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The luxury clothing retailer tried a few strategies to turn things around, but the company’s efforts haven’t improved the outlook. Strategies included eliminating 200 jobs and developing a “Digital First” customer engagement plan to boost sales. Fred’s Pharmacy has been a pharmacy staple for 70 years. The company recently reported that top-line sales fell 4.3% for a net loss of $139.3 million. Despite top-line revenue of roughly $2.5 billion for the year, widely recognized supplement supplier GNC lost 3.4% of its revenue and has $1.3 billion in debt. GNC’s chief executive officer said the company is doing well in e-commerce sales as well as in China.
Here’s the list of retailers you may have to say goodbye to soon. The parent company of Ann Taylor and Loft, Ascena Retail Group, filed for Chapter 11 bankruptcy protection earlier this week on Thursday, listing more than $1 billion in liabilities. It had 2,800 stores across the U.S., Canada and Puerto Rico, as of the filing. The Plano, Texas-headquartered department store chain J.C. Penney filed for Chapter 11 bankruptcy protection on May 15, listing more than $1 billion in liabilities. This news was followed by several similar, smaller-in-scale announcements.
Grocery stores and supermarkets
Additionally, the company’s consistent loss of revenue has caused its share prices to continue to fall.CNBCreported that Bed Bath and Beyond shares recently fell 14%. And unless the company can find a way to recoup some of its lost sales, that downward direction is likely to keep. Stage Stores, which owns and operates almost 800 locations in smaller and more rural communities, filed for Chapter 11 bankruptcy on May 10.
Data and traffic tracking company Placer.ai has corroborated these gains at Target and HomeGoods, but also for Bed Bath & Beyond, Home Depot and Lowe’s. It suggested Walmart could be a winner as well, but cautioned that the giant mass merchant would need to work on its market positioning to fully take advantage of the shifts. The last of the money-losing Korvettes discount stores was closed Dec. 24, 1980.
This Beloved Home Goods Chain Is Closing More Than 40 Stores
A popular purveyor of rhinestone logo T-shirts and sweatpants, Bebe was a mall staple for many years. The women’s retail store was founded by Iranian-born immigrant Manny Mashouf in 1976, who took the company public in 1998. He and his family were briefly billionaires in 2006 at the peak of the company’s success, Forbes reported. But following years of declining sales and losses, Bebe decided to close all of its stores in 2017. The brand has since transitioned to an online-only retailer.
Get all the latest news on coronavirus and more delivered daily to your inbox.Sign up here. Numerous mitigating factors have contributed to putting Bed Bath and Beyond in the predicament it is in at present. For instance,analysts determinedthat Bed Bath and Beyond has had an immense loss of foot traffic equaling up to about 30%. Less foot traffic inherently leads to a decline in profit.
Sales at reopened stores were higher compared to the same time period in 2019
Luxury department store Neiman Marcus filed for Chapter 11 bankruptcy on May 7. The century-old retailer is one of several traditional department stores that could be headed for trouble. The preppy retailer worn by celebrities and shoppers alike filed for bankruptcy on May 4. The company also owns Madewell, a women’s clothing and accessory brand.
Some companies are still seeking buyers for parts of their businesses. Toys “R” Us– liquidated most stores in 2018; still active in Canada and other countries. The company was bought and reformed by its lenders as a brand owned by TRU Kids. On November 27, 2019, Toys “R” Us re-entered the American market with a retail store at Westfield Garden State Plaza in Paramus, New Jersey.
At Home CEO says retailer could grow to more than 600 stores as sales soar during pandemic
The discount department store based in Jacksonville has seen its sales start to stabilize, with digital sales growing by 47%. The company still reported net losses of $23.4 million last year, but the loss was 10% less than the previous year, so the future isn’t quite as bleak. Ascena is the umbrella company for once popular mall retailers Dress Barn, Ann Taylor, LOFT and Lou & Grey. Even after the company brought in a new chief executive for Dress Barn, things have not improved for the retail chain. In an attempt to save the brand, Dress Barn will close 25% of its doors by the end of 2019. While Bed Bath & Beyond's digital sales rose 77 percent during the pandemic, the company has also more recently taken a hit in trading.
At Home CEO Lee Bird said the company could grow from the 219 locations it has today to more than 600 shops nationwide. David’s Bridal has been a staple in the bridal industry for years, but current trends have brides opting for more casual, less expensive weddings. As a result, stores like David’s Bridal have felt the financial pinch.
Pier 1 Imports began as a single store in San Mateo, California, in 1962, and in 1979, its Royal Oak, Michigan, location became the first to reach $1 million in annual sales. Pier 1 launched its online e-commerce site in 2012 — but it seems like this move was too little too late. In June 2020, Pier 1 officially went out of business and announced that it would be closing all of its stores by October, CNN reported. Sales had been declining as big-box stores like Target and Walmart expanded their home goods offerings. Bluestem Brands is a major retailer with 13 e-commerce sites in its portfolio.
The website appeared to have been deactivated by 2009. Even though things don’t look good for the home goods giant, Bed Bath and Beyond’s fate isn’t sealed just yet. In an attempt to bounce back the company will likely resort to some drastic cost-cutting measures far greater than just depriving its employees of air conditioning at the height of summer. Speculatively, top execs will likely resort to additional store closures, halt any scheduled store renovations, and cancel any planned store openings.
Penney's future is still being determined, as it looks to emerge as a smaller company. It has already announced more than 150 store closures, along with 1,000 layoffs. The company currently has until July 31 to win approval for a business plan, according to court documents. It has proposed splitting its business into two publicly traded companies, one of which would be a real estate investment trust.
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