Official Store Bankruptcy & Closures Discussion Thread

[Brad]

Update 8/12: Going to merge a bunch of these bankruptcy and store closing threads into this main thread so the BF forum isn't too depressing lol.

 

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Macy's to close 125 stores, cut 2,000 corporate jobs

 

https://www.cnbc.com/2020/02/04/macys-to-close-125-stores-sees-480-million-in-restructuring-costs-to-2000-corporate-jobs.html

[Kanyon71]

Another one on the way down. Strip mall Macy's? Doesn't that devalue the brand as a whole? I thought they were supposed to be one of the fancier shopping mall stores.

[freesia39]

Macy's is a regular old department store now.

Next level is Nordstrom.

Then Bloomingdales.

Then Nieman Marcus.

Then the high end stores I can't even dream of - Barney's, Bergdorf's, etc

[Kanyon71]

Macy's is a regular old department store now.

Next level is Nordstrom.

Then Bloomingdales.

Then Nieman Marcus.

Then the high end stores I can't even dream of - Barney's, Bergdorf's, etc

Ah didn’t know. Thought they were supposed to be fancier like bloomingdales. I’m not fancy so....

[budgetsRsexy]

https://www.google.com/amp/s/amp.usatoday.com/amp/4681959002

 

According to the above USA Today article these are the first store locations set to close (alphabetical by state):

 

California

 

Antioch: Somersville Towne Center, 2500 Somersville Road.

 

San Diego: Horton Plaza Park, 160 Horton Ave.

 

Connecticut

 

Meriden: Westfield Meriden, 470 Lewis Ave.

 

 

Florida

 

Miami: The Falls Mall (Bloomingdales), 8778 SW 136th St.

 

Pompano Beach: Pompano Citi Centre, 1200 NE 23rd St.

 

Sanford: Seminole Towne Center, 330 Towne Center Circle.

 

Vero Beach: Indian River Mall, 6200 20th St.

 

Georgia

 

Decatur: The Gallery at South DeKalb, 2731 Candler Road.

 

Macon: Macon Mall, 3661 Eisenhower Parkway.

 

 

Hawaii

 

Waikoloa Village: Kings’ Shops, 69-250, 6 Waikoloa Beach Drive.

 

Idaho

 

Lewiston: Lewiston Center Mall, 1806 19th Ave.

 

Illinois

 

Carbondale: University Mall, 1237 E Main St.

 

West Dundee: Spring Hill Mall, 1000 Spring Hill Mall.

 

 

Indiana

 

Muncie: Muncie Mall, 3501 N Granville Ave.

 

Kansas

 

Prairie Village: Prairie Village Shopping Center, 4000 W 71st St.

 

Kentucky

 

Owensboro: Towne Square Mall, 5000 Frederica St.

 

Maryland

 

Salisbury: The Centre at Salisbury, 2304 N Salisbury Blvd.

 

 

Massachusetts

 

Leominster: The Mall at Whitney Field, 106 Commercial Road.

 

Montana

 

Helena: Helena Northside Center, 3405 N Montana Ave.

 

New York

 

Commack: Commack Shopping Center, 2 Veterans Memorial Highway.

 

Hicksville: Broadway Commons, 100 Broadway Mall.

 

North Carolina

 

Winston-Salem: Hanes Mall, 3320 Silas Creek Parkway.

 

 

Ohio

 

Cincinnati: Northgate Mall, 9531 Colerain Ave.

 

St. Clairsville: Ohio Valley Mall, 67800 Mall Ring Road.

 

Stow: Stow-Kent Plaza, 4301 Kent Road.

 

Pennsylvania

 

Harrisburg: Harrisburg East Mall, 3501 Paxton St.

 

State College: Nittany Mall, 2901 E College Ave.

 

Tennessee

 

Goodlettsville: RiverGate Mall, 1000 Rivergate Parkway.

 

 

Washington

 

Burlington: Cascade Mall, 700 Cascade Mall Drive.

 

Seattle: Downtown, 300 Pine St.

 

Walla Walla: Downtown, 54 E Main St.

 

None in my area are closing yet, but It wouldn’t really matter to me personally as I hardly ever shop there. I hope this list doesn’t affect any of you in a negative way.

[freesia39]

Ah didn’t know. Thought they were supposed to be fancier like bloomingdales. I’m not fancy so....

 

I haven't even factored in brands like Lord and Taylor, which don't exist on the West Coast, so I'm not even sure what it compares to here. Macy's constantly has sales. Nordstrom has their semi annual sale, Bloomingdale's... occasionally, and Nieman's... well let's just say I was in Nieman's returning something, and someone was looking at a $7,000 crystal studded t-rex figure they ordered because their adult son has always liked dinosaurs. (this is also the area I live in sooo...)

[AndreaInNC]

I noticed that the inventory Macy's carriers varies from store to store.  The one closest to me doesn't carry the same stock that the one 10 miles from me does. 

[magickallight]

Another one bites the dust?

 

Pier 1 is pursuing a sale of the Company and is undertaking Chapter 11 proceedings to facilitate an orderly sale process. The Company fully expects to operate its business in the normal course during this process, and Pier 1’s continuing stores and online platform are open and operating. We remain focused on providing customers with unique, on-trend merchandise and an exceptional shopping experience.

[HanShotFirst]

My store closed last year and I think another one within about 20 miles is getting ready to close soon.  We lost two Hallmark stores a couple of years ago and now Pier 1.  I didn’t go into my Pier 1 all that regularly but I loved having the option to go there for gifts and such.  

[len_mullen]

I didn’t go into my Pier 1 all that regularly but...

 

 

That's the problem.  And the consequence is called capitalism.  Can't wait to see what displaces Amazon.

[Kanyon71]

Can’t say I’ve ever bought anything there. Few times I’ve been in just seemed very overpriced and a lot of things not my taste.

[Ravenseye]

That was always my issue there @Kanyon71. They had kitschy stuff and I found _very_ similar items at the Dollar Tree...

[Brad]

JCPenney files for chapter 11 bankruptcy protection

 

https://ir.jcpenney.com/news-events/press-releases/detail/613/jcpenney-to-reduce-debt-and-strengthen-financial-position

[len_mullen]

Good riddance. JCP had a great business, hired a consultant to attract a more affluent clientele, lost their old customers, and never won over the new ones.

I have no vendors who treat new customers better than old ones.

 

from https://hbswk.hbs.edu/item/what-went-wrong-at-j-c-penney
 

Most striking, if you look at J.C. Penney over the long term, it seems to me that they have lost their identity. With more than 1,000 stores and great locations in malls across the country, it used to be the department store for middle-income families, especially for men's and women's apparel, children's ware, and home goods. It was particularly well known for home goods and children's ware. And once the family went there, they also shopped for men's and women's apparel, which accounted for almost half of sales. They had a very strong private label program, and to their credit, previous management had worked hard to manage costs and shorten the supply chain. That was J.C. Penney historically.

[magickallight]

Here is the email I received:

 

JCPenney's CEO Explains How the Company is Positioning for the Future

Dear Valued Customer,

I want to thank you for your continued loyalty to JCPenney as we navigate the unprecedented challenges brought on by the Coronavirus (COVID-19) pandemic. As you well know, the pandemic has changed day-to-day life and created a profoundly different reality.

Retailers have been hit especially hard by this economic environment, impacting our Company's ability to meet financial and operational objectives. That is why JCPenney has chosen to pursue a financial restructuring.

We believe this process will give us the financial strength to weather the pandemic and evolve our business while also reducing our debt and increasing our flexibility to better position JCPenney for the future. This will allow us to better serve you, our valued customer.

I want to assure you: JCPenney is NOT going out of business. JCPenney will continue to be one of the nation's largest apparel and home retailers. Our expansive footprint will still include hundreds of stores across the U.S. and Puerto Rico, as well as our online flagship store, jcp.com.

While our stores have been closed during the pandemic, we are now safely and gradually reopening across the country, based on state and local guidelines. Check here to see if a store near you is open, and for more information on the important health and safety measures we have put in place to help ensure a healthy shopping environment.

We remain dedicated to offering you an inspiring shopping experience with the value and quality you expect in both our stores and on jcp.com. We will continue to provide compelling merchandise and offer new services and innovations, including Contact-free curbside pickup at all open stores.

JCPenney has been part of America's communities for more than 100 years, and we look forward to serving our customers for another 100 years.

Thank you for being our valued customer.

Sincerely,

Jill Soltau
Chief Executive Officer
JCPenney

[len_mullen]

http://www.cartoonbucket.com/wp-content/uploads/2015/08/Wile.E-Coyote-Falling-Down-Animated-Picture.gif

[Brad]

List of the first group of 154 stores that will be closing:

 

https://companyblog.jcpnewsroom.com/storeclosings/

[magickallight]

Oh, yay - we made the list!

[Kash]

Oh, yay - we made the list!

Thankfully we are not.

[speeddiva]

Oh, yay - we made the list!

Mine too

[bossy1]

Oh, yay - we made the list!

one of mine too...we have 2

[len_mullen]

Don't have one.  Haven't been in a JCP store since the 80s.

[Brad]

https://www.reuters.com/article/us-jc-penney-sycamore-bankruptcy-exclusi-idUSKBN23C2V9
 
Private equity firm looking to buy JCP. Because private equity has such a good track record in retail...

[Kanyon71]

They have an excellent record of making money for themselves gutting the companies.

[magickallight]

Bed Bath & Beyond to close 200 stores

(WIAT) — The economic downturn caused by the coronavirus pandemic is forcing Bed Bath & Beyond to permanently close 200 stores.

The closings will take place over the next two years and amount to about 20% of its namesake stores.

Wall Street analysts had warned that Bed Bath and Beyond was in trouble before the COVID-19 pandemic hit the U.S.

In a quarterly statement released Wednesday, the company said the closings would save between $250 million and $350 million a year.

Bed Bath & Beyond CEO Mark Tritton said the retailer will emerge from this crisis even stronger, given the strength of the brand. The New Jersey-based retailer has not identified which of its stores would be closing yet.

[len_mullen]

Another retailer that will be missed -- by no one.  Too much work to use their promotions, too many exclusions.  Six purchases in 2018, one in 2019, and none in 2020.  I unsubscribed from their mailings after one that had nothing to do with our relationship.  Virtue signaling merchants go straight to the penalty box.

[Kanyon71]

At one point you could use their coupons for a lot of things, we used ours on our first Dyson vacuum. Between that coupon and another gift card we had we got a great deal on it. Soon after it started being one of their many exclusions. Same thing happened with our Keurig we bought.

[speeddiva]

Stein Mart files for bankruptcy and will close most of its 300 stores.

 

https://www.cnn.com/2020/08/12/business/stein-mart-bankruptcy/index.html

[Brad]

Here's a running list of the stores that have filed for bankruptcy so far this year (Stein Mart not added yet):

 

https://www.retaildive.com/news/the-running-list-of-2020-retail-bankruptcies/571159/

[jewleyp]

Here's a running list of the stores that have filed for bankruptcy so far this year (Stein Mart not added yet):

 

https://www.retaildive.com/news/the-running-list-of-2020-retail-bankruptcies/571159/

I forgot about Sur LaTable. Missed True Religion. Ughhh. There’s going to be more Jan 2021. Many are hoping to salvage something 4th Q.