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Macy’s to Close 150 Namesake Stores, Open More Bluemercury and Bloomingdale’s Stores

by Katie Lee

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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construction and designNewsretailersstore closings

A&G Taking Offers Now on 49 David’s Bridal Leases

by Katie Lee

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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Nordstrom to Permanently Close 16 Stores, Plans Phased Reopening for Others

by Katie Lee

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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Hair Salon Retailer Ratner Cos. to Close More Than 80 Salons

by Katie Lee

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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Forever 21 Files for Bankruptcy; Obtains $350 Million in Restructuring Financing

by Katie Lee

Los Angeles — Forever 21, Inc., and its U.S. subsidiaries have filed for voluntary Chapter 11 bankruptcy. The company’s Canadian subsidiary also has filed for bankruptcy protection. Forever 21 plans to facilitate a global restructuring that will allow it to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. “This was an important and necessary step to secure the future of …

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Women’s Fashion Chain Avenue to Close All 222 Stores Across 33 States

by Katie Lee

Rochelle Park, N.J. — Avenue Stores LLC will close all 222 of its Avenue stores across 33 states after failing to procure a buyer for the plus-size women’s clothing chain. It was not made immediately clear if the retailer will continue to operate its e-commerce platform. Philadelphia-based Versa Capital Management acquired Avenue Stores LLC in bankruptcy in 2012 when the retailer operated 433 stores. Avenue will hold liquidation sales in all of its stores, offering 30% to 50% off clothes, accessories and even store fixtures. Hilco Merchant Resources and Gordon …

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Family Dollar to Close Nearly 400 Stores Across U.S.

by Katie Lee

Chesapeake, Va. — Variety store chain Family Dollar will close 390 stores this year and make changes to the stores it is keeping open as the retailer seeks a turnaround. Dollar Tree Inc., which purchased Family Dollar in 2015 for nearly $9 billion in cash and stock, plans to revitalize the brand with store closures and a rebranding of some locations to Dollar Tree. In addition, some locations will be renovated to include $1 Dollar Tree merchandise sections. Family Dollar sells a variety of items for under $10 at rural …

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