store closings

Hoffman Estates, Ill. — Claire’s U.S., the operator of Claire’s and Icing stores across the United States, has filed for Chapter 11 bankruptcy protection in Delaware. The jewelry retailer listed both its liabilities and assets between $1 billion to $10 billion. Hoffman Estates-based Claire’s previously filed for Chapter 11 bankruptcy in 2018. Claire’s says that the proceedings will enable the company to immediately commence the monetization process for its assets to maximize value for the business. The retailer is continuing a comprehensive review of strategic alternatives, including discussions with potential …

Jersey City, N.J. — Onyx Partners of Boston has entered into a binding purchase and sale agreement to acquire 119 JCPenney stores from Copper Property CTL Pass Through Trust, a real estate investment trust created as part of JCPenney’s 2020 Chapter 11 bankruptcy filing, for $947 million. The sale price represents roughly $8 million per store property. The portfolio, which totals nearly 16 million square feet across 34 states, is net leased to JCPenney under a long term master lease with Penney Intermediate Holdings LLC. The all-cash sale is scheduled …

Camp Hill, Pa. — Rite Aid has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey and is exploring opportunities to be acquired by outside entities. The announcement marks the second time in 24 months that the Pennsylvania-based convenience and drugstore chain has filed for voluntary Chapter 11 bankruptcy protection. The previous filing in October 2023 preceded the closure of hundreds of stores across the country. The company did not explicitly say in this filing how many of its stores would be immediately …

Toronto — Hudson’s Bay Company ULC will liquidate its remaining six Hudson’s Bay stores and one Saks Fifth Avenue location. At this time, the company believes that a viable bid for the current six-store model is unlikely, and therefore will begin liquidation sales in these stores on April 25. The remaining locations will join the 73 other Hudson’s Bay, 13 Saks OFF 5TH and two Saks Fifth Avenue locations already undergoing liquidation sales following the company’s filing under the Companies’ Creditors Arrangement Act (CCAA). Should a buyer bid be accepted, …