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INFO VINE * Clothing Brands That Are On The Verge of Vanishing Completely *
Valley of the Sun Casual Club :: WORDS , FACTS , DATES , GAMES & TRIVIA & HISTORY :: INFORMATION VINE
Page 1 of 1
INFO VINE * Clothing Brands That Are On The Verge of Vanishing Completely *
by Paul Thu 21 Mar 2024, 7:08 am
Clothing Brands That Are On The Verge of Vanishing Completely
[Photo Courtesy: Closing Retail Store / wikimediacommons.com ]
Clothing stores have been an impulse buyer's best friend for decades now. You go in looking for one item and by the time you know it you leave with an outfit. However, times have changed and people are now shopping more and more online, leaving these retailers hurting on the financial side. Because of this a lot of clothing brands are now on the verge of having to shut down permanently. Scroll through this list and see which stores that once flourished, are now about to lose it all.
In 2020, Payless filed for bankruptcy for the second time. This time though, the company was ready to let it all go. They had a wide range of competitors like Target, Walmart, and Kohls that it made no sense to keep the stores. Payless Shoesource closed its 2,100 company-operated locations within the US and in Puerto Rico, as well as its e-commerce site.
[Photo Courtesy: Payless / wikimediacommons.com ]
They were going for good. All other franchises would remain open. Payless Shoesource company has vanished completely. But another has surfaced without the “Shoesource” label. The first new store has opened up in Miami. With the pandemic, everyone wants to pay less, and of course they saw the crisis as an opportunity. Whether it lasts, who knows.
In 2018, Rockport Footwear filed for Chapter 11 bankruptcy. They owed millions of dollars to Adidas and its previous owner, Reebok. This sent Rockport a bit deeper in the hole. Rockport was then purchased by Charlesbank Capital Partners.
[Photo Courtesy: Rockport / wikimediacommons.com ]
All 60 Rockport retail stores were forced to close down. The company has moved to the online market. So, it seems that Rockport may not be returning to the physical world, and at this point, they may not last very long online either.
In 2019, A’gaci filed for Chapter 11 bankruptcy. Many of its stores were underperforming, had a rocky structure, and were low in both shoppers and sales. The company announced they’d be closing 54 of its stores in Puerto Rico and in the U.S.
[Photo Courtesy: A’gaci / Culture Map]
They held a “going out of business” sale at all its stores. A’gaci then partnered up with Hilco Merchant Resources and SB360. It seems A’gaci is now on the online platform. However, they don’t seem to be getting much recognition there either.
The teen and young women apparel/accessory chain filed for bankruptcy in 2019. With a load of debt and stores not making any profit, Charlotte Russe was forced to shut down over 416 locations across the U.S. & Puerto Rico.
[Photo Courtesy: Charlotte Russe / wikimediacommons.com ]
Prior to the closures, Russe had put its chain for sale with the intent to liquidate if no buyer stepped forth. That’s what happened. However, Charlotte Russe continues to negotiate with buyers who are wanting to keep Russe’s physical locations.
In 2019, Gymboree filed for bankruptcy. It was its second time having filed and this time, it was forced to close over 800 of its stores, both in the U.S. and abroad. Gymboree was the initial owner of Janie & Jack (children’s brand) before selling it to Gap.
[Photo Courtesy: Gymboree / wikimediacommons.com ]
Then, Gymboree was purchased by The Children’s Place. Word has it that Gymboree would be returning to the market. But The Children’s Place shareholdings had decreased by 16%. With all the uncertainty at this point, who knows if there will even be a comeback.
Aerosoles company is mostly known for their comfortable wedges. In 2017, the footwear company filed for Chapter 11 bankruptcy. Just as many other retailers, Aerosoles announced to be closing the majority of its stores with the intent to move sales on the digital market.
[Photo Courtesy: Aerosoles / Racked]
Because most of the Aerosoles stores were within malls, the company suffered greatly as traffic decreased. To thrive in the new times, Aerosoles focused on establishing a stronger online presence. According to 2017 statistics, only 90 stores across the U.S. remain.
The cute and affordable teen apparel filed for Chapter 11 bankruptcy just before Black Friday in 2017. The chain had over 160 of its stores within mall premises. However, the retailer had given no reason for why it filed for bankruptcy in the first place. It is understood that mall traffic had been declining, but not in the holiday season, let alone on Black Friday.
[Photo Courtesy: Styles for less / Glassdoor]
The company did not respond to any questions but it did claim that it had plans to rework the company’s structure and strengthen its online platform as well. So far, Styles for Less has not shown any signs of new implementations.
BCBG was ranked one of the most successful companies in the women’s apparel regime. They were widely recognized for their special dress offers. In 2017, BCBG filed for bankruptcy and Marquee Brands LLC purchased BCBG out of bankruptcy. BCBG closed stores to minimize its retail footprint while investing more in e-commerce.
[Photo Courtesy: BCBG / Star Tribune]
Marquee Brands specializes in e-commerce with its group brands like A Pea in A Pod and Motherhood Maternity. While Marquee would work on having BCBG stand out a lot more on the digital platform, it may just never be the same for BCBG. Also, while BCBG has a strong presence in Macy’s at the malls, it only means its stores will come crashing faster. Malls are losing their touch and BCBG is too.
In 2018, Nine West had filed for bankruptcy protection after a major fallout. The company was considered one of the most popular footwear retailers. They were a profitable business and even produced about 10% of the women’s footwear market. But they did have an accumulated debt of $1 billion dollars.
[Photo Courtesy: Nine-West / wikimediacommons.com ]
They were also suspected of not renewing their rental leases. All U.S. stores were forced to shut down in 2018. Stores remain up and running in Australia and online shopping is also available. Nine West is probably a step closer than any other brands to vanish completely.
Karmaloop was conceived from the Selkoe’s (founder) basement in 1999. Selkoe sought to make actual “cool clothes,” not the mall-kind of clothes, but actually cool clothes that honored culture. The company was known for its artistic development and unique approach in the retail industry. It thrived for some time but over the years, Karmaloop was accumulating a lot of debt and some heavy enemies within the business.
[Photo Courtesy: T Blake / YouTube]
There came a time when orders were not delivered, consumers had grown skeptical of the brand and the founder’s integrity was questioned. The company filed for bankruptcy in 2015 with $116 million dollars in debt. The company was purchased by Comvest Partners and Chicago’s CapX Partners. Karmaloop still runs an online shop, but it may not be for much longer.
Prior to the peak of the pandemic crisis, True Religion was one of the very first to file for bankruptcy protection. Note that it wasn’t the company’s first time to file. Its financial troubles go back a couple of years. In 2017, the denim brand was $350 million in debt and was forced to close approximately 30 stores. They did end up exiting bankruptcy after just four months.
[Photo Courtesy: True Religion / wikimediacommons.com ]
In 2020, they temporarily closed all stores after filing (once again) for bankruptcy. This helped them stay afoot until strict stay-at-home regulations were lifted. By October 2020, True Religion exited bankruptcy. They currently now have 50 stores up and running. It won’t be a surprise if they file for bankruptcy a third time and exit as swiftly as they’ve done these past two. Apparently, their denim is still considered essential but who knows for how long.
David’s Bridal was the most profitable and largest retailer in the U.S. until covid-19 happened. In 2020, the chain filed for bankruptcy. The company began to look at its marketing strategies and its main target. With millennials being their number one shoppers, the chain has taken motion to re-establish their marketing strategies on social media. It was a major turnaround as David’s Bridal used to carry their marketing via radio and TV.
[Photo Courtesy: David’s Bridal / wikimediacommons.com ]
The company worked on creating a more authentic connection with their audience and shoppers by putting real brides of different ethnicities on their promotional material. They also implemented a stronger online shopping platform with returning policies (not available in-store), inventory only available online, and even shipping right after purchase. David’s Bridal has been on the decline but maybe, just maybe, they might have a chance with the digital market as their foundation.
City Sports filed for Chapter 11 bankruptcy in 2015. At the time, it had 26 stores; eight were said to be closing and 18 would remain open only if a buyer invested in them. However, there was no buyer, and liquidation sales were held all across the 26 stores. In 2016, Sonnek-Schmelz bought the American apparel store and relaunched stores in New York, Boston and Philadelphia.
[Photo Courtesy: City Sports / wikimediacommons.com ]
The new owners also announced relaunching an e-commerce site with a new logo. By keeping the brick and mortar stores, they had the ability to connect with their customers and by launching e-commerce, they had the opportunity to reach more people. But the owners most likely didn’t anticipate a lockdown, did they?
The American lingerie chain was quite popular around the 1940s. Frederick’s had been struggling financially and in 2015, Frederick’s filed for bankruptcy. One of the major financial strains was operating over 90 stores that weren’t making much profit. This wasn’t the only time they had struggled. In 2000, they had filed for bankruptcy with $70 million dollars in debt and over 200 stores.
[Photo Courtesy: Frederick’s of Hollywood / wikimediacommons.com ]
They did exit bankruptcy by 2003 and went public by 2006. However, this time, Frederick’s made a complete turnaround and decided to close all of its stores and move all merchandise online. They now operate solely online. The world is digital but with a wide range of more ethical apparel and lingerie on the rise, Frederick’s might only run for just a tad bit longer.
Wet Seal was once the brand that every teen adored, but it wouldn’t last very long. In 2017, Wet Seal announced they were no longer going to receive financial assistance for its operations. The chain had been working on getting a suitable buyer or revamping their capital. However, neither of these happened.
[Photo Courtesy: Wet Seal / wikimediacommons.com ]
All of its 171 stores were forced to close. In 2019, the brand made its comeback. No brick and mortar stores, but rather an exclusive online platform. Despite the comeback to suit the millennials and the new digital times, Wet Seal does not seem to have anything new to offer.
Quicksilver is an Australian based surf and skate shop. The company was struggling amidst the fast fashion industry and opened too many stores too fast which led to bankruptcy. In 2015, Quicksilver filed for Chapter 11 bankruptcy. It decided to close 27 of its stores plus nine Californian ones.
[Photo Courtesy: Quiksilver / wikimediacommons.com ]
Hilco Merchant Resources and Gordon Brothers held the liquidation sales at all 27 stores. Currently, there are 122 company-operated stores in the US with some international ones and online merchandise as well. The long-lasting brand seems to be missing in action, with no recent word on its business status.
Nasty Gal initially started as an eBay store. Within six years, the store had gained over $100 million in sales (2012). By 2014, sales dropped to $85 million and in 2015, sales dropped to $77 million. Nasty Gal had spent a lot of money on marketing without earning it back through profit. The company expanded further than it needed to, which is what brought a huge strain on the financial and business side of the company.
[Photo Courtesy: Nasty Gal / racked]
They had a fulfillment center in Kentucky and two stores in Los Angeles & Santa Monica. These bases were simply too much too quick. Nasty Gal targeted only a certain range of young women and this soon became a setback. Nasty Gal couldn’t hold on to regular shoppers nor their stores. In 2017, Nasty Gal filed for bankruptcy. The company was sold to Boohoo that same year. As of now, Nasty Gal has merged with Boohoo LLC.
In 2017, Rue 21 had filed for Chapter 11 bankruptcy and closed over 400 stores. They alleviated their debt load and minimized its retail footprint. In 2019, the company exited bankruptcy and launched its first new store at a mall in Robinson.
[Photo Courtesy: Rue 21 / wikimediacommons.com ]
Yes, the company has risen from the depths of bankruptcy, supposedly thriving in the midst of the pandemic. While companies can and are more than able to live through and past the pandemic, Rue 21 has not fully realized that the malls are soon to flounder. Malls won’t be the same again, more stores will either close entirely or seek their independent departments. Rue 21 is just enjoying a short-term comeback.
First off, it’s fair to acknowledge that Pacsun was one of the top teen retailers in the early 90s. Over time, the sunny Californian vibe had been disrupted by its attempt to change into a more streetwear kind of vibe. PacSun even changed the logo to a less sunshine essence. Despite working with celebrities to woo the younger generation, it failed.
[Photo Courtesy: Pacsun / wikimediacommons.com ]
People liked Pacsun for its light-hearted surfer brand, not the modernized “cool kids” brand. After filing for bankruptcy in 2016, PacSun set out to become a private company, converting 65% of debt to new equity, and restructuring financial matters. But there haven’t been any changes to return to the baggy shorts and cool-hip vibe that once encapsulated teen shoppers.
American Apparel was the astonishing brand that rose from the depths of who knows where in 2004. With multiple stores, advertising campaigns, and iconic Made in the U.S.A. marketing model, the chain was a massive hit in the early 2000s. People were actually interested in USA goods while many other brands were incorporating offshore and internationally-made goods. However, its high peak lasted very little, with a decrease in sales, the founder’s sexual harassment case, and failing advertising tactics.
[Photo Courtesy: American Apparel / wikimediacommons.com ]
With zero profit since 2009, American Apparel filed for Chapter 11 bankruptcy in 2015, then another filing in 2016. In 2017, over 100 stores closed. The company was purchased by Gildan. Gildan attempted to resurrect the iconic brand by providing consumers with multiple options: offshore goods or Made in the USA goods. But it just wasn’t the same. In 2019, no one cared for the Made in the USA label. In 2020, all e-commerce operations were moved to Amazon & the Made in USA label was taken down from their website.
In 2016, Aeropostale filed for bankruptcy and initially closed 154 of its stores in the U.S. and Canada. Many more closures followed. The brand was extremely popular in the 90s and early 2000s. However, at one point it lost its own spark and tried to follow other brands’ tails.
[Photo Courtesy: Aeropostale / wikimediacommons.com ]
Simon Property Group and General Growth bought Aeropostale soon after it had exited bankruptcy and opened a few of its stores back up. Aeropostale has somewhere around 300 stores worldwide but they’ve come to an edge. They either create a new plan and work their way up or they will soon make their way down in a spiral.
Forever 21 has become the iconic fast-fashion retailer around the globe. Lately, people have lost their interest in the brand. Forever 21 would bring new trends at the speed of light (you get the idea) without any real value. At one point, their target audience and consumers started to question the fast fashion industry. They no longer mindlessly sought to buy the cheap stuff.
[Photo Courtesy: Forever 21 / wikimediacommons.com ]
Consumers wanted ethical, long-lasting pieces that could be reused and upcycled. Forever 21 had also invested in larger chain stores just as the online revolution was at its peak. They couldn’t keep up with the costs and filed for bankruptcy protection in 2019. Three Manhattan stores have been closed since. Over 350 international stores were said to close in 2020 and over 100 in the U.S. The fast-fashion retailer won’t last much longer at this pace.
Destination Maternity (known as Mothers Work Ink) was the top maternity clothing designer and retailer. In 2018, the company had approximately 1,108 locations up and running within the US and internationally (Canada & Puerto Rico).
[Photo Courtesy: Destination Maternity / wikimediacommons.com ]
The company also had over 400 stores under a different brand name and over 600 stores within other large departments. Talk about a wide range of locations. However, in 2019, Destination Maternity filed for bankruptcy with $244 million dollars in debt. The company set out to close over 180 of its stores and at this point, there may even be more store closures.
The luxury footwear and accessories chain filed for Chapter 11 bankruptcy in 2018. Because of the retail apocalypse, Charlotte Olympia’s stores had declined in profits. There had been a wide range of competitors, odd strategies, and uncanny disruptions that have affected the industry as a whole.
[Photo Courtesy: Charlotte Olympia / Racked]
The company had filed bankruptcy with $10 million dollars in debt which was later suspected to be over $20 million. All four U.S. stores were closed. As of today, there are no Charlotte Olympia stores in the U.S. There is an online shop and brick and mortar locations internationally, but those aren't doing so well right now.
In 2018, The Walking Company filed for bankruptcy (second time). It closed somewhere around 80 stores and exited bankruptcy with approximately 100. In December 2019, The Walking Company filed for bankruptcy again. It intended to close 90 stores and then another 40 in 2020.
[Photo Courtesy: The Walking Company / wikimediacommons.com ]
With so many stores underperforming, the court granted them permission to “soft close” during the holiday shopping season. They even took on over $10 million dollars of equity to reframe and reestablish the company’s business. At this point, it seems there is no longer a solid base holding them upright. Time will tell what happens next.
Avenue was a famous plus-size clothing retailer until it wasn’t. In 2019, Avenue filed for Chapter 11 bankruptcy and then switched to Chapter 7. They had plenty of competition in the plus-size market. There were others in the plus-size field that were winning over consumers: Torrid, Catherines, and Lane Bryant.
[Photo Courtesy: Bethany Biron/Business Insider]
General apparel stores like Nordstrom and Target also offered plus-size options. In August 2019, Avenue announced that it would be closing all 222 of its stores across 33 states in the U.S. The going-out-of-business sales were conducted by Hilco Merchant Resources & Gordon Brothers. The plus-size avenue is winding down for good.
Robert Cavalli is an Italian based luxury brand. It is known for its high-end prints, perfume, accessories, and leather goods. In 2019, the luxury house filed for Chapter 7 bankruptcy and closed its North American stores. They sought investors to keep the brand afloat. In November, the company was bought by Damac Properties.
[Photo Courtesy: Roberto Cavalli / wikimediacommons.com ]
Founder of Damac Properties, Hussain Sujwani thought the Italian luxury house would serve him well for his high-end hotel developments. In 2020, Roberto Cavalli, worked on closing headquarters in Tuscany and relocating to Milan. The company will focus on e-commerce from here on out. But, once again, another luxury brand that is probably not going to last much longer.
The iconic luxury chain finally let's go after years of trying to hang in the market. In 2019, Barneys closed 15 of its 22 stores. The company was then purchased by Authentic Brands Group and B. Riley for $271.4 million. Liquidation sales were held at the remaining seven stores.
[Photo Courtesy: Barneys / wikimediacommons.com ]
In February 2020, Barneys announced they’d be closing all its stores, including New York’s location. Barneys had been underperforming for years and the company was forced to lose its grip. Consumers are no longer interested in luxury goods. Instead, they’re out looking for secondhand goods and anything that can be upcycled.
Sears was known as one of the top retailers in the 80s. With a wide range of products and apparel departments, Sears was of the essence. But its success would soon be overshadowed by new companies like Walmart in the 90s. In 2018, Sears filed for Chapter 11 bankruptcy. In November 2019, Transformco had bought Sears and Kmart out of bankruptcy. Transformco then announced 51 of Sears’ stores would be closing with liquidation sales.
[Photo Courtesy: Sears / wikimediacommons.com ]
The company seems to have very little interest in revamping the stores. Sears doesn’t have much to offer to consumers at this time nor does it have anything to offer to investors or buyers, so there is no need to even try right? Sears isn’t making any moves and the moves may just be made for them. The company is very slowly disappearing without leaving a trace.
Millennials probably have no clue about the once upon a time retailer. Hence, it was not going to last very long. Bon Ton was special for its unique name, but apart from that, it became very bland for shoppers. It wasn’t expensive, but it wasn’t cheap either, so this didn’t really help the flow of big-time sales and one of a kind offers.
[Photo Courtesy: Bon-Ton / wikimediacommons.com ]
The company only had approximately 40 stores, and they all had been struggling to make a profit for years. Bon Ton sought to minimize their store footprint by closing down large retailers to then open new ones, but smaller ones. Then, the recession hit, and with stores that didn’t have much of a spark, Bon Ton got wrecked. In 2018, Bon Ton filed for Chapter 11 bankruptcy. All stores closed and only the online market remains.
In 2020, Lucky Brand filed for bankruptcy with millions of dollars in debt. The pandemic really hit this one company at its core. With 200 stores total in North America, they planned to close 13 of them in Puerto Rico, Connecticut, Illinois, Arkansas, California, Florida, Michigan, Nevada, and Mississippi.
[Photo Courtesy: Lucky Brand / wikimediacommons.com ]
The company expected to sell its chains to SPARC Group. Lucky Brand is still owned by Kate Spade & Company. So far, Lucky has remained with its 187 stores and there has been no news on what’s to come next.
Neiman Marcus filed for Chapter 11 bankruptcy earlier in 2020. They exited bankruptcy by the end of the same year after having reworked the business behind the scenes. The company got rid of the $4 billion debt they had accumulated and closed a few more outposts.
[Photo Courtesy: Neiman Marcus Flagship / wikimediacommons.com ]
Neiman also welcomed Pauline Brown as the new Chairman and Kris Miller as the new Strategy Officer. It permanently closed five stores and 17 Last-Call stores. There are currently 42 stores of the luxury chain remaining.
J.Crew was widely known as one of the top clothing brands thanks to the first lady, Michelle Obama who put the word out when she was seen wearing J. Crew apparel. Then other celebrities followed. In 2008, J. Crew survived the recession, it was that popular. However, in 2014, shoppers went straight to the fast fashion brands like H&M & Forever 21. Not everyone could afford or was willing to buy a $2,000 skirt at J. Crew.
[Photo Courtesy: J. Crew / wikimediacommons.com ]
The company did accept that they had plastered the company as a high-end/luxury/expensive company when they were really not. The brand’s reputation went downhill from there. Trying to be inclusive by lowering their prices didn’t really help much. They were left out and J. Crew had been struggling financially before the pandemic hit. In May 2020, J. Crew filed for bankruptcy. The company was $1.7 billion in debt with $27.2 million in cash. It closed eight stores in August 2020 and there may be more in the near future.
Most of Victoria’s Secret stores are located in shopping malls and this has caused a drop in sales and customers. Since the pandemic struck, Victoria’s revenue has lowered 12%. Victoria’s Secret was sold to Sycamore Partners’ private equity firm for $525 million. The parent company, L Brands was said to keep 45% minority shareholdings.
[Photo Courtesy: Victoria’s Secret / wikimediacommons.com ]
Victoria’s Secret had its setbacks way before the pandemic, but the crisis did accelerate its issues. At the beginning of the year, Victoria’s Secret closed over 250 North American stores. Buyers have also begun to approach lingerie from a different standpoint. Rumor has it that consumers are becoming more and more disinterested in the outdated brand.
Signature rings are no longer attractive. People aren’t even getting married these days if you weren't able to tell. Luxury jewelers like Tiffany’s & Co. had been the most prominent in the fashion business before covid-19 struck. Now, very few are actually wanting to purchase from the high-end brand. Sales have dropped and consumers are looking at more relatable and personable brands, whereas Tiffany’s stands for the high-end/perfection image.
[Photo Courtesy: Tiffany’s / wikimediacommons.com ]
It’s just not what millennials are seeking nowadays. In 2020, LVMH bought Tiffany’s for $16.2 billion. This was meant to upscale the jewelry business in North America, but it continues to struggle with attracting the younger generation.
H&M sales had lowered 5% in September of 2020. By the end of 2020, H&M announced it would be closing 250 stores worldwide due to the pandemic. They were forced to reform their staff members, investments, and major finances. Their biggest retailer in Sweden had also been affected but quickly reinforced online sales.
[Photo Courtesy: H&M / wikimediacommons.com ]
In October of the same year, H&M announced they’d be closing 180 U.S. stores and over 350 stores by the end of 2021. As of now, H&M continues with improvement tactics, mainly via online shopping. Even though they are the second-largest fast-fashion retailer, they do have higher prices than their competitors. Who knows where this will lead them.
In 2020, the parent company of Ann Taylor, LOFT, and Ascena, filed for Chapter 11 bankruptcy protection. They announced closing over 1,000 Ann Taylor’s stores. Ann Taylor was first known as Dressbarn, a long-lasting and profitable women’s clothing market since 1962.
[Photo Courtesy: Ann Taylor / wikimediacommons.com ]
But with time, TJMaxx and Everlane won over the market. Ascena also sold the plus-sized clothing brand to an Australian-based company. Over 600 Justice stores were shut down and over 260 Catherines as well. The parent company as a whole is struggling big time and it will be no surprise if all Ann Taylor’s stores are forced to close in the near future.
In 2018, Crocs decided to cut back its load and close around 100 of its stores. This was a smart and profitable decision to focus on its high performing locations. In 2020, Crocs closed the majority of its stores due to the pandemic. Apparently, the company’s revenue doubled. Yes, doubled.
[Photo Courtesy: Crocs / wikimediacommons.com ]
It's said to have taken the crisis quite lightly and better than any other footwear brands. The company’s focus went straight into the online business. Crocs got its brand into online retailers and strengthened its marketing strategies. At this point, it’s possible the company won’t vanish completely, but their retail stores are more than likely to.
In its beginning stages, Abercrombie & Fitch was extremely successful. They even created three brands to add to their company group: Abercrombie Kids, Gilly Hicks, and Hollister.
Over time, they failed to notice that kids didn’t want to keep wearing the same old “casual luxury” clothing as everyone else. Its stock dropped 30% in 2020 and its clothes have been more expensive than other brands.
[Photo Courtesy: Abercrombie & Fitch Co. / wikimediacommons.com ]
Plus, Fitch’s styles haven’t been very versatile and the company’s reputation was wrecked after being voted as one of “The Most Hated Companies in America” on 24/7 Wall Street. Apparently, Michael Jeffries’ (CEO) comments on the brand’s ideal clients and targets were quite crude for society. He said that he was intending to woo the “cool kids,” not the overweight kids. A company with that on their record will probably not get very far.
The women’s shiny accessory chain had first filed for bankruptcy in 2017. This led the company to close over 100 of its stores. In 2019, Charming Charlie filed for bankruptcy once again and closed all of its 261 stores. That same year, the company then sold its trademark at a bankruptcy auction for $1 million dollars. Charming Charlie had lost its charm and went idle for months.
[Photo Courtesy: Charming Charlie / wikimediacommons.com ]
In 2020, Charlie Chanaratsopon, founder of Charming Charlie, announced one store would be opening at Cumberland Mall in Atlanta, with a few more locations to follow in 2021. Perhaps they haven’t lost their charm, but people don’t seem to know much about their resurrection. If they disappeared once, it’s highly probable they’ll vanish again.
The Gap that shoppers once knew seems to have become quite boring. Sweaters and hoodies with the name “Gap” don't do justice anymore. In 2019, there were some reports claiming the Gap was going to split its company in two. One company would be joint with Athleta and Hill City and the other with Old Navy.
[Photo Courtesy: The Gap / wikimediacommons.com ]
Whether this happens, it is not certain. In 2020, Gap closed over 89 of its stores worldwide and claimed to be closing over 230 in 2021. In October of 2020, Gap Inc. announced that it’d be closing 350 Banana Republic & Gap stores by 2023. Perhaps the Gap that shoppers once adored is coming to its full closure.
JCPenney was successful in so many ways. The company would thrive with tactics and assets when other retailers would drop them; just like becoming the top catalog retailer after Sears overlooked it.
[Photo Courtesy: JCPenney / wikimediacommons.com ]
JCPenney welcomed external companies to its department and this was what brought even more recognition and diversity to its stores. But it also took away from JCPenney’s own brand. In 2020, JCPenney filed for bankruptcy and closed over 150 stores, and planned to close 240 more in the fall of the same year. In 2021, the chain announced it’d be closing 15 more stores.
In 2020, Macy’s closed over 30 of its locations. Macy’s currently has 544 department stores, 34 Bloomingdale’s, and 19 Bloomingdale outlets. Earlier this year, Macy’s announced they’d be closing over 120 stores by 2030 with the intent to cut all departments within underperforming malls.
[Photo Courtesy: Macy’s / wikimediacommons.com ]
Macy’s will now attempt to build an empire outside mall premises but also look into the successful malls across the country to start anew (somewhat). There are also speculations of numerous Bloomingdale’s closing. Perhaps this will help Macy’s rise into the top retailers as it once used to be, or close entirely.
In 2020, Guess announced that they would be closing over 100 stores within the U.S. and in China. For some reason, rather than closing immediately, they have agreed to close over the span of 18 months. The company has kept the high-performing stores rolling. While there are 70% of store leases set to expire within three years, stores aren’t expected to be closing down at all yet.
[Photo Courtesy: Guess / wikimediacommons.com ]
Guess’ CEO claims to be working out fair agreements with landlords. Apparently, the company is adjusting to the new normal number of sales. While there was a profitable number before the pandemic hit, Guess is now adapting to a new normal sales margin. Fair enough Guess, fair enough.
Cole Haan is a lifestyle brand, specializing in everyday wear, workout wear, and special occasion apparel. When the covid-19 pandemic struck, Cole Haan set out to temporarily close all stores that were being most affected by the crisis. Currently, Cole Haan has about 70 stores total.
[Photo Courtesy: Cole Haan / wikimediacommons.com
There has been no news about filing for bankruptcy. Stores have begun to open back up with a few restrictions in place. However, with a small number of stores, and some which are underperforming, it would be no surprise if they end up closing a few by the end of 2021.
Belk was originally founded by a family and continued being operated for three generations. It was later purchased by Sycamore. After 130 years of long-lasting success, Belk will be filing for bankruptcy in February of 2021. Belk had not been investing in the growth of online presence and they are now paying for it.
[Photo Courtesy: Belk / wikimediacommons.com ]
The intent is to lighten the load on their debt while investing in the business’ growth. Belk is hoping to keep stores open and exit bankruptcy gracefully. It currently has over 300 stores across the U.S. but this may just be the beginning of an uphill battle.
The women’s modern/casual apparel company escaped bankruptcy by settling financial agreements with shareholders and lenders. A smart move indeed. Not many retailers are able to do this as swiftly as J. Jill has. Despite it having worked out this time, the uncertainty of the covid crisis lives on.
[Photo Courtesy: J. Jill / wikimediacommons.com ]
There is still another year or two with covid restrictions and uncanny regulations. J. Jill will be potentially closing a few underperforming stores, revamping its catalog, and managing product flow a bit more. J. Jill shunned bankruptcy once, but who knows if the next wave will permit it.
In 2011, in order to minimize its retail footprint, Talbots had set out to close over 80 of its stores. Over 100 more would close by 2013. In a way, Talbots got prepared way before the grand crisis. The company reduced unnecessary marketing investments, reworked the store workforce, and began saving $50 million annually.
[Photo Courtesy: Talbots / wikimediacommons.com ]
Talbots is under the radar and there have been no reports on covid-19 affecting its operations. Stores did close temporarily, but that’s about it. If this store is to vanish in the near future, it will not be because of the pandemic, but due to consumers’ disinterest instead.
In 2016, Fossil had reduced the number of its stores. It also reworked the products it was selling and took a few of them out. In 2020, Fossil decided to temporarily close all North American stores amidst the pandemic. Its stores in Asia would remain open as well as its online shop. In its second quarter, sales dropped $259 million from $504 million the previous year. The company has worked on reestablishing financial expenses and maintaining a fair flow of product assessments.
[Photo Courtesy: Fossil Inc / wikimediacommons.com ]
Just as J.Jill, Fossil has not spoken about bankruptcy yet. The company has a bit over 360 stores at the moment. Their performance may not be at its highest, but they are also moving towards e-commerce, which only means sooner or later their brick and mortar stores will cease to exist.
[Photo Courtesy: Closing Retail Store / wikimediacommons.com ]
Clothing stores have been an impulse buyer's best friend for decades now. You go in looking for one item and by the time you know it you leave with an outfit. However, times have changed and people are now shopping more and more online, leaving these retailers hurting on the financial side. Because of this a lot of clothing brands are now on the verge of having to shut down permanently. Scroll through this list and see which stores that once flourished, are now about to lose it all.
Payless
In 2020, Payless filed for bankruptcy for the second time. This time though, the company was ready to let it all go. They had a wide range of competitors like Target, Walmart, and Kohls that it made no sense to keep the stores. Payless Shoesource closed its 2,100 company-operated locations within the US and in Puerto Rico, as well as its e-commerce site.
[Photo Courtesy: Payless / wikimediacommons.com ]
They were going for good. All other franchises would remain open. Payless Shoesource company has vanished completely. But another has surfaced without the “Shoesource” label. The first new store has opened up in Miami. With the pandemic, everyone wants to pay less, and of course they saw the crisis as an opportunity. Whether it lasts, who knows.
Rockport
In 2018, Rockport Footwear filed for Chapter 11 bankruptcy. They owed millions of dollars to Adidas and its previous owner, Reebok. This sent Rockport a bit deeper in the hole. Rockport was then purchased by Charlesbank Capital Partners.
[Photo Courtesy: Rockport / wikimediacommons.com ]
All 60 Rockport retail stores were forced to close down. The company has moved to the online market. So, it seems that Rockport may not be returning to the physical world, and at this point, they may not last very long online either.
A’gaci
In 2019, A’gaci filed for Chapter 11 bankruptcy. Many of its stores were underperforming, had a rocky structure, and were low in both shoppers and sales. The company announced they’d be closing 54 of its stores in Puerto Rico and in the U.S.
[Photo Courtesy: A’gaci / Culture Map]
They held a “going out of business” sale at all its stores. A’gaci then partnered up with Hilco Merchant Resources and SB360. It seems A’gaci is now on the online platform. However, they don’t seem to be getting much recognition there either.
Charlotte Russe
The teen and young women apparel/accessory chain filed for bankruptcy in 2019. With a load of debt and stores not making any profit, Charlotte Russe was forced to shut down over 416 locations across the U.S. & Puerto Rico.
[Photo Courtesy: Charlotte Russe / wikimediacommons.com ]
Prior to the closures, Russe had put its chain for sale with the intent to liquidate if no buyer stepped forth. That’s what happened. However, Charlotte Russe continues to negotiate with buyers who are wanting to keep Russe’s physical locations.
Gymboree
In 2019, Gymboree filed for bankruptcy. It was its second time having filed and this time, it was forced to close over 800 of its stores, both in the U.S. and abroad. Gymboree was the initial owner of Janie & Jack (children’s brand) before selling it to Gap.
[Photo Courtesy: Gymboree / wikimediacommons.com ]
Then, Gymboree was purchased by The Children’s Place. Word has it that Gymboree would be returning to the market. But The Children’s Place shareholdings had decreased by 16%. With all the uncertainty at this point, who knows if there will even be a comeback.
Aerosoles
Aerosoles company is mostly known for their comfortable wedges. In 2017, the footwear company filed for Chapter 11 bankruptcy. Just as many other retailers, Aerosoles announced to be closing the majority of its stores with the intent to move sales on the digital market.
[Photo Courtesy: Aerosoles / Racked]
Because most of the Aerosoles stores were within malls, the company suffered greatly as traffic decreased. To thrive in the new times, Aerosoles focused on establishing a stronger online presence. According to 2017 statistics, only 90 stores across the U.S. remain.
Styles For Less
The cute and affordable teen apparel filed for Chapter 11 bankruptcy just before Black Friday in 2017. The chain had over 160 of its stores within mall premises. However, the retailer had given no reason for why it filed for bankruptcy in the first place. It is understood that mall traffic had been declining, but not in the holiday season, let alone on Black Friday.
[Photo Courtesy: Styles for less / Glassdoor]
The company did not respond to any questions but it did claim that it had plans to rework the company’s structure and strengthen its online platform as well. So far, Styles for Less has not shown any signs of new implementations.
BCBG
BCBG was ranked one of the most successful companies in the women’s apparel regime. They were widely recognized for their special dress offers. In 2017, BCBG filed for bankruptcy and Marquee Brands LLC purchased BCBG out of bankruptcy. BCBG closed stores to minimize its retail footprint while investing more in e-commerce.
[Photo Courtesy: BCBG / Star Tribune]
Marquee Brands specializes in e-commerce with its group brands like A Pea in A Pod and Motherhood Maternity. While Marquee would work on having BCBG stand out a lot more on the digital platform, it may just never be the same for BCBG. Also, while BCBG has a strong presence in Macy’s at the malls, it only means its stores will come crashing faster. Malls are losing their touch and BCBG is too.
Nine-West
In 2018, Nine West had filed for bankruptcy protection after a major fallout. The company was considered one of the most popular footwear retailers. They were a profitable business and even produced about 10% of the women’s footwear market. But they did have an accumulated debt of $1 billion dollars.
[Photo Courtesy: Nine-West / wikimediacommons.com ]
They were also suspected of not renewing their rental leases. All U.S. stores were forced to shut down in 2018. Stores remain up and running in Australia and online shopping is also available. Nine West is probably a step closer than any other brands to vanish completely.
Karmaloop
Karmaloop was conceived from the Selkoe’s (founder) basement in 1999. Selkoe sought to make actual “cool clothes,” not the mall-kind of clothes, but actually cool clothes that honored culture. The company was known for its artistic development and unique approach in the retail industry. It thrived for some time but over the years, Karmaloop was accumulating a lot of debt and some heavy enemies within the business.
[Photo Courtesy: T Blake / YouTube]
There came a time when orders were not delivered, consumers had grown skeptical of the brand and the founder’s integrity was questioned. The company filed for bankruptcy in 2015 with $116 million dollars in debt. The company was purchased by Comvest Partners and Chicago’s CapX Partners. Karmaloop still runs an online shop, but it may not be for much longer.
True Religion
Prior to the peak of the pandemic crisis, True Religion was one of the very first to file for bankruptcy protection. Note that it wasn’t the company’s first time to file. Its financial troubles go back a couple of years. In 2017, the denim brand was $350 million in debt and was forced to close approximately 30 stores. They did end up exiting bankruptcy after just four months.
[Photo Courtesy: True Religion / wikimediacommons.com ]
In 2020, they temporarily closed all stores after filing (once again) for bankruptcy. This helped them stay afoot until strict stay-at-home regulations were lifted. By October 2020, True Religion exited bankruptcy. They currently now have 50 stores up and running. It won’t be a surprise if they file for bankruptcy a third time and exit as swiftly as they’ve done these past two. Apparently, their denim is still considered essential but who knows for how long.
David’s Bridal
David’s Bridal was the most profitable and largest retailer in the U.S. until covid-19 happened. In 2020, the chain filed for bankruptcy. The company began to look at its marketing strategies and its main target. With millennials being their number one shoppers, the chain has taken motion to re-establish their marketing strategies on social media. It was a major turnaround as David’s Bridal used to carry their marketing via radio and TV.
[Photo Courtesy: David’s Bridal / wikimediacommons.com ]
The company worked on creating a more authentic connection with their audience and shoppers by putting real brides of different ethnicities on their promotional material. They also implemented a stronger online shopping platform with returning policies (not available in-store), inventory only available online, and even shipping right after purchase. David’s Bridal has been on the decline but maybe, just maybe, they might have a chance with the digital market as their foundation.
City Sports
City Sports filed for Chapter 11 bankruptcy in 2015. At the time, it had 26 stores; eight were said to be closing and 18 would remain open only if a buyer invested in them. However, there was no buyer, and liquidation sales were held all across the 26 stores. In 2016, Sonnek-Schmelz bought the American apparel store and relaunched stores in New York, Boston and Philadelphia.
[Photo Courtesy: City Sports / wikimediacommons.com ]
The new owners also announced relaunching an e-commerce site with a new logo. By keeping the brick and mortar stores, they had the ability to connect with their customers and by launching e-commerce, they had the opportunity to reach more people. But the owners most likely didn’t anticipate a lockdown, did they?
Frederick’s of Hollywood
The American lingerie chain was quite popular around the 1940s. Frederick’s had been struggling financially and in 2015, Frederick’s filed for bankruptcy. One of the major financial strains was operating over 90 stores that weren’t making much profit. This wasn’t the only time they had struggled. In 2000, they had filed for bankruptcy with $70 million dollars in debt and over 200 stores.
[Photo Courtesy: Frederick’s of Hollywood / wikimediacommons.com ]
They did exit bankruptcy by 2003 and went public by 2006. However, this time, Frederick’s made a complete turnaround and decided to close all of its stores and move all merchandise online. They now operate solely online. The world is digital but with a wide range of more ethical apparel and lingerie on the rise, Frederick’s might only run for just a tad bit longer.
Wet Seal
Wet Seal was once the brand that every teen adored, but it wouldn’t last very long. In 2017, Wet Seal announced they were no longer going to receive financial assistance for its operations. The chain had been working on getting a suitable buyer or revamping their capital. However, neither of these happened.
[Photo Courtesy: Wet Seal / wikimediacommons.com ]
All of its 171 stores were forced to close. In 2019, the brand made its comeback. No brick and mortar stores, but rather an exclusive online platform. Despite the comeback to suit the millennials and the new digital times, Wet Seal does not seem to have anything new to offer.
Quiksilver
Quicksilver is an Australian based surf and skate shop. The company was struggling amidst the fast fashion industry and opened too many stores too fast which led to bankruptcy. In 2015, Quicksilver filed for Chapter 11 bankruptcy. It decided to close 27 of its stores plus nine Californian ones.
[Photo Courtesy: Quiksilver / wikimediacommons.com ]
Hilco Merchant Resources and Gordon Brothers held the liquidation sales at all 27 stores. Currently, there are 122 company-operated stores in the US with some international ones and online merchandise as well. The long-lasting brand seems to be missing in action, with no recent word on its business status.
Nasty Gal
Nasty Gal initially started as an eBay store. Within six years, the store had gained over $100 million in sales (2012). By 2014, sales dropped to $85 million and in 2015, sales dropped to $77 million. Nasty Gal had spent a lot of money on marketing without earning it back through profit. The company expanded further than it needed to, which is what brought a huge strain on the financial and business side of the company.
[Photo Courtesy: Nasty Gal / racked]
They had a fulfillment center in Kentucky and two stores in Los Angeles & Santa Monica. These bases were simply too much too quick. Nasty Gal targeted only a certain range of young women and this soon became a setback. Nasty Gal couldn’t hold on to regular shoppers nor their stores. In 2017, Nasty Gal filed for bankruptcy. The company was sold to Boohoo that same year. As of now, Nasty Gal has merged with Boohoo LLC.
Rue 21
In 2017, Rue 21 had filed for Chapter 11 bankruptcy and closed over 400 stores. They alleviated their debt load and minimized its retail footprint. In 2019, the company exited bankruptcy and launched its first new store at a mall in Robinson.
[Photo Courtesy: Rue 21 / wikimediacommons.com ]
Yes, the company has risen from the depths of bankruptcy, supposedly thriving in the midst of the pandemic. While companies can and are more than able to live through and past the pandemic, Rue 21 has not fully realized that the malls are soon to flounder. Malls won’t be the same again, more stores will either close entirely or seek their independent departments. Rue 21 is just enjoying a short-term comeback.
Pacsun
First off, it’s fair to acknowledge that Pacsun was one of the top teen retailers in the early 90s. Over time, the sunny Californian vibe had been disrupted by its attempt to change into a more streetwear kind of vibe. PacSun even changed the logo to a less sunshine essence. Despite working with celebrities to woo the younger generation, it failed.
[Photo Courtesy: Pacsun / wikimediacommons.com ]
People liked Pacsun for its light-hearted surfer brand, not the modernized “cool kids” brand. After filing for bankruptcy in 2016, PacSun set out to become a private company, converting 65% of debt to new equity, and restructuring financial matters. But there haven’t been any changes to return to the baggy shorts and cool-hip vibe that once encapsulated teen shoppers.
American Apparel
American Apparel was the astonishing brand that rose from the depths of who knows where in 2004. With multiple stores, advertising campaigns, and iconic Made in the U.S.A. marketing model, the chain was a massive hit in the early 2000s. People were actually interested in USA goods while many other brands were incorporating offshore and internationally-made goods. However, its high peak lasted very little, with a decrease in sales, the founder’s sexual harassment case, and failing advertising tactics.
[Photo Courtesy: American Apparel / wikimediacommons.com ]
With zero profit since 2009, American Apparel filed for Chapter 11 bankruptcy in 2015, then another filing in 2016. In 2017, over 100 stores closed. The company was purchased by Gildan. Gildan attempted to resurrect the iconic brand by providing consumers with multiple options: offshore goods or Made in the USA goods. But it just wasn’t the same. In 2019, no one cared for the Made in the USA label. In 2020, all e-commerce operations were moved to Amazon & the Made in USA label was taken down from their website.
Aeropostale
In 2016, Aeropostale filed for bankruptcy and initially closed 154 of its stores in the U.S. and Canada. Many more closures followed. The brand was extremely popular in the 90s and early 2000s. However, at one point it lost its own spark and tried to follow other brands’ tails.
[Photo Courtesy: Aeropostale / wikimediacommons.com ]
Simon Property Group and General Growth bought Aeropostale soon after it had exited bankruptcy and opened a few of its stores back up. Aeropostale has somewhere around 300 stores worldwide but they’ve come to an edge. They either create a new plan and work their way up or they will soon make their way down in a spiral.
Forever 21
Forever 21 has become the iconic fast-fashion retailer around the globe. Lately, people have lost their interest in the brand. Forever 21 would bring new trends at the speed of light (you get the idea) without any real value. At one point, their target audience and consumers started to question the fast fashion industry. They no longer mindlessly sought to buy the cheap stuff.
[Photo Courtesy: Forever 21 / wikimediacommons.com ]
Consumers wanted ethical, long-lasting pieces that could be reused and upcycled. Forever 21 had also invested in larger chain stores just as the online revolution was at its peak. They couldn’t keep up with the costs and filed for bankruptcy protection in 2019. Three Manhattan stores have been closed since. Over 350 international stores were said to close in 2020 and over 100 in the U.S. The fast-fashion retailer won’t last much longer at this pace.
Destination Maternity
Destination Maternity (known as Mothers Work Ink) was the top maternity clothing designer and retailer. In 2018, the company had approximately 1,108 locations up and running within the US and internationally (Canada & Puerto Rico).
[Photo Courtesy: Destination Maternity / wikimediacommons.com ]
The company also had over 400 stores under a different brand name and over 600 stores within other large departments. Talk about a wide range of locations. However, in 2019, Destination Maternity filed for bankruptcy with $244 million dollars in debt. The company set out to close over 180 of its stores and at this point, there may even be more store closures.
Charlotte Olympia
The luxury footwear and accessories chain filed for Chapter 11 bankruptcy in 2018. Because of the retail apocalypse, Charlotte Olympia’s stores had declined in profits. There had been a wide range of competitors, odd strategies, and uncanny disruptions that have affected the industry as a whole.
[Photo Courtesy: Charlotte Olympia / Racked]
The company had filed bankruptcy with $10 million dollars in debt which was later suspected to be over $20 million. All four U.S. stores were closed. As of today, there are no Charlotte Olympia stores in the U.S. There is an online shop and brick and mortar locations internationally, but those aren't doing so well right now.
The Walking Company
In 2018, The Walking Company filed for bankruptcy (second time). It closed somewhere around 80 stores and exited bankruptcy with approximately 100. In December 2019, The Walking Company filed for bankruptcy again. It intended to close 90 stores and then another 40 in 2020.
[Photo Courtesy: The Walking Company / wikimediacommons.com ]
With so many stores underperforming, the court granted them permission to “soft close” during the holiday shopping season. They even took on over $10 million dollars of equity to reframe and reestablish the company’s business. At this point, it seems there is no longer a solid base holding them upright. Time will tell what happens next.
The Avenue
Avenue was a famous plus-size clothing retailer until it wasn’t. In 2019, Avenue filed for Chapter 11 bankruptcy and then switched to Chapter 7. They had plenty of competition in the plus-size market. There were others in the plus-size field that were winning over consumers: Torrid, Catherines, and Lane Bryant.
[Photo Courtesy: Bethany Biron/Business Insider]
General apparel stores like Nordstrom and Target also offered plus-size options. In August 2019, Avenue announced that it would be closing all 222 of its stores across 33 states in the U.S. The going-out-of-business sales were conducted by Hilco Merchant Resources & Gordon Brothers. The plus-size avenue is winding down for good.
Roberto Cavalli
Robert Cavalli is an Italian based luxury brand. It is known for its high-end prints, perfume, accessories, and leather goods. In 2019, the luxury house filed for Chapter 7 bankruptcy and closed its North American stores. They sought investors to keep the brand afloat. In November, the company was bought by Damac Properties.
[Photo Courtesy: Roberto Cavalli / wikimediacommons.com ]
Founder of Damac Properties, Hussain Sujwani thought the Italian luxury house would serve him well for his high-end hotel developments. In 2020, Roberto Cavalli, worked on closing headquarters in Tuscany and relocating to Milan. The company will focus on e-commerce from here on out. But, once again, another luxury brand that is probably not going to last much longer.
Barneys
The iconic luxury chain finally let's go after years of trying to hang in the market. In 2019, Barneys closed 15 of its 22 stores. The company was then purchased by Authentic Brands Group and B. Riley for $271.4 million. Liquidation sales were held at the remaining seven stores.
[Photo Courtesy: Barneys / wikimediacommons.com ]
In February 2020, Barneys announced they’d be closing all its stores, including New York’s location. Barneys had been underperforming for years and the company was forced to lose its grip. Consumers are no longer interested in luxury goods. Instead, they’re out looking for secondhand goods and anything that can be upcycled.
Sears
Sears was known as one of the top retailers in the 80s. With a wide range of products and apparel departments, Sears was of the essence. But its success would soon be overshadowed by new companies like Walmart in the 90s. In 2018, Sears filed for Chapter 11 bankruptcy. In November 2019, Transformco had bought Sears and Kmart out of bankruptcy. Transformco then announced 51 of Sears’ stores would be closing with liquidation sales.
[Photo Courtesy: Sears / wikimediacommons.com ]
The company seems to have very little interest in revamping the stores. Sears doesn’t have much to offer to consumers at this time nor does it have anything to offer to investors or buyers, so there is no need to even try right? Sears isn’t making any moves and the moves may just be made for them. The company is very slowly disappearing without leaving a trace.
Bon-Ton
Millennials probably have no clue about the once upon a time retailer. Hence, it was not going to last very long. Bon Ton was special for its unique name, but apart from that, it became very bland for shoppers. It wasn’t expensive, but it wasn’t cheap either, so this didn’t really help the flow of big-time sales and one of a kind offers.
[Photo Courtesy: Bon-Ton / wikimediacommons.com ]
The company only had approximately 40 stores, and they all had been struggling to make a profit for years. Bon Ton sought to minimize their store footprint by closing down large retailers to then open new ones, but smaller ones. Then, the recession hit, and with stores that didn’t have much of a spark, Bon Ton got wrecked. In 2018, Bon Ton filed for Chapter 11 bankruptcy. All stores closed and only the online market remains.
Lucky Brand
In 2020, Lucky Brand filed for bankruptcy with millions of dollars in debt. The pandemic really hit this one company at its core. With 200 stores total in North America, they planned to close 13 of them in Puerto Rico, Connecticut, Illinois, Arkansas, California, Florida, Michigan, Nevada, and Mississippi.
[Photo Courtesy: Lucky Brand / wikimediacommons.com ]
The company expected to sell its chains to SPARC Group. Lucky Brand is still owned by Kate Spade & Company. So far, Lucky has remained with its 187 stores and there has been no news on what’s to come next.
Neiman Marcus Group
Neiman Marcus filed for Chapter 11 bankruptcy earlier in 2020. They exited bankruptcy by the end of the same year after having reworked the business behind the scenes. The company got rid of the $4 billion debt they had accumulated and closed a few more outposts.
[Photo Courtesy: Neiman Marcus Flagship / wikimediacommons.com ]
Neiman also welcomed Pauline Brown as the new Chairman and Kris Miller as the new Strategy Officer. It permanently closed five stores and 17 Last-Call stores. There are currently 42 stores of the luxury chain remaining.
J. Crew
J.Crew was widely known as one of the top clothing brands thanks to the first lady, Michelle Obama who put the word out when she was seen wearing J. Crew apparel. Then other celebrities followed. In 2008, J. Crew survived the recession, it was that popular. However, in 2014, shoppers went straight to the fast fashion brands like H&M & Forever 21. Not everyone could afford or was willing to buy a $2,000 skirt at J. Crew.
[Photo Courtesy: J. Crew / wikimediacommons.com ]
The company did accept that they had plastered the company as a high-end/luxury/expensive company when they were really not. The brand’s reputation went downhill from there. Trying to be inclusive by lowering their prices didn’t really help much. They were left out and J. Crew had been struggling financially before the pandemic hit. In May 2020, J. Crew filed for bankruptcy. The company was $1.7 billion in debt with $27.2 million in cash. It closed eight stores in August 2020 and there may be more in the near future.
Victoria’s Secret
Most of Victoria’s Secret stores are located in shopping malls and this has caused a drop in sales and customers. Since the pandemic struck, Victoria’s revenue has lowered 12%. Victoria’s Secret was sold to Sycamore Partners’ private equity firm for $525 million. The parent company, L Brands was said to keep 45% minority shareholdings.
[Photo Courtesy: Victoria’s Secret / wikimediacommons.com ]
Victoria’s Secret had its setbacks way before the pandemic, but the crisis did accelerate its issues. At the beginning of the year, Victoria’s Secret closed over 250 North American stores. Buyers have also begun to approach lingerie from a different standpoint. Rumor has it that consumers are becoming more and more disinterested in the outdated brand.
Tiffany’s
Signature rings are no longer attractive. People aren’t even getting married these days if you weren't able to tell. Luxury jewelers like Tiffany’s & Co. had been the most prominent in the fashion business before covid-19 struck. Now, very few are actually wanting to purchase from the high-end brand. Sales have dropped and consumers are looking at more relatable and personable brands, whereas Tiffany’s stands for the high-end/perfection image.
[Photo Courtesy: Tiffany’s / wikimediacommons.com ]
It’s just not what millennials are seeking nowadays. In 2020, LVMH bought Tiffany’s for $16.2 billion. This was meant to upscale the jewelry business in North America, but it continues to struggle with attracting the younger generation.
H&M
H&M sales had lowered 5% in September of 2020. By the end of 2020, H&M announced it would be closing 250 stores worldwide due to the pandemic. They were forced to reform their staff members, investments, and major finances. Their biggest retailer in Sweden had also been affected but quickly reinforced online sales.
[Photo Courtesy: H&M / wikimediacommons.com ]
In October of the same year, H&M announced they’d be closing 180 U.S. stores and over 350 stores by the end of 2021. As of now, H&M continues with improvement tactics, mainly via online shopping. Even though they are the second-largest fast-fashion retailer, they do have higher prices than their competitors. Who knows where this will lead them.
Ann Taylor
In 2020, the parent company of Ann Taylor, LOFT, and Ascena, filed for Chapter 11 bankruptcy protection. They announced closing over 1,000 Ann Taylor’s stores. Ann Taylor was first known as Dressbarn, a long-lasting and profitable women’s clothing market since 1962.
[Photo Courtesy: Ann Taylor / wikimediacommons.com ]
But with time, TJMaxx and Everlane won over the market. Ascena also sold the plus-sized clothing brand to an Australian-based company. Over 600 Justice stores were shut down and over 260 Catherines as well. The parent company as a whole is struggling big time and it will be no surprise if all Ann Taylor’s stores are forced to close in the near future.
Crocs
In 2018, Crocs decided to cut back its load and close around 100 of its stores. This was a smart and profitable decision to focus on its high performing locations. In 2020, Crocs closed the majority of its stores due to the pandemic. Apparently, the company’s revenue doubled. Yes, doubled.
[Photo Courtesy: Crocs / wikimediacommons.com ]
It's said to have taken the crisis quite lightly and better than any other footwear brands. The company’s focus went straight into the online business. Crocs got its brand into online retailers and strengthened its marketing strategies. At this point, it’s possible the company won’t vanish completely, but their retail stores are more than likely to.
Abercrombie & Fitch Co.
In its beginning stages, Abercrombie & Fitch was extremely successful. They even created three brands to add to their company group: Abercrombie Kids, Gilly Hicks, and Hollister.
Over time, they failed to notice that kids didn’t want to keep wearing the same old “casual luxury” clothing as everyone else. Its stock dropped 30% in 2020 and its clothes have been more expensive than other brands.
[Photo Courtesy: Abercrombie & Fitch Co. / wikimediacommons.com ]
Plus, Fitch’s styles haven’t been very versatile and the company’s reputation was wrecked after being voted as one of “The Most Hated Companies in America” on 24/7 Wall Street. Apparently, Michael Jeffries’ (CEO) comments on the brand’s ideal clients and targets were quite crude for society. He said that he was intending to woo the “cool kids,” not the overweight kids. A company with that on their record will probably not get very far.
Charming Charlie
The women’s shiny accessory chain had first filed for bankruptcy in 2017. This led the company to close over 100 of its stores. In 2019, Charming Charlie filed for bankruptcy once again and closed all of its 261 stores. That same year, the company then sold its trademark at a bankruptcy auction for $1 million dollars. Charming Charlie had lost its charm and went idle for months.
[Photo Courtesy: Charming Charlie / wikimediacommons.com ]
In 2020, Charlie Chanaratsopon, founder of Charming Charlie, announced one store would be opening at Cumberland Mall in Atlanta, with a few more locations to follow in 2021. Perhaps they haven’t lost their charm, but people don’t seem to know much about their resurrection. If they disappeared once, it’s highly probable they’ll vanish again.
The Gap
The Gap that shoppers once knew seems to have become quite boring. Sweaters and hoodies with the name “Gap” don't do justice anymore. In 2019, there were some reports claiming the Gap was going to split its company in two. One company would be joint with Athleta and Hill City and the other with Old Navy.
[Photo Courtesy: The Gap / wikimediacommons.com ]
Whether this happens, it is not certain. In 2020, Gap closed over 89 of its stores worldwide and claimed to be closing over 230 in 2021. In October of 2020, Gap Inc. announced that it’d be closing 350 Banana Republic & Gap stores by 2023. Perhaps the Gap that shoppers once adored is coming to its full closure.
JCPenney
JCPenney was successful in so many ways. The company would thrive with tactics and assets when other retailers would drop them; just like becoming the top catalog retailer after Sears overlooked it.
[Photo Courtesy: JCPenney / wikimediacommons.com ]
JCPenney welcomed external companies to its department and this was what brought even more recognition and diversity to its stores. But it also took away from JCPenney’s own brand. In 2020, JCPenney filed for bankruptcy and closed over 150 stores, and planned to close 240 more in the fall of the same year. In 2021, the chain announced it’d be closing 15 more stores.
Macy’s
In 2020, Macy’s closed over 30 of its locations. Macy’s currently has 544 department stores, 34 Bloomingdale’s, and 19 Bloomingdale outlets. Earlier this year, Macy’s announced they’d be closing over 120 stores by 2030 with the intent to cut all departments within underperforming malls.
[Photo Courtesy: Macy’s / wikimediacommons.com ]
Macy’s will now attempt to build an empire outside mall premises but also look into the successful malls across the country to start anew (somewhat). There are also speculations of numerous Bloomingdale’s closing. Perhaps this will help Macy’s rise into the top retailers as it once used to be, or close entirely.
Guess
In 2020, Guess announced that they would be closing over 100 stores within the U.S. and in China. For some reason, rather than closing immediately, they have agreed to close over the span of 18 months. The company has kept the high-performing stores rolling. While there are 70% of store leases set to expire within three years, stores aren’t expected to be closing down at all yet.
[Photo Courtesy: Guess / wikimediacommons.com ]
Guess’ CEO claims to be working out fair agreements with landlords. Apparently, the company is adjusting to the new normal number of sales. While there was a profitable number before the pandemic hit, Guess is now adapting to a new normal sales margin. Fair enough Guess, fair enough.
Cole Haan
Cole Haan is a lifestyle brand, specializing in everyday wear, workout wear, and special occasion apparel. When the covid-19 pandemic struck, Cole Haan set out to temporarily close all stores that were being most affected by the crisis. Currently, Cole Haan has about 70 stores total.
[Photo Courtesy: Cole Haan / wikimediacommons.com
There has been no news about filing for bankruptcy. Stores have begun to open back up with a few restrictions in place. However, with a small number of stores, and some which are underperforming, it would be no surprise if they end up closing a few by the end of 2021.
Belk
Belk was originally founded by a family and continued being operated for three generations. It was later purchased by Sycamore. After 130 years of long-lasting success, Belk will be filing for bankruptcy in February of 2021. Belk had not been investing in the growth of online presence and they are now paying for it.
[Photo Courtesy: Belk / wikimediacommons.com ]
The intent is to lighten the load on their debt while investing in the business’ growth. Belk is hoping to keep stores open and exit bankruptcy gracefully. It currently has over 300 stores across the U.S. but this may just be the beginning of an uphill battle.
J. Jill
The women’s modern/casual apparel company escaped bankruptcy by settling financial agreements with shareholders and lenders. A smart move indeed. Not many retailers are able to do this as swiftly as J. Jill has. Despite it having worked out this time, the uncertainty of the covid crisis lives on.
[Photo Courtesy: J. Jill / wikimediacommons.com ]
There is still another year or two with covid restrictions and uncanny regulations. J. Jill will be potentially closing a few underperforming stores, revamping its catalog, and managing product flow a bit more. J. Jill shunned bankruptcy once, but who knows if the next wave will permit it.
Talbots
In 2011, in order to minimize its retail footprint, Talbots had set out to close over 80 of its stores. Over 100 more would close by 2013. In a way, Talbots got prepared way before the grand crisis. The company reduced unnecessary marketing investments, reworked the store workforce, and began saving $50 million annually.
[Photo Courtesy: Talbots / wikimediacommons.com ]
Talbots is under the radar and there have been no reports on covid-19 affecting its operations. Stores did close temporarily, but that’s about it. If this store is to vanish in the near future, it will not be because of the pandemic, but due to consumers’ disinterest instead.
Fossil Inc
In 2016, Fossil had reduced the number of its stores. It also reworked the products it was selling and took a few of them out. In 2020, Fossil decided to temporarily close all North American stores amidst the pandemic. Its stores in Asia would remain open as well as its online shop. In its second quarter, sales dropped $259 million from $504 million the previous year. The company has worked on reestablishing financial expenses and maintaining a fair flow of product assessments.
[Photo Courtesy: Fossil Inc / wikimediacommons.com ]
Just as J.Jill, Fossil has not spoken about bankruptcy yet. The company has a bit over 360 stores at the moment. Their performance may not be at its highest, but they are also moving towards e-commerce, which only means sooner or later their brick and mortar stores will cease to exist.
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