The seemingly weekly drumbeat of retailers either closing stores or filing for bankruptcy is evidence of the ongoing seismic shift in customer demands and expectations, and the failure of many to pivot fast enough to meet them. Here is how retailers should navigate through the changing tides of the industry.
Chapter 11 Bankruptcy
Mall-based women’s apparel retailer Charlotte Russe has been added to the ongoing list of troubled companies in the sector, announcing its plans to liquidate and close all of its stores within the next two months. In February, it announced it would file for Chapter 11 bankruptcy protection and close approximately 94 stores.
Innovative Mattress Solutions, parent of Mattress Warehouse, Sleep Outfitters and Mattress King brands, has joined the long line of retailers filing for Chapter 11 bankruptcy protection, The Wall Street Journal reported. The company’s 142 stores under the three brands remain open but its retail footprint is being reviewed, the CEO said.