Tag Archives: retail

CNBC reports: The coronavirus pandemic has now claimed one of the country’s oldest and most prestigious retailers. Brooks Brothers — pioneer of the polo and uniform of the polished prepster — filed for bankruptcy on Wednesday, as it continues to search for a buyer. The retailer, which is more than two centuries old, boasts of having dressed 40 U.S. presidents …

CNN reports: As many as 25,000 retail stores in the United States are expected to permanently close this year as consumer demand for discretionary items stalls and more people shift to online shopping, according to a firm that tracks the industry. So far in 2020, more than 4,000 stores have said they will permanently close, according to a report released …

The New York Post reports: Saks Fifth Avenue surrounded its flagship Manhattan store with razor wire on Tuesday to keep thieves from smashing their way in and making off with troves of expensive merchandise, The Post has learned. The luxury retailer has also hired private security guards with specially trained dogs to protect the premises in the wake of Monday …

NBC News reports: Apple plans to open approximately 100 stores in the United States this week, a company representative told CNBC. In total, about 130 out of 271 Apple Stores in the United States will be open by the end of the week. Apple operates 510 stores around the world. Apple’s retail openings are being closely watched as both a …

ABC News reports: Victoria’s Secret is closing 250 stores in shopping centers, malls and other locations in the U.S. and Canada. This news comes as the lingerie giant continues to see a plummet in sales during the coronavirus pandemic. With these closures, the brand’s parent company, L Brands, will eliminate 22% of the company’s 1,091 stores in addition to 1.26 …

The New York Post reports: Pier 1 Imports is calling it quits. The bankrupt home-goods retailer has asked a court for permission to liquidate its remaining 540 stores once they reopen, ending a 58-year legacy of selling colorful glassware, wicker furniture and other home decor. “This is not the outcome we expected or hoped to achieve,” Robert Riesbeck, Pier 1’s …

The Washington Post reports: Apple’s retail stores are known for crowded areas of display devices ready for experimenting and the ability to make a purchase without needing to line up at a cash register. But as the Cupertino, Calif.-based tech giant reopens about 100 of its retail stores globally, the customer experience is bound to feel different. Apple will be …

CNBC reports: J.C. Penney, weighed down by debt and battered by the coronavirus, has filed for bankruptcy. Sales at J.C Penney have fallen annually since 2016. Its roughly 860-store footprint is less than a quarter of its store base in 2001. The company’s nearly $11 billion in sales for the last fiscal year are almost a third of its sales …

The Dallas Morning News reports: The first high-profile retail casualty of the global coronavirus pandemic is a 113-year-old luxury retailer that put Dallas on the world’s fashion map. Neiman Marcus said it will shed $4 billion of its debt in the bankruptcy reorganization filed Thursday in U.S. bankruptcy court in Houston. The company said it plans to emerge from bankruptcy …

The New York Post reports: In an effort to protect customers from the coronavirus, some clothing retailers have decided to sequester clothes that have been tried on in a fitting room. Saks Fifth Avenue aims to take its clothing out of commission for 48 hours after being tried on, according to a spokeswoman. Macy’s is planning to quarantine its apparel …

CNBC reports: Clothing apparel company J. Crew filed for bankruptcy Monday, marking the first major retail bankruptcy of the coronavirus pandemic. The New York-based retailer had already been struggling under a heavy debt load and sales challenges, as it suffered criticism that it fell out of touch with its once-loyal customers. In the past few years, the brand lost both …

CNBC reports: Apparel company J. Crew is preparing for a bankruptcy filing that could come as soon as this weekend, people familiar with the matter tell CNBC. Privately held J. Crew is working to secure $400 million in financing to fund operations in bankruptcy, said the people, who requested anonymity because the information is confidential. They cautioned that timing could …

The New York Post reports: Lord & Taylor is exploring filing for bankruptcy protection after it was forced to temporarily shut all of its 38 US department stores in the wake of the coronavirus outbreak, people familiar with the matter said on Monday. It is one of several options that the retailer and its advisers are exploring, which also include …

Reuters reports: Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said. The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 …

USA Today reports: Walmart and Sam’s Club will require employees to wear masks or other face coverings starting Monday to prevent the spread of the coronavirus. Shoppers also will be encouraged to wear face masks as part of the retailers’ updated COVID-19 response. The retail giant announced the changes in a letter sent to employees that was posted on Walmart.com …

USA Today reports: J.C. Penney is considering filing for bankruptcy protection as the retailer grapples with the fallout from the coronavirus pandemic and its own long-in-the-making struggles. The Plano, Texas-based company is exploring the possibility along with a range of other options, including out-of-court debt restructuring, according to a person familiar with the deliberations who was not authorized to speak …

Reuters reports: Walmart said on Friday it would limit the number of customers in a store at a time, starting April 4, to encourage social distancing among its customers. It said it will now allow no more than five customers per 1,000 square feet at a given time and that they would be admitted one by one and counted by …

Business Insider reports: After quietly reopening stores across the country in defiance of coronavirus-related state lockdown orders, Hobby Lobby is closing all stores nationally and furloughing employees without pay. In a statement posted on the company website on Friday afternoon, Hobby Lobby announced it will furlough “nearly all store employees” without pay and “is ending emergency leave pay and suspending …

USA Today reports: Retail giant Macy’s said it will furlough a “majority” of employees as companies continue to navigate how to operate during the coronavirus pandemic. In a statement Monday, Macy’s said “the majority of our colleagues” will go on furlough starting this week. As of its 2019 fourth quarter, Macy’s had 125,000 employees and 775 stores nationwide. Macy’s says …

The Seattle Times reports: In a bid to slow the spread of the novel coronavirus, Starbucks will temporarily close some of its North American locations and will shift to a “to-go” model at the rest of its more than 10,000 North American stores. The closures, which were announced and implemented Sunday afternoon, will last at least two weeks and will …