Category: CLOSINGS

J.C. Penney could close almost 200 stores. Here’s what to know about the rumored bankruptcy

Photo Credit: JJBers

J.C. Penney is running low on pennies. The storied, 118-year-old department store is preparing to file for bankruptcy as early as next week, Reuters reported Friday.

The rumor mill has been churning on J. C. Penney’s impending collapse for weeks now, but this is the most detailed report to date from “people familiar with the matter.” The company plans to close 200 of its roughly 850 stores across the country, sources told Reuters. And while the company has not made a decision on restructuring, the report said it’s discussing an option to split into two separate entities—one that would own real estate and serve as a landlord to the other, which would operate retail.

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Neiman Marcus, J. Crew, and True Religion are among the first US retailers to file for bankruptcy as the pandemic takes its toll. Here’s the full list so far.

The retail sector is currently facing one of its most challenging periods in history as stores and restaurants stay closed and the future of retail remains uncertain.

Many brick and mortar retailers and restaurants that were experiencing troubles heading into the crisis are now being forced to shutter locations or lay off workers in order to stay afloat as their business almost entirely dries up.

Others are left with no choice but to file for bankruptcy, and experts say we can expect to see many more follow in their lead as the pandemic continues to decimate the industry.

Here’s who has filed for bankruptcy so far:

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Lord & Taylor reportedly prepping to liquidate

Dive Brief:

  • When Lord & Taylor’s 38 stores reopen after pandemic-related restrictions ease, they may be running liquidation sales ahead of shuttering permanently. Reuters reported the news on Tuesday, citing unnamed sources.
  • The department store, now owned by online apparel rental company Le Tote, is delaying a bankruptcy filing in order to make the most of such sales, but has been in touch with liquidators, according to the report. A company spokesperson declined to comment to Retail Dive on the news.
  • Hudson’s Bay Co., which last August sold Lord & Taylor to Le Tote for $100 million, held on to some real estate in that deal and may take advantage of a bankruptcy to reassume some leases, Reuters said.

Dive Insight:

The COVID-19 pandemic has been rough on consumer-facing businesses, and fragile retailers like Lord & Taylor are especially at risk.

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Nordstrom permanently closing 16 full-line stores…

Photo Credit: Phillip Pessar

Nordstrom plans to permanently close 16 of its 116 full-line stores while moving toward a phased reopening of others, as it tailors its immediate future to the realities of retail in the coronavirus pandemic.

The Seattle-based company also said it will make changes to how its stores function in a “market-by-market” approach, and will move its big Anniversary Sale from July to August.

Shuttering one out of seven stores is not simply a response to the pandemic, said Neil Saunders, managing director of GlobalData Retail.

“This coronavirus crisis is the catalyst rather than the cause,” he said. “Not all of its full-line stores pull their weight. … Some have probability that is dwindling. They’re saying, ‘Look, we don’t see a future in these stores, let’s cut our losses.’”

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Safeway Parent To Shut Down Distribution Center

Safeway

PHOTO CREDIT: MIKE MOZART

Albertson’s the parent company of Safeway has announced the closing of their Prince George’s County distribution center according to this Biz Journal report. If you’re not familiar with Safeway, their notorious for long checkout lines and high prices. It’s only a matter of time before Safeway exits the Baltimore region, leaving thousands of workers without jobs.

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Pier 1 Imports Is Closing 450 Stores

Pier 1 Imports Is Closing

The list keeps piling up, according to this recent CNN report Pier 1 Imports is closing 450 stores, the pain doesn’t just stop at the store level, Pier 1 announced its also shutting down distribution centers and dumping 40% of their corporate staff in an effort to better align its business with the current operating environment.

Pier 1 Imports will close nearly half of its stores and is reportedly nearing a bankruptcy filing.

The home goods retailer has been struggling for years against rising pressure online and from big-box rivals. Its stock, which was at $300 a share in 2015, is trading at around $5 today.

Pier 1 shares tumbled nearly 17% Monday. after Bloomberg reported the news of a potential bankruptcy.

Pier 1 operated 942 stores in the United States and Canada at the end of its latest quarter. It said Monday that it will close up to 450 stores “in order to better align its business with the current operating environment.” Pier 1 will also close distribution centers and lay off corporate employees.

More than 9,100 stores are closing in 2019 as the retail apocalypse drags on — here’s the full list

The staggering rate of store closures that rocked the retail industry over the past couple of years is expected to continue in 2019, with more closures expected this year.

Retailers closed a record 102 million square feet of store space in 2017, then smashed that record in 2018 by closing another 155 million square feet, according to estimates by the commercial real-estate firm CoStar Group.

“This year we are predicting more of the same in the retail space,” CoStar senior consultant Drew Myers said.

Retailers have announced more than 9,100 store closures so far this year, according to an analysis by Business Insider.

Here’s a list of all the stores closing this year:

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