Just a month into the job from Target, new Bed Bath & Beyond CEO Mark Tritton has let go six executives as part of a major shakeup at the struggling home goods retailer after years of negative results. Tritton saw great success as chief merchandising officer at Target, launching private label brands, some now north of $1 billion.
Destination Maternity announced it is closing more than a third of its stores and filing for Chapter 11 bankruptcy, adding to a long line of struggling retailers. Here is what is included in the filing.
Bed Bath & Beyond announced it is closing an additional 20 stores from the original 40 the company announced in April. Here is how the company is reimagining its brick-and-mortar presence in the age of ecommerce.
In an effort to cut costs, Walgreens plans to close 200 U.S. stores, two years after it acquired Rite Aid and expanded its footprint to 9,500 stores. The closures are expected to cause “minimal disruption to customers and patients,” the company said in a statement, adding it will find jobs for affected employees in nearby locations.
In the wake of Bed Bath & Beyond’s announcement of its 40 store closures, Pier 1 Imports joins the long list of retailers shutting brick-and-mortar locations. See how many stores Pier 1 Imports has closed already in fiscal 2019.
JCPenney plans to close 18 full-line stores in the second quarter, including three locations previously announced in January, executives told analysts on an earnings call, recording an estimated pre-tax charge of about $15 million in the process.
Gymboree could file for bankruptcy protection as early as this week, according to CNBC, the company’s second filing in less than two years. The company is also is also looking to sell its Janie & Jack brand, which has 139 stores, and close hundreds of other locations.
Sears Chairman Eddie Lampert succeeded with his bid in the bankruptcy auction, USA Today reported. If the judge signs off, this deal could prevent Sears from liquidating the rest of its stores. Here’s the latest in his last-ditch effort to save the struggling, iconic retailer.
Gymboree could be closing half of its 900 stores a year after emerging from bankruptcy, when it was one of the few retailers managing to escape liquidation in that scenario as ecommerce continues to eat away at brick-and-mortar chains.
Destination Maternity joins a long line of retail downsizers in recent years, announcing plans to close up to 280 unprofitable stores by 2022, including 117 in fiscal 2018 and another 42 to 67 locations in 2019. Here is how much the company expects to save with these closings.