The Topeka, Kansas-based chain said Friday it will hold liquidation sales starting Sunday and wind down its e-commerce operations.All of the stores will remain open until at least the end of March and the majority will remain open until May.
The debt-burdened chain filed for Chapter 11 bankruptcy protection in April 2017, closing hundreds of stores as part of its reorganization. At the time, it had over 4,400 stores in more than 30 countries. It remerged from restructuring four months later with about 3,500 stores and eliminated more than 435 million in debt. The company, founded in 1956, said that the liquidation doesnt affect its companys franchise operations or its Latin American stores, which remain open for business as usual. Shoppers are increasingly shifting their buying online or heading to discount stores like T.J. Maxx to grab deals on name-brand shoes. That shift has hurt traditional retailers, even low-price outlets like Payless. Heavy debt loads have also handcuffed retailers, leaving them less flexible to invest in their businesses. But bankruptcies and store closures will continue through 2019 so theres no light at the end of the tunnel, according to a report by Coresight Research. Before this announcement, there have been 2,187 U.S. Gymboree and Ascena Retail, the parent of Lane Bryant and other brands, accounting for more than half the total, according to the research firm. This years total is up 23 percent from the 1,776 announcements a year ago. Year-to-date, retailers have announced 1,411 store openings, offsetting 65 percent of store closures, it said. Baldwin, Jamie Lee Curtis, Jennifer Garner ahead of DNC Trending Wisconsin girl, 11, fatally shot 4 years after appearing in video praying for end to gun violence in Chicago Dedicated Milwaukee Brewers fans find a way to catch a game, if even for a few innings Police: Indiana woman admits to burning infant with lighter, holding babys face against treadmill Wisconsin DHS releases reopening guidance for schools, focused on containing COVID-19 202K State Fair cream puffs sold during Fair Food drive-thru; and theres more News Local National World FOX6 Investigators Contact 6 Consumer Reports Most Wanted Podcasts Politics Money Entertainment Weather Closings FOX6 Storm Center app Future Forecaster WakeUp Look Whos 6 Interviews Food Gino At The Movies In The Garden Sports Packers Brewers Bucks Beyond The Game High School Hot Shots Coronavirus Because You Matter Coronavirus in Wisconsin Coronavirus Around the World COVID-19 and the Economy About Us Contact Us FOX6 News Team FOX6 Mobile Apps Jobs at FOX6 FOX6 Sales Team Accelerate Sales Training Program Advertise With FOX6 On All Screens EEO Report Public File Help Closed Captioning Information DTV Reception Issues and Questions Whats On FOX facebook twitter instagram youtube email Updated Privacy Policy Terms of Service Do Not Sell my Personal Information FCC Public File EEO Public File About Us Jobs at FOX6 Contact Us This material may not be published, broadcast, rewritten, or redistributed.
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