Is Starbucks Going Out Of Business
Starbucks is not going out of business. The coffee retailer did temporarily close its locations in response to the pandemic but has since reopened many locations for to-go only service. In 2020, Starbucks announced that it would be permanently closing 500 of its company-operated locations in the U.S. and Canada. In January 2021, the company announced it would be closing an additional 300 Canadian locations by the end of March. The company, which operates more than 32,000 stores worldwide, announced plans to open 300 to-go style locations through the end of 2021.
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While still not in bankruptcy nor even announcing any major store closures, the financials for Bed Bath & Beyond have been bad and potentially getting worse. The retailer’s bonds are now trading at 73 cents on the dollar, which is on the borderline of junk debt. Despite substantial investment, the company has so far limited success in growing its e-commerce business. Brick-and-motor transactions have been on a steady decline for the last 10 quarters with no clear cut turnaround plan in sight.
By contrast, many of Bed Bath & Beyond’s peer competitors, who are facing the identical difficult retail environment, have been gaining at least some ground against web-based retailers. Home Depot, TheTJX Companies, Costco, and Target are all generating solid revenue numbers.
Is Zara Going Out Of Business
Zara and its related brands are not going out of business. Its parent company, Inditex, announced in June 2020 that it would be closing up to 1,200 stores in the next two years. The store closings would be across all its brands. The clothing retailer also announced that it would be heavily investing in its online platform.
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Is Ulta Beauty Going Out Of Business
Ulta Beauty is not going out of business. In July 2020, the company announced it would permanently close 19 locations by the third quarter of the year. The company has plans to open about 100 stores in 2021, as well as 100 shops within Target locations. Ulta Beauty currently operates more 1,200 stores in the U.S.
Is Frys Electronics Going Out Of Business
On February 24, 2021, Frys Electronics ceased operations and permanently closed all of its locations. The company cited changes in the retail industry and the challenges posed by the Covid-19 pandemic as reasons for the closing. The company had 31 stores in nines states and had been in business for 36 years.
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Pearlridge Center Owner Washington Prime Group Files For Chapter 11 Bankruptcy
CINDY ELLEN RUSSELL / 2020
Columbus, Ohio-based Washington Prime Group, the majority owner of Pearlridge Center in Aiea and more than shopping centers, has filed for Chapter 11 bankruptcy reorganization.
The majority owner of Pearlridge Center in Aiea and more than 100 shopping centers has filed for bankruptcy reorganization.
However, the 1.3 million-square-foot Aiea center that is anchored by Macys, Bed Bath & Beyond and Ross Dress For Less is not affected because it is not wholly owned by Washington Prime Group.
The Columbus, Ohio-based mall owner filed for Chapter 11 late Sunday after struggling for more than a year with a pandemic that crushed mall revenue and traffic. Washington Prime Group acquired 51% of Pearlridge Center in 2015.
Pearlridge Center General Manager David Cianelli said its business as usual at the center for its shoppers, tenants, community partners, vendors and contractors, and that they will see no change.
Certain subsidiaries, including Washington Prime Groups joint ventures and the majority of the Companys special purpose entities holding properties that secure mortgage loans, will not be debtors in the Chapter 11 case, Cianelli said in a statement. Pearlridge Center is a non-debtor and will not be impacted by the Companys Chapter 11 financial restructuring.
In its bankruptcy filing in Texas, Washington Prime listed assets of $4.03 billion and debts of $3.47 billion.
Pandemic hurt as shoppers turned to online purchases
Is Earth Fare Going Out Of Business
Earth Fare filed for Chapter 11 bankruptcy in February 2020. The grocery chain shuttered all of its 55 stores in 10 states. During the bankruptcy process, an investment group acquired the brand and has reopened 22 Earth Fare stores, with five more set to open by early 2022. Other locations were acquired by Whole Foods, Aldi and Winn-Dixie.
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Is Linens N Things Going Bankrupt
Can you imagine a mall in America without a Linens n Things in it? A world in which Bed, Bath & Beyond doesnt have to issue coupons in the Sunday papers because they have no real competition to worry about?
It could be a reality someday. Apparently Linens n Things is in serious financial quicksand and sinking fast.
On April 15 the beleaguered home furnishings retailer announced that it would defer payment on its $16.1 million in interest payments and instead work with its creditors, bond holders and vendors in an attempt to avoid filing for bankruptcy.
According to the New York Times:
Since last fall, eight retailers mostly midsize chains like the electronics retailer Sharper Image have filed for bankruptcy. But a filing by Linens n Things, which has more than 500 stores in 47 states, would be the largest yet.
The payment that was due Tuesday applied to a $650 million issue of debt, comprising several senior notes due in 2014. But the terms of that debt include a 30-day grace period for payment of that interest. Linens n Things posted a $242 million loss for 2007 on sales of $2.79 billion.
If you or someone you know works for Linens n Things, the prospect of some or all of their stores closing must be a scary thing.
MAY 2 UPDATE: According to Smart Money:
UPDATE OCTOBER 08: Its official. Linens n Things is closing its doors.
Seacoast Bed Bath & Beyond Store To Close
The Bed, Bath and Beyond store in Dover appears to be shutting down.
A banner across the entrance announcing its closure and “Everything must go” signs in the window can clearly be seen at the store on Central Avenue. The Dover location is also included on the chain’s website store closing page. A final closing date was not mentioned.
A spokeswoman from Bed Bath and Beyond’s corporate office did not immediately return a message from Seacoast Current on Saturday morning. A manager at the Dover store was not authorized to speak with the media.
The chain in its fiscal 2020 third quarter report issued January 7 said it would close 200 “underperforming locations” by the end of fiscal year 2021 but did not identify them. The first 63 locations were closed in 2020 but none on the Seacoast.
In a statement at the time to USA Today spokeswoman Jessica Joyce said the chain is undergoing a “store optimization plan that will see us establish the right network of stores to serve our customers.”
The New Jersey based company also sold off its other properties Christmas Tree Shops One Kings Lane, PersonalizationMall.com and Cost Plus World Market in 2020.
Bed Bath and Beyond still has eight stores in New Hampshire located in Amherst, Bedford, Concord, Keene, Nashua, Plaistow, Portsmouth and Salem.
Contact reporter Dan Alexander at or via
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Here’s An Updated List Of Stores Closing In 2020 So Far
Here’s an Updated List of Stores Clos…
This long list of stores closing in 2020 includes the ever-growing number of retailers that have filed for bankruptcy, closed locations, or both. Since 2017, brick-and-mortar store closures have surpassed 20,000.
Why do physical stores keep closing? Its partly due to the ongoing e-commerce boom, but mostly due to the pandemic that has kept shoppers, like you and me, at home.
While retail brick-and-mortar stores close up shop at a record pace, thousands of hard-working employees lose their jobs and loyal shoppers, like us, either find an alternative or turn to online shopping. Its heartbreaking.
Heres a list of the most recent store closings and bankruptcies, which Ill update with changes as they occur:
Are Christopher And Banks Stores Closing
In January 2021, Christopher & Banks filed for Chapter 11 bankruptcy protection and will permanently close all of its store locations. In March 2021, the sale of the companys online business to Hilco Merchant Resources was approved. Store locations have begun liquidation sales. In 2020, the retailer had temporarily closed in response to the pandemic, shifting sales to its website. The company operates 451 stores and permanently closed 40 locations at the end of 2019.
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Is Pier 1 Going Out Of Business
In October 2020, the company announced that Pier 1 had re-launched as an online-only retailer, Pier1.com. Back in February 2020, Pier 1 filed for Chapter 11 bankruptcy protection and, after liquidation sales, permanently closed all of its 540 stores nationwide. In June 2020, Retail Ecommerce Ventures, an investment firm with an e-commerce focus, acquired Pier 1s intellectual property and e-commerce assets.
Is Brooks Brothers Going Out Of Business
In September 2020, the storied retailer was acquired by Authentic Brands Group LLC and SPARC Group LLC. As part of the agreement, the new owners will continue to operate at least 125 Brooks Brothers locations. In July 2020, Brooks Brothers filed for Chapter 11 bankruptcy protection. Earlier this year, the company started to permanently close 51 of its over 200 stores in North America. The retailer operates more than 630 stores worldwide.
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Bed Bath & Beyond Announce Closure Of 200 Stores Due To Coivd
The economic fallout from the COVID-19 pandemic has claimed another victim. Bed Bath & Beyond has just announced the closing of 200 of their stores.
The popular home goods retail store, Bed Bath & Beyond, just announced this week that they will be closing 200 of their stores, but not all at once. The closings, due to poor in-store sales during the pandemic, will be staggered over the next two years.
Bed Bath & Beyond operates 1000 stores across the country, so the closings will basically affect 1 in 5 of their locations.
According to a news release put out on Wednesday , the company reported a loss of 49 percent of net sales during March, April and May of this year, compared to the same quarter last year. The losses took place as the pandemic was ramping up, and stores were forced to close for almost three months.
On the bright side, the company also reported that their net sales from digital channels increased by 82 percent, while their in-store sales fell by 77 percent.
From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility. At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.
Is Belk Going Out Of Business
Belk is not going out of business. In January 2021, the retailer announced that it planned to file Chapter 11 bankruptcy protection in order to reduce its debt. In February 2021, the store emerged from Chapter 11 bankruptcy one day after filing. The bankruptcy will not impact stores and there were no announced plans to close any of its over 290 locations.
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Brooks Brothers Files For Bankruptcy Protection
J.C. Penney announced the closing of 154 stores across 38 states as it restructures after filing for bankruptcy in May, Victoria’s Secret plans to close 250 stores across the United States and Canada, home goods retailer Tuesday Morning is closing 230 stores after filing for bankruptcy, clothing companies J. Crew and Brooks Brothers have filed for bankruptcy and a host of restaurant chains have filed for bankruptcy and permanently shuttered locations.
I Guess Frank The Tank From Old School Didn’t Have Enough Time To Go To Bed Bath & Beyond For A Pretty Nice Little Saturday Last Quarter
The company said it now expected to earn around $2 to $2.50 per share for this year. Analysts were expecting a profit of $2.77 a share.
Competition is fierce in retail. Stop me if you’ve heard this before, but Walmart and Amazon have both been stepping up their efforts in the home furnishings category lately.
Bed Bath & Beyond also faces tough competition from Crate & Barrel as well as Home Depot. This has all put pressure on Bed Bath & Beyond.
And one analyst said that Bed Bath & Beyond’s aggressive discounting is hurting its earnings as well. Too many promotions can be a bad thing.
“Profit is also affected by Bed Bath & Beyond’s discounting and its rather slapdash approach to coupons and vouchers,” wrote Neil Saunders, managing director of research firm GlobalData Retail in a report.
“As much as we recognize this has played an important historical role in the company’s success, we also believe that its dependence upon it is now a symptom of a rather poor retail strategy and questionable execution,” Saunders added.
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Is Bed Bath And Beyond Closing In 2020
Bed BathBeyond2020closuresclosinglocationsThe 40 Bed Bath & Beyond stores closing in the U.S. are:
- California. Chino Hills: 13021 Peyton Drive.
- Connecticut. Shelton: 862 Bridgeport Ave.
- District of Columbia. Washington D.C.: 709 7th Street NW.
- Florida. Tampa: 12803 Citrus Plaza Drive.
- Hawaii. Honolulu: 1200 Ala Moana Blvd.
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The Chinese manufacturing company Haier exemplifies this mindset. When CEO Zhang Ruimin took the reins in 1984, Haier was a near-bankrupt refrigerator factory. In the decades since, Zhang has reinvented the companys business model four times. Haier has shown its nimbleness by refashioning itself in a fast-changing world, wrote Baba Prasad, author of Nimble. Haier is now one of the worlds largest home appliance manufacturers, with annual revenues of more than $37 billion.
2. Build, Borrow, Buy
Although leaders should constantly monitor industry trends and threats, and act quickly when possible, they should prioritize their approach as much as their timing. According to Laurence Capron, a professor at INSEAD and author of Build, Borrow, or Buy, businesses often excel at determining which resources they need, but falter when deciding how to obtain them. Leaders often jump straight to execution using their default mode of growth, she told Yale Insights, but those who choose incorrectly are going to waste a lot of time or simply fail.
3. Encourage Intrapreneurship
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Is Bed Bath & Beyond Closing
Bed, Bath & Beyond has not gone out of business. In July 2020, the retailer announced it would be permanently closing an estimated 200 stores. Store closures will take place over the next two years and have started in some areas. By early 2021, the retailer had closed more than 40 stores.
In January 2020, before the pandemic, the retailer had announced it would close 60 of its more than 1,400 locations. In March 2020, in response to the pandemic, the retailer temporarily closed 800 of its stores. The store shifted its focus to curbside pickup and its online store and expanded its buy online, pickup in-store options in over half of its locations.
Are Heritage Brand Stores Going Out Of Business
In July 2020, PVT Corp, the parent company of Heritage Brand outlet stores announced that it would be closing all of its Van Heusen, Izod, Arrow, Warners, Olga and Geoffrey Beene outlet stores. The company expects the stores to continue operating through mid-2021. The brands will continue to be available through wholesale stores and online. PVT Corp is also the parent company of Tommy Hilfiger and Calvin Klein, but these brands will not be affected by the announced closures.
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Is Jjill Going Out Of Business
In September 2020, J.Jill announced that it had reached an agreement with its lenders that would allow it to restructure its debt and avoid bankruptcy. In late July 2020, the company announced plans to close 11 J.Jill stores in 2020 permanently. Many of its locations had been temporarily closed due to the pandemic. The fashion retailer plans to close 20 of its remaining 265 stores by the end of 2021.
Are Stages Stores Going Out Of Business
In May 2020, Stages Stores filed for Chapter 11 bankruptcy protection. The retailer announced that it will reopen its over 700 stores for going-out-of-business sales, liquidate its assets and search for a buyer. The retailer will permanently close all Stage, Goodys, Palais Royal, Bealls, Peebles and Gordmans locations.
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A New Ceo Cleans House At The Home Goods Retailer
Bed Bath & Beyond put President and CEO Mark Tritton in charge of the company in early November. About six weeks later, Tritton announced his first big house cleaning, a restructuring that included the purging of six senior executives. The company’s share price rallied, and it is now approaching a 52-week high.
“This bold pivot reflects the priorities of , who will launch his new vision for the company in early 2020,” the company said in a Dec. 17 statement. “The new team will be charged with streamlining decision-making, accelerating the pace of transformation, and reestablishing Bed Bath & Beyond’s authority in the home space through a more customer-focused, omnichannel retail operation, a redefined product assortment, and a more convenient and inspirational shopping experience.”
Tritton, a 30-year veteran of the retail industry, first joined Target in 2016 as executive vice president and chief merchandising officer. Previously, he held senior executive roles at Nordstrom, Timberland, and Nike. During his tenure at Target, the stock price nearly doubled in the face of brutal competition from Walmart, the e-commerce incursion of the U.S. retail landscape, and, surprisingly, a string of one big-box retailer bankruptcy announcement after another.