Bankrupt electronics retailer RadioShack received court approval on Friday for its plan to try to sell the leases to more than 1,100 stores that it will close by the end of February. RadioShack first proposed closing many of the locations early last year as it struggled to turn around its money-losing operations, but lenders demanded the stores remain open. After filing for Chapter 11 bankruptcy earlier this month, RadioShack moved quickly to abandon the stores to avoid paying March rent.
Frederick's of Hollywood, a purveyor of racy women's lingerie for almost seven decades, is reportedly shedding one-third of its 93 stores. The Los Angeles-based retailer has hired liquidator Great American Group to help wind down operations for at least 31 of its stores, which will close in the coming months, The Wall Street Journal reported on Thursday. Bill Soncini, Frederick's chief operating officer, told WSJ that the number of store closings could increase slightly. The company will shutter its flagship store in Hollywood in April.
Apple is in the process of redesigning its stores, drawing on the expertise of Jony Ive, the company's head designer. Ive revealed he's working with retail boss Angela Ahrendts on a revamp of its stores in a lengthy profile with the New Yorker magazine.
It was an ordinary Wednesday for Audrey Shepps Mark in Raleigh, N.C. She was shopping at Target. In the midst of buying some headbands and a ham, according to Audrey, she had her heart warmed. It turned out that a young teenage boy had stopped by in search of a clip-on tie. He was making a pit stop before heading to a job interview. Only one problem: Target doesn't sell clip-on ties; the store only sells regular ties. A Target team member began to assist the young man. Audrey watched as the situation unfolded.
Gap launched a new digital marketing push on Thursday to promote its spring season. The #SpringIsWeird campaign included an Instagram "micro-series" and the creation of Tinder profiles, advertising that the retailer is marking down denim by 30 percent, according to Adweek. But soon after the news published about the Tinder element of the campaign, the dating app decided to shut it down.
Dollar Tree said it may need to divest more stores than expected to satisfy antitrust regulators reviewing its planned acquisition of Family Dollar Stores. Dollar Tree has previously said it expects to divest fewer than 300 stores to satisfy the regulators reviewing a deal that would create the No. 1 discount store chain in the United States. In a filing on Tuesday, the company said the U.S. Federal Trade Commission was reviewing more than 500 stores and that it may identify additional stores for review in the future.
Amazon.com announced that it's opened a pickup and drop-off location on the campus of Purdue University in West Lafayette, Indiana. The company is also offering free one-day shipping for students who ship their purchases to the Purdue store. Amazon said that students "now have a new convenient option for receiving textbooks and college essentials" as well as "a hassle-free way to return textbook rentals and other orders."
The events that will determine RadioShack's future are unfolding quickly. Pressures continued to mount for the Fort Worth, Texas-based retailer to file bankruptcy, according to reports Monday. The speculation centers on whether the 94-year-old retailer is preparing to shut down its business or has a chance at a court-supervised reorganization. RadioShack hasn't confirmed that it's closing stores, but the signs are there. The company made no announcements Monday, but its lenders, led by Salus Capital Partners, sent the company a second default notice on its $250 million loan.
January's proven a dire month for mid-range brands. Over the past few days, Gap not only axed its Piperlime division, it also eliminated Rebekka Bay's role as the brand's creative director. Meanwhile, Kate Spade just announced it would close all Kate Spade Saturday stores. Roughly three weeks ago, C. Wonder confirmed that it, too, was shutting down and immediately started liquidating all locations. This domino effect feels similar to the glut of teen retailers that
Kate Spade Co. said Thursday that it would shutter its Kate Spade Saturday and Jack Spade stores as it seeks to focus on its flagship kate spade new york brand. The company said it would close 16 company-owned stores and three partnered locations for its lower-priced Kate Spade Saturday brand in the first half of 2015 as it transitions the line to a brand under kate spade new york. Kate Spade also plans to close its 12 company-owned Jack Spade stores in the first half of the year as it shifts to selling the brand online and through retail partners.
