It was another eventful week in the ongoing saga of retail bankruptcies. Tailored Brands, parent of Jos. A. Bank and Men’s Wearhouse, plans to put a greater emphasis on casual apparel as part of its Chapter 11 filing, while the investment group REV is planning to snatch up assets from both Pier 1 and Modell’s out of bankruptcy court.
A partnership between mall giant Simon Property Group and apparel licensing firm Authentic Brands has made a $305 million bid to acquire the assets and intellectual property of Brooks Brothers out of bankruptcy court, according to various media reports. The partnership, named Sparc LLC, plans to keep at least 125 stores open.
Ascena Retail Group, parent of iconic women’s apparel brands Lane Bryant and Ann Taylor, has filed for chapter 11 bankruptcy protection and announced plans to shutter 1,600 of the 2,800 stores across its various chains in an effort to reduce its massive debt by $1 billion. The news comes weeks after an executive bonus windfall.
RTW Retailwinds, parent of apparel retailer New York & Co., filed for bankruptcy protection, adding it plans to close most if not all of its nearly 400 stores and seek a buyer for its ecommerce business. The company plans to continue operations, including re-openings where appropriate, paying vendors and suppliers and employees.
Unless you’ve been living in a cave, you’ve seen that curbside pickup has moved from a secondary method to a primary one for retailers. In the coming months, it will become increasingly clear that today’s curbside experience is just a starting point in terms of what store-based commerce will look like. Here’s a peek inside the near future.
Brooks Brothers, famous for its pinstriped suits worn by 40 of the 45 U.S. presidents and legions of executives since its 1818 founding in New York, filed for Chapter 11 bankruptcy protection, citing the impact of COVID-19 as a major factor. The company, with $1 billion in sales and $300 in debt, expects to find a buyer shortly.
Our conception of a VR enabled post-COVID retail experience may seem space-aged at first, passing through the temperature sensor and ambling by the ultraviolet sanitizing booth, but ultimately it’s the way retailers can build trust. In the new normal, people may pay close attention to sanitization but they will always value the experience.
As consumer spending dwindles, retail chains struggle and bankruptcy filings mount up. Yet retail and food sales rose a record 17.7% in May, and discount chains are flourishing. How do we account for this? Brett Rose, founder and CEO of United National Consumer Suppliers, shares his thoughts in this MCM CommerceChat podcast.
Retail and food sales jumped a record 17.7% in May compared to April, according to figures from the U.S. Census Bureau, a hopeful sign of a recovery from the ongoing effects of the pandemic, after tanking an adjusted 16.4% in the March-to-April period. Ecommerce posted strong gains, increasing 30% in May from the previous month.