Fargo, N.D. — Vanity Shop of Grand Forks, Inc. is closing all 137 of its Vanity stores in 27 states. Tiger Capital Group, which provides asset valuation, advisory and disposition services to a broad range of retail, wholesale and industrial clients, is conducting the going-out-of-business sale, which is now underway.
The announcement follows the company’s filing of a voluntary petition for Chapter 11 bankruptcy protection on March 1, 2017 in the U.S. Bankruptcy Court for the District of North Dakota.
“With roots stretching back to North Dakota in the late 1950s, Vanity is known for offering a wide selection of quality, affordable apparel, accessories and footwear targeted to fashion-conscious young females,” says Michael McGrail, COO of Tiger Group. “During the sale, shoppers across the country will find deals starting at 10% to 30% off on Vanity’s expansive offering. The company’s difficult decision to close all stores is emblematic of the pressures facing mall-based specialty apparel retailers in the wake of ever-increasing competition from big-box ‘fast-fashion’ chains and e-commerce sites.”
The stores, which average 3,000 square feet in size, carry coats, jackets, jeans, slacks, dresses, skirts, shorts, fashion and basic tops, t-shirts, hooded sweatshirts, vests, sweaters, scarves, hats, leggings, tights, boots, sandals, flip flops, wallets, jewelry, sunglasses and hair accessories.
While Vanity’s nationwide store portfolio spans 27 states, its heaviest concentrations are in Minnesota (13 stores); Iowa (12); Wisconsin (nine) and Ohio (nine). For a list of store locations, visit www.vanity.com.
Tiger will also be liquidating store fixtures and equipment, as well as furniture, fixtures and equipment from the company’s distribution centers.
SOURCE: Tiger Group