Kansas City, Kan. — Urban Outfitters plans to develop a $350 million omnichannel distribution center near Kansas City. The 880,000-square-foot development will be located on ancillary land owned by the Kansas Speedway in Wyandotte County, roughly 15 miles outside downtown Kansas City. The Philadelphia-based retailer is set to begin construction on the facility this fall with completion scheduled for early 2022. Documents obtained by The Kansas City Star identify Hillwood Development Co. as the developer for the project. Fort Worth, Texas-based Hillwood is led by Ross Perot Jr., son of …
retailers
Plano, Texas — At Home, a home décor and furnishings retailer, posted net sales of $515 million in its fiscal second quarter, which ended July 25, and is reportedly looking to expand its footprint. That figure represents a 42% year-over-year increase in comparable store sales. At Home CEO Lee Bird told CNBC the first weekend in August that the company has been expanding its store count by about 20% per year over the last 7 years, and that it could grow from its current 219 stores to as many as 600. …
Findlay, Ohio — Marathon Petroleum Corp. has entered into a definitive agreement with 7-Eleven Inc., whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business. …
Atlanta — The Home Depot® will open three new distribution centers in Georgia over the next 18 months to support the growing demand for flexible delivery and pickup options for professional and do-it-yourself (DIY) customers. The expansion is projected to bring approximately 1,000 additional jobs to the Atlanta area. “Retail has changed more in the past 4 years than in our company’s 40-year history. Customers expect to shop whenever, wherever and however they want — whether they’re buying a hammer or a pallet of pavers,” says Stephanie Smith, senior vice …
New York City and Freemont, Calif. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of …
Union, N.J. — Bed Bath & Beyond Inc. has named Lynda Markoe as executive vice president, chief people & culture officer. She has extensive industry experience from over 30 years at major retailers and will join Bed Bath & Beyond in September 2020. As a key member of the leadership team, she will report to Mark Tritton, Bed Bath & Beyond’s president and CEO, and will be responsible for the company’s People growth pillar, which is focused on creating a talent engine and culture that attracts, retains and develops diverse …
Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores
by Katie Lee
Mahwah, N.J. — Ascena Retail Group, the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah, N.J.-based company has reopened 95% of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of store closings was not disclosed, but the company said it will close a “significant” number of Justice stores, …
Fremont, Calif. — Tailored Brands, the parent company of professional menswear retailers Men’s Wearhouse and Jos. A. Bank, has announced a corporate restructuring that entails closing up to 500 stores. The Fremont, Calif.-based firm says the “unprecedented and industry-wide” disruption caused by the COVID-19 outbreak was the catalyst behind the move. Tailored Brands has identified the 500 stores but did not disclose the retailers, locations or timing of those closures. Other brands in Tailored’s umbrella include K&G and Moores Clothing for Men. The company had 1,445 U.S. stores as of …
New York City — In a move to streamline its North American operations and adapt to an evolving retail landscape that has been accelerated by the COVID-19 pandemic, PVH Corp. announced on July 14, 2020 that it will close all of its 162 Heritage Brands outlet stores and reduce its office workforce by approximately 450 positions, or 12%. PVH’s Heritage Brands include Van Heusen, Izod, Arrow, Warner’s, Olga and Geoffrey Beene. The Heritage Brands retail locations are expected to operate through mid-2021. The workforce reductions, which are spread across all …
Atlanta — The Home Depot® will require shoppers to wear masks or facial coverings while inside all U.S. stores, beginning July 22. Small children or those who have a valid medical condition will not be required to wear a mask. Currently, about 85% of Home Depot stores already require facial masks in compliance with local and state regulations, and all Home Depot associates are required to wear masks in stores, distribution centers and other locations. “We appreciate all of our associates who have been working so hard to serve our customers with …