In a sign of the times in traditional retail, Lord & Taylor is beginning to shut down its iconic flagship store on Fifth Avenue in New York City with a closing sale this week. Here is what it plans to do as it moves through the closing process.
Amid difficult days for apparel companies, embattled teen retailer Aeropostale as expected has filed for Chapter 11 bankruptcy protection, and plans to close 113 U.S. stores. It joins other recent companies including Sports Authority and Vestis Retail Group, owners of Sports Chalet, Eastern Mountain Sports and Bob’s Stores.
In order to rationalize costs and focus more on omnichannel, Chico’s FAS plans to close 120 locations through 2017, including 35 this year.