New York City — Rent the Runway, a New York City-based online service that provides rentals of designer clothes and accessories, will close its stores around the country in order to focus on building its digital platform, according to reports from CNBC and The Wall Street Journal. The New York City-based company will close its stores in Los Angeles, Chicago, San Francisco and Washington, D.C., while its flagship store in New York City will be converted into a permanent drop-off site for product distribution. CNBC reports that the company intends …
retailers
East Hanover, N.J. — To celebrate 35 years of fun and flavor, the SOUR PATCH KIDS® brand is opening its first-ever SOUR PATCH KIDS store in New York City, nestled between New York University’s Washington Square campus and SoHo at Bond Street and Broadway. “We created this new experience for our fans to engage with the SOUR PATCH KIDS brand on a whole new level, but of course understand that these are uncertain times,” says Danielle Freid, brand manager of SOUR PATCH KIDS. “With this store as our new permanent …
Jacksonville, Fla. — Discount retailer Stein Mart Inc. has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The motion is an effort to maintain operations, including “the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business and the use of cash collateral.” Jacksonville, Fla.-based Stein Mart expects to close a significant portion, if not all, of its brick-and-mortar stores. The company has launched a store closing and liquidation process but will …
Walton, Ky. — Dollar General has unveiled plans to open a 630,000-square-foot distribution facility in Walton, Ky., approximately 20 miles south of Cincinnati and the Ohio border. The $65 million investment is expected to bring 250 jobs to the city and support 800 stores. The Walton facility will serve as Dollar General’s 18th distribution center. Construction is scheduled to begin in September with operations to begin in January. Dollar General also plans to build three additional DG Fresh facilities to support a shift toward self-distribution of products that require cold …
Pittsburgh — Dick’s Sporting Goods plans to open 11 stores in nine states by the end of August. The Pittsburgh-based retailer will open stores in Hyannis and Brockton, Mass.; Deptford, N.J.; and Midland, Texas. It will also open a Dick’s Sporting Goods and Golf Galaxy location in Atlanta. Dick’s Sporting Goods Warehouse locations will open in Orland Park, Ill.; Englewood, Colo.; Fairfax, Va.; Amherst, N.Y.; and Brockton, Mass. A new Overtime by Dick’s Sporting Goods outlet will open in Tempe, Ariz. Following the store openings, Dick’s will have 729 Dick’s …
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 …
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 …