Store Closings and Bankruptcy Update
Store closings have slowed in recent months, but some retailers including Kmart and Ann Taylor have recently announced they will shutter locations in order to cut costs. Finlay is the latest retailer to join a growing list of bankrupt merchants in 2009. Find out which other retailers are scaling back by closings stores or have recently announced bankruptcy.
Bashas: Grocery store chain and two related entities - Leaseco and Sportsman's LLC - have filed for Chapter 11 bankruptcy reorganization. The retailer also announced in mid-July it would close 10 Bashas and Food City stores.
Ann Taylor: The women's apparel chain has increased the number of stores it will close this year to 163 from 117 as part of its cost-cutting program to save $125 million over the three years ending in January 2011.
Finlay: The jeweler filed for Chapter 11 protection on August 6, 2009. It currently sells jewelry at about 77 department store locations and operates about 106 stand-alone jewelry stores as Bailey Banks & Biddle, Carlyle & Co Jewelers and L. Congress. The company listed assets and debt in the range of $500 million to $1 billion in its Chapter 11 filing.
Zale: Jeweler closed 118 underperforming stores in its fourth quarter, which ended July 31. Year to date for 2009, Zale has shut down 191 locations. Of the closings, 31 were kiosks and 160 were retail stores.
Kmart: Big box retailer plans to close three Detroit stores in Fall 2009 with liquidation sales beginning on August 30, 2009. According to Kmart spokeswoman Kimberly Freely, these locations will close due to "a number of factors," including poor sales performance or failure to negotiate favorable lease terms.
Bashas: Grocery store chain and two related entities - Leaseco and Sportsman's LLC - have filed for Chapter 11 bankruptcy reorganization. The retailer also announced in mid-July it would close 10 Bashas and Food City stores.
Ann Taylor: The women's apparel chain has increased the number of stores it will close this year to 163 from 117 as part of its cost-cutting program to save $125 million over the three years ending in January 2011.
Finlay: The jeweler filed for Chapter 11 protection on August 6, 2009. It currently sells jewelry at about 77 department store locations and operates about 106 stand-alone jewelry stores as Bailey Banks & Biddle, Carlyle & Co Jewelers and L. Congress. The company listed assets and debt in the range of $500 million to $1 billion in its Chapter 11 filing.
Zale: Jeweler closed 118 underperforming stores in its fourth quarter, which ended July 31. Year to date for 2009, Zale has shut down 191 locations. Of the closings, 31 were kiosks and 160 were retail stores.
Kmart: Big box retailer plans to close three Detroit stores in Fall 2009 with liquidation sales beginning on August 30, 2009. According to Kmart spokeswoman Kimberly Freely, these locations will close due to "a number of factors," including poor sales performance or failure to negotiate favorable lease terms.