrangement Act. A Chapter 15 filing will be sought in the United States Bankruptcy Court in due course.
It’s not yet clear how many stores will be closing as negotiations with landlords are said to be ongoing to determine which stores will remain open. Groupe Dynamite operates 400 stores under the Dynamite and Garage banners globally in eight countries. While Canada is the biggest market in terms of store count, Groupe Dynamite operates 120 Garage stores in the United States as well as three Dynamite locations. The company has franchised stores in the Middle East as well.
www.retail-insider.com
September 09, 2020
On Tuesday, Montreal-based fashion company Groupe Dynamite filed for and obtained creditor protection to restructure its operations. The company operates stores in Canada as well as internationally under the Dynamite and Garage banners.
French language publication La Presse first reported Tuesday that Groupe Dynamite had filed for and obtained protection under the Companies’ Creditors Arrangement Act. A Chapter 15 filing will be sought in the United States Bankruptcy Court in due course.
It’s not yet clear how many stores will be closing as negotiations with landlords are said to be ongoing to determine which stores will remain open. Groupe Dynamite operates 400 stores under the Dynamite and Garage banners globally in eight countries. While Canada is the biggest market in terms of store count, Groupe Dynamite operates 120 Garage stores in the United States as well as three Dynamite locations. The company has franchised stores in the Middle East as well.
Groupe Dynamite Files for and Obtains Creditor Protection Amid Pandemic Struggles
The Montreal-based fashion retailer, operating Dynamite and Garage banners, will restructure its operations for the digital age which has been accelerated by COVID-19.
www.retail-insider.com
gregv
Active Member
Century 21 (NYC based discount department store with 13 locations) to close. The downtown Manhattan location was a major tourist destination.
www.bloomberg.com
Department Store Century 21 Files Bankruptcy, Will Shut Down
Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy with plans to shut down, becoming the latest victim of the retail industry carnage that’s accelerated during the pandemic. Nearly 1,400 jobs are at risk.
www.bloomberg.com
AlbertC
Superstar
American Eagle to close up to 50 stores this year, eyes hundreds more
Sept 10, 2020
Dive Brief:
www.retaildive.com
Sept 10, 2020
Dive Brief:
- American Eagle Outfitters will permanently close 40 to 50 stores this year and is scrutinizing another 500 for possible closure in the next two years as leases expire, executives told analysts on Wednesday, according to a Seeking Alpha transcript.
- The plans are influenced in part by digital sales growth, they said. Digital demand (or “ordered sales”) in the second quarter rose 48%. Net revenue fell 15% to $884 million, mostly due to pandemic-related store closures; Aerie revenue rose 32% and American Eagle fell 26%, according to a company press release.
- The retailer swung to a $270.9 million loss, 18.9% down from $105.7 million in net income a year ago. Gross profit fell 30.8% to $265 million, reflecting lower store sales plus higher e-commerce fulfillment costs. Gross margin contracted to 30% from 36.7% last year.
American Eagle to close up to 50 stores this year, eyes hundreds more
The closures will hit the retailer's namesake brand, while the Aerie lingerie business and new activewear brand "Offline" are poised for growth.
AlbertC
Superstar
GameStop to close up to 450 stores this year
Sept 10, 2020
Dive Brief:
www.retaildive.com
Sept 10, 2020
Dive Brief:
- GameStop plans to close 400 to 450 stores globally this fiscal year, CFO Jim Bell told analysts Wednesday, according to a Seeking Alpha transcript. That represents more than 100 additional closures for the year previously indicated by executives.
- The year's total includes a net closure of 206 stores in the second quarter, which left GameStop with a footprint 10% smaller compared to Q2 2019. Those store closures contributed to a 26.7% drop in net sales, to $942 million, during Q2, according to a press release.
- GameStop said that 40% of closed store sales were "recaptured" through online sales and nearby physical stores, which in turn led to improved cash flow. Globally, digital sales surged by 800% in Q2, according to the company.
GameStop to close up to 450 stores this year
Executives with the gaming retailer accelerated plans to lower their footprint density after seeing strong results from earlier closures.
Johnny Au
Senior Member
GameStop/EB Games is selling platinum memberships for $9.99 per year, which grants members 10% off almost anything in the store. It would pay for itself just from buying only two new AAA games.GameStop to close up to 450 stores this year
Sept 10, 2020
Dive Brief:
- GameStop plans to close 400 to 450 stores globally this fiscal year, CFO Jim Bell told analysts Wednesday, according to a Seeking Alpha transcript. That represents more than 100 additional closures for the year previously indicated by executives.
- The year's total includes a net closure of 206 stores in the second quarter, which left GameStop with a footprint 10% smaller compared to Q2 2019. Those store closures contributed to a 26.7% drop in net sales, to $942 million, during Q2, according to a press release.
- GameStop said that 40% of closed store sales were "recaptured" through online sales and nearby physical stores, which in turn led to improved cash flow. Globally, digital sales surged by 800% in Q2, according to the company.
GameStop to close up to 450 stores this year
Executives with the gaming retailer accelerated plans to lower their footprint density after seeing strong results from earlier closures.
Some of its stores could be converted for e-sports-related purposes.
There can be tournaments held in those stores like with the Nintendo World Championships in 2015 and 2017 in select American Best Buys.
picard102
Senior Member
Where did you see Platinum for $9.99?
The welcome coupon is for $10 at the platinum level.
Also, the discount does not apply to new AAA game titles, only recycled versions.
Gamestop does appear to be moving towards hosting events in their stores, but it isn't making its way into EB Games Canada anytime soon.
I also wouldn't expect a lot of the additional global closures to be here in Canada, it's one of the better performing international units in the portfolio.
The welcome coupon is for $10 at the platinum level.
Also, the discount does not apply to new AAA game titles, only recycled versions.
Gamestop does appear to be moving towards hosting events in their stores, but it isn't making its way into EB Games Canada anytime soon.
I also wouldn't expect a lot of the additional global closures to be here in Canada, it's one of the better performing international units in the portfolio.
Johnny Au
Senior Member
Thanks for the clarifications.
JasonParis
Moderator
Damn. That was always part of every NYC trip for me.Century 21 (NYC based discount department store with 13 locations) to close. The downtown Manhattan location was a major tourist destination.
Department Store Century 21 Files Bankruptcy, Will Shut Down
Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy with plans to shut down, becoming the latest victim of the retail industry carnage that’s accelerated during the pandemic. Nearly 1,400 jobs are at risk.
Johnny Au
Senior Member
There's still plenty of other NYC-exclusive shopping meccas available that survive the apocalypse for now.
JasonParis
Moderator
It was kind of like the world's biggest Winners, but with everything divided by designer/label. At least in my head, it was.
AlbertC
Superstar
Under Armour cuts 600 corporate jobs in latest restructuring move
Sept 9, 2020
Dive Brief:
www.retaildive.com
Sept 9, 2020
Dive Brief:
- Under Armour said it is eliminating about 600 jobs mostly in its corporate workforce, according to a regulatory filing.
- The move follows a decision by the athleticwear brand's board to expand a restructuring initiative that began earlier this year.
- The retailer also expects to take on $70 million of facility and lease termination costs as part of the restructuring, and a $291 million impairment related to its New York City flagship.
Under Armour cuts 600 corporate jobs in latest restructuring move
The layoffs are an extension of a cost-reduction push that started this spring and was recently extended by the sports apparel brand's board.
JasonParis
Moderator
Not good for Baltimore.
Rimsky44
Active Member
Mountain Equipment Co-Op (MEC) acquired out of CCAA bankruptcy
globalnews.ca
Mountain Equipment Co-op sold to private U.S. investment firm | Globalnews.ca
MEC was founded in Vancouver in 1971, and currently has more than five million members and 22 stores across Canada.
globalnews.ca
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UnclePhil
New Member
Hudson's Bay will be announcing store closures this month