store closings

Orlando, Fla. — Red Lobster has voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The Orlando, Fla.-based seafood restaurant chain plans to sell its business to an entity formed and controlled by its existing lenders. Red Lobster, which was founded in 1968 and operates some 600 restaurants across North America, has received a $100 million debtor-in-possession financing commitment from its existing lenders to facilitate this plan. The company stated that it would use the financing and bankruptcy proceedings to drive …

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Boston — Gordon Brothers has begun store closing sales at select Ted Baker locations throughout the U.S. and Canada, including outlets. Store closing sales are also underway at eight Brooks Brothers and seven Lucky Brand retail locations in Canada. Ted Baker, a retailer of men’s and women’s high-end designer clothing and accessories, is closing 31 retail stores in the U.S. and nine stores in Canada. Ted Baker Canada, which conducts business operations for Ted Baker in Canada, Ted Baker Limited in the United States, Brooks Brothers in Canada and Lucky …

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Columbus, Ohio — Fashion retailer Express Inc. has filed for Chapter 11 bankruptcy protection and plans to close 107 of its 602 stores. The Columbus, Ohio-based company’s portfolio includes apparel brands such as Bonobos, Express and UpWest Express. As part of the proceedings, 95 stores under the company’s Express banner will be shuttered alongside all 12 of its UpWest Express locations. The closing sales at affected stores are scheduled to begin on April 23, 2024. Express concurrently announced that it has received a non-binding letter of intent from a consortium …

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Lakewood, Colo. — Christy Sports, a premier outdoor rental and retail service provider, will close all store locations in New Mexico, effective upon the conclusion of the 23/24 winter ski season. Christy Sports currently operates six total stores in New Mexico, including four locations in Taos Ski Valley under the banners of Cottam’s, Alpine Xtreme and Bootdoctor’s, one location in downtown Taos under Cottam’s and one seasonal location in Santa Fe under Cottam’s. The company made the decision to exit New Mexico to prioritize investment in more profitable regions. Christy …

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Commerce, Calif. — 99 Cents Only Stores LLC plans to close all 371 of its stores and wind down its business operations. The company has entered into an agreement with Hilco Global to liquidate all merchandise and dispose of fixtures, furnishings and equipment at the stores. Sales under this agreement began on April 5. 99 Cents Only was founded in 1982 as a deep-discount retailer where every item cost less than a dollar. The company is headquartered in the southeast Los Angeles suburb of Commerce, and currently operates stores in …

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Chesapeake, Va. — Dollar Tree Inc. plans to close approximately 970 underperforming Family Dollar stores. In addition, Chesapeake, Va.-based Dollar Tree identified approximately 30 underperforming Dollar Tree stores for closure. Roughly 600 Family Dollar stores are slated to close in the first half of fiscal 2024, with about 370 Family Dollar locations and the 30 Dollar Tree locations set for closure at the end of each store’s current lease term. Years of mismanagement and poor conditions in stores have hurt Family Dollar’s brand, reports CNN. The discount chain is known …

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New York City — Macy’s Inc. plans to close 150 of its namesake department stores over the next 3 years. According to the retail giant, these stores represent 25% of the company’s gross square footage as of fiscal year-end 2023 but only account for 10% of sales. (Macy’s fiscal 2023 ended Feb. 3, 2024.) Macy’s anticipates closing approximately 50 stores by the end of fiscal year 2024, the locations of which have not been disclosed, though CNBC reports some are located in California, Florida, Hawaii and Virginia. Other elements of …

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New York City — A&G Real Estate Partners is entertaining offers on 49 David’s Bridal leases across the United States — transactions that must be presented for bankruptcy court approval by June 30. “Interested retailers and landlords need to act now to seize these excellent real estate opportunities while they’re still available,” says Mike Matlat, senior managing director of A&G. Acting in its capacity as real estate advisor to the Conshohocken, Pa.-based retailer, A&G also plans to hold a July bankruptcy auction of an additional select group of David’s Bridal …

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Seattle —Nordstrom plans to permanently close 16 of its 116 full-line stores, with the company incurring the non-cash impairment charges associated with the closures. The clothing retailer hopes the closures will better position it for the long-term retail landscape at the end of the COVID-19 pandemic. The list of stores was not released. “We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations,” says Erik Nordstrom, CEO of Nordstrom Inc. “The impact of COVID-19 is only accelerating the importance of these capabilities in …

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Vienna, Va. — The Ratner Cos., the parent company of salon concepts such as Hair Cuttery, Bubbles and Salon Cielo, plans to trim its 844-store portfolio by 10%. The company plans to maintain a presence in all existing markets as it looks to shift resources to its best-performing salons. Ratner Cos. cites “intense competition and rising operating costs,” as well as shifting consumer shopping methods, as the basis for its decision. The firm has engaged in discussions with landlords to renegotiate terms or exit some of its leases. In addition …

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