Weekly Store Openings and Closures Tracker #16: Fendi Opens Stores; Alfred Angelo Bankrupts

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KEY POINTS

Fung Global Retail & Technology tracks store openings and closures for a select group of US retailers.

  • We forecast that announced store closures will total 9,452 by the end of 2017, exceeding the 6,164 stores closed in 2008. The 5,442 announced store closures year to date is tracking at 59% of our full-year forecast. The forecast for 2017 also represents a year-over-year increase of 361%.
  • This week, wedding dressmaker Alfred Angelo closed 61 stores and filed for bankruptcy.
  • Luxury retailer Fendi has opened three new stores.
  • Michael Kors is interested in buying Jimmy Choo.
  • Hardware retailer True Value is looking into a potential sale.
  • Year-to-date 2017, the number of store closure announcements has increased 162% year over year, bringing the total number of stores to be closed to 5,442, with more to surely follow.

2017 Store Openings and Closures

What Is Happening This Week?

Pursuant to our earlier report on Jimmy Choo’s sale, Michael Kors is reported to be interested in buying the luxury brand. Meanwhile, hardware retailer True Value is weighing the option of a sale that could potentially reach $800 million. Wedding dressmaker Alfred Angelo has filed for bankruptcy this week and closed all its stores. Finally, luxury retailer Fendi is expanding its footprint in the US by adding three new stores.

 

Michael Kors Interested In Jimmy Choo

Michael Kors is preparing to table a bid for Jimmy Choo, according to Sky News Australia. Other interested parties include CVC Capital Partners, a Luxemburg-based private equity and a consortium formed between French company Interparfums and Hony Capital, a Chinese private equity firm that owns Pizza Express. We first reported Jimmy Choo’s intention for a sale in our Weekly Store Openings and Closures Tracker #5 on April 27.

 

True Value Weighing Sale

True Value, a hardware retailer, is considering a sale that would value the chain at around $800 million, according to Bloomberg. It is reported that the retailer is working with an investment bank to explore such a strategic option, but no final decision has been made. True Value has been relatively unaffected by the e-commerce boom, credited to the improving housing market, but still faces stiff competition from other hardware retailers such as Home Depot and Lowe’s.

 

Wedding Dressmaker Alfred Angelo Closes All Stores and Files for Bankruptcy

Wedding dressmaker Alfred Angelo has closed all 61 of its stores across the US and has filed for Chapter 7 bankruptcy, which means that the firm is past the stage of reorganization and now faces liquidation. All retail and wholesale operations will be halted and its international stores will be closed.

 

Fendi Expands in the US

Italian luxury fashion retailer Fendi is opening three new stores in the US. Two of the stores are in cities that Fendi is venturing into for the first time, San Francisco and Dallas, while the third store is located in New York. This brings Fendi’s total store count in the US to 35.

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2016 Store Openings and Closures

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