The ousted CEO of The Children’s Place, who two years ago launched his own chain of children’s clothing pitched as “obtainable luxury,” has ended his effort with the company’s bankruptcy. Ruum American Kid’s Wear, started by Ezra Dabah, the former chairman and CEO of The Children's Place, has filed for Chapter 7 bankruptcy liquidation —…
A shoplifter swiping a book at Barnes & Noble or a Dollar General cashier stealing a pack of smokes might not be committing the crime of the century, but such transgressions across hundreds of thousands of stores in the U.S. add up to a $32 billion problem. That’s about 70 percent of the inventory ‘shrinkage’…
For a long time, malls were dominated by brands like Sears, Gap, and Abercrombie & Fitch. But the tide is turning in retail. Big apparel brands are grappling with shoppers who increasingly want deeply discounted clothes over classic logos and status. Gap is closing one-quarter of its stores and laying off hundreds of workers after…
RadioShack is selling $50 million worth of real estate in an effort to appease creditors. Judge Brendan Shannon, the same judge who confirmed RadioShack’s bankruptcy and subsequent auctions for its intellectual property, said he would approve property sales this week to two real estate investors, The Wall Street Journal reported late Wednesday.
Anna’s Linens Inc. in Costa Mesa, Calif. filed for Chapter 11 bankruptcy protection on June 14 with the U.S. Bankruptcy Court, Central District of California. The home goods retailer is also negotiating a sale with DW Partners LP in New York. Anna’s Linens said in its bankruptcy filings that its liabilities range between $100 million…
Gap is planning to close 175 stores in North America. Of those, 140 will close this fiscal year, the company announced Monday evening. All of those affected will be regular Gap stores, rather than outlets or factory shops. An undisclosed number of European stores are also set to close. This will leave 800 Gap stores…
A group of community and labor organizations is accusing Wal-Mart of inappropriately using the nonprofit Wal-Mart Foundation to help reduce local opposition to its expansion efforts in some urban areas like Washington, Boston, Los Angeles and New York. The group argued in a complaint with the Internal Revenue Service dated Monday that the Wal-Mart Foundation…
Tuxedos are coming to Macy's. The department store chain announced a 10-year agreement with Men's Wearhouse to open tux rental shops at 300 of its stores, according to MarketWatch. Men’s Wearhouse will staff and control the tuxedo shops in Macy’s stores. Seventeen pilot tuxedo shops will open in the fall of 2015 in New Jersey,…
Put J.C. Penney executives in the same room with Wall Street analysts and the question of store closings always comes up. Why isn’t Penney closing more stores? J.C. Penney CEO Mike Ullman and CEO-designee Marvin Ellison were on the same podium Wednesday at the Piper Jaffray Annual Consumer Conference in New York. Analyst Neely Tamminga…
Americans stepped up their spending at retailers in May, especially for autos, clothes and building materials, in a sign that strong job growth has begun to boost store sales. Retail sales rose at a seasonally adjusted 1.2 percent annual rate after a 0.2 percent gain in April, the Commerce Department said Thursday. Over the past…
