Legal
August 13, 2020 at 4:06 pm
Discount retailer Stein Mart has filed for bankruptcy and plans to close its nearly 300 stores. The 112-year-old company blamed its failure on changing consumer habits and the pandemic, both of which "have caused significant financial distress on our business," Stein Mart CEO Hunt Hawkins said in a release on Wednesday. Like other retailers, Stein Mart's operations were…
July 29, 2020 at 3:31 pm
Sycamore Partners, the private equity firm that recently backed out of a deal to buy Victoria’s Secret, has a good chance of winning an auction to buy the department store chain J.C. Penney out of bankruptcy, MarketWatch reported. The New York-based firm bid $1.75 billion for the department store chain. If it wins the auction,…
July 28, 2020 at 11:00 am
On March 2, 2020, a bipartisan group of representatives in the U.S. House of Representatives introduced the Stopping Harmful Offers on Platforms by Screening Against Fakes in E-Commerce Act (the Shop Safe Act 2020) to help stem the growing concern over counterfeit products being offered for sale on online third-party marketplace e-commerce platforms. E-commerce has…
July 27, 2020 at 3:29 pm
SPARC LLC, a full-service retail operator comprised of the U.S. mall owner Simon Property Group and the apparel licensing firm Authentic Brands Group (ABG), has made a $305 million bid for bankrupt Brooks Brothers, according to a court filing published last week. The offer, still subject to better and higher bids and court approval, will keep at least 125…
July 23, 2020 at 4:14 pm
Ascena Retail Group, the parent company of women’s apparel brands Ann Taylor, Lane Bryant and Catherines, filed for bankruptcy yesterday and said it will close at least 877, or nearly a third, of its 2,800 stores after years of declining sales and growing debt. The company, founded as Dressbarn in 1962, is one of the nation’s…
July 21, 2020 at 12:55 pm
It’s been a little more than two years since the Supreme Court of the United States issued its decision on South Dakota v. Wayfair, Inc. (June 21, 2018), granting states the authority to tax remote sales. Within days of the Wayfair decision, Hawaii, Maine, and Vermont began enforcing economic nexus laws that had been waiting…
July 13, 2020 at 12:37 pm
New York & Co. parent company RTW Retailwinds announced Monday it had filed for Chapter 11 bankruptcy protection and plans to permanently close most, if not all, of its stores. The company said it has kicked off liquidation sales already, with about 92 percent of its brick-and-mortar locations back open during the coronavirus pandemic. RTW Retailwinds said…
July 8, 2020 at 7:46 pm
Retail brand Brooks Brothers filed for Chapter 11 bankruptcy on Wednesday and is searching for a buyer, CNBC reported. Brooks Brothers is one of the country's oldest retailers, having been founded in 1818, and is best known for its polos and prepster attire. Rent had become a burden for the iconic retailer, and the disruption…
July 7, 2020 at 6:24 pm
Los Angeles-based retailer Lucky Brand filed for Chapter 11 bankruptcy protection on Friday, reports AP News. The apparel retailer blames its troubles in part on the coronavirus pandemic and said it plans to close 13 stores immediately, with more closures possible during the bankruptcy process. Lucky Brand said it has a deal lined up to…
July 6, 2020 at 12:16 pm
Nordstrom is the latest retail tenant to find itself at odds with its landlords. The upscale department store chain has reportedly notified the property owners of its namesake and off-price Rack stores that it will pay only half of its rent costs for the rest of 2020. A letter from President of Stores Jamie Nordstrom to…
