Stein Mart files for bankruptcy; to close nearly 300 stores, Retail News, ET Retail

ST. PETERSBURG, Fla. : Nationwide discount section shop chain Stein Mart submitted for individual bankruptcy on Wednesday immediately after 112 several years in business, and introduced that it will close most, if not all, of its 280 shops.

“The blended effects of a tough retail setting coupled with the effect of the Coronavirus (COVID-19) pandemic have brought on sizeable financial distress on our business,” wrote Chief Govt Officer Hunt Hawkins in a information release. “The Firm lacks enough liquidity to proceed running in the everyday training course of business.”

Headquartered in Jacksonville, Florida, Stein Mart has extra than 280 shops in thirty states specializing in apparel, shoes and housewares at discount selling prices. A lot of of the shops are found in group procuring centers. As of May possibly thirty, the corporation used about 8,400 people today.

Hawkins explained Stein Mart will proceed to function normally “in the in the

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‘Ghost town’ fears where stores close permanently | News

Previous Thursday (eleven June) Monsoon Accessorize proprietor Peter Simon purchased the business out of administration in a pre-pack offer, resulting in the doable closure of extra than one hundred stores. It has 230 throughout its portfolio.

Meanwhile, quick fashion retailer Quiz announced ideas to forever near eleven stores following a pre-pack administration. It operates 82 outlets in the Uk and Ireland.

Battling section retailer Debenhams revealed the spots of a few extra stores in England that are owing to forever shut, immediately after it failed to agree phrases with shopping centre proprietor Intu Attributes – taking its total closures to twenty.

The closures adhere to a wave of retail administrations because the crisis strike the Uk, which include the Uk arm of Victoria’s Mystery, Oasis and Warehouse Group and Cath Kidston. 

In April, Arcadia Team was documented to be negotiating with landlords to exit stores with upcoming lease breaks or

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JC Penney closing 154 stores in first post-bankruptcy phase, Retail News, ET Retail

NEW YORK : J.C. Penney reported Thursday that it will start off closing 154 of its stores future 7 days in what it is calling the very first stage of its attempts to shrink its footprint.

The Plano, Texas-centered retailer reported it could take about ten to 16 months to entire the closures. A listing of the stores closing was posted on Penney’s web-site.

Penney filed for individual bankruptcy security final thirty day period, generating it the biggest retailer to do considering the fact that the coronavirus pandemic forced non-essential stores to be shut down temporarily. J.Crew and Neiman Marcus sought individual bankruptcy security times in advance of J.C. Penney. All three had been laden with financial debt and experienced difficulty connecting with customers, who are increasingly skipping the shopping mall and searching online.

As section of its individual bankruptcy reorganization, Penney reported it planned to completely close nearly a

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Mall owner sues Gap for rent on coronavirus-shuttered stores, Retail News, ET Retail

NEW YORK : Gap is getting sued for refusing to shell out rent for retailers quickly shut for the duration of the coronavirus pandemic.

Shopping mall operator Simon House Group reported in a lawsuit filed this 7 days that the apparel retailer owes three months of rent, totaling $sixty five.9 million. Gap Inc. has additional than 390 retailers at Indianapolis-centered Simon’s malls, including its namesake brand name, Previous Navy and Banana Republic.

Gap and other significant retailers, including sneaker vendor Foot Locker, have reported they would not shell out rent for retailers that had been pressured to near due to the pandemic. In April, Gap warned that it may be sued by its landlords and that a dispute could be highly-priced and have “an unsure end result.”

San Francisco-centered Gap did not respond to a request for comment Thursday.

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H&M closes 95 stores in US, declares support for black community in wake of George Floyd’s murder

H&M, the world’s second-largest trend retailer, mentioned on Tuesday it had temporarily shut 95 of its suppliers in the US due to the fact of the violent protests next the death of George Floyd in police custody.

“We have shut 95 suppliers temporarily owing to the protests,” an H&M spokesman explained to Reuters.

The protests erupted throughout the US following the death of Floyd, a 46-year-old African American male on Might 25.

On Monday, demonstrators established hearth to a strip mall in Los Angeles, looted suppliers in New York Town and clashed with police in St Louis, Missouri.

In a assertion, H&M, which has all around 600 suppliers in the United States, mentioned: “The current killings of extra associates of the black group in the US depart us devastated and heartbroken. Their lives, and the lives of all black men and women taken by violence, mattered.”

The assertion, signed by

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