Weekly Store Openings and Closures Tracker 2018 #6: Bon-Ton Files for Bankruptcy

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KEY POINTS

FGRT tracks store openings and closures for a select group of retailers in the US and the UK.

  • Year-to-date 2018, the number of US store closure announcements stands at 1,776 and the number of store openings is 1,510.
  • Bon-Ton files for Chapter 11 bankruptcy to explore potential strategic alternatives, with plans to close 47 stores in 2018.
  • Nordstrom plans to close a full-line store in Salem, Oregon.
  • Stein Mart assembled a team to explore opportunities to improve operating performance and identify potential strategic alternatives.
  • Big Lots names Stephen M. Haffer as Chief Customer Officer.
  • Lululemon CEO Laurent Potdevin has resigned over misconduct. The company has begun a search for a new CEO.
  • Williams-Sonoma appointed Yasir Anwar as CTO, reporting to President and CEO Laura Alber.
  • Hudson’s Bay names CVS Health’s Helena Foulkes as new CEO.
  • Christopher & Banks names former Dick’s Sporting Goods executive Keri Jones as CEO.
  • Year to date in the UK, there have been 76 store closure announcements and 491 store opening announcements.

FGRT has a dedicated team tracking news about store closures and openings, bankruptcies and management changes. Our Weekly Store Openings and Closures Tracker focuses on department stores and specialty retail, including, but not limited to, softlines, hardlines, consumer electronics, grocery and furniture.

2018 Major US Store Openings and Closures
Year-to-date 2018, the number of US store closure announcements stands at 1,776 and the number of store openings is 1,510.

What Is Happening this Week in the US? 

Bon-Ton Stores Files Voluntary Chapter 11 Petitions to Implement Financial Restructuring
Bon-Ton Stores filed for Chapter 11 bankruptcy to explore potential strategic alternatives to maximize value for the benefit of its stakeholders, which may include a sale of the company or certain assets as part of the reorganization plan. The company plans to close 47 stores in 2018, four of which were closed in January, one store that is near completion and 42 at which store closing sales began on February 1, 2018 and will run for approximately 10 to 12 weeks.

Nordstrom Shutters Oregon Store Amid Talks to Go Private
Nordstrom plans to close a full-line store at Salem Center in Salem, Oregon, which has been open for nearly 40 years. The planned date for its closure is April 6. Nordstrom stores President Jamie Nordstrom noted that the company is looking for opportunities to grow its business and ensure that it meets the needs of its customers, and that physical stores will continue to be an essential part of the company’s ability to serve customers. It was announced in June that the company may consider going private for restructuring.

Non-Store-Closure News

Stein Mart Assembles Team to Improve Performance and Explore Strategic Alternatives
Stein Mart has assembled a team to explore opportunities to improve operating performance and identify potential strategic alternatives. “Given the continuing challenges of the retail environment, it is prudent for us to review our strategic options while focusing on ways to improve our business,” said Hunt Hawkins, CEO. The company had previously engaged Alvarez & Marsal to review its operations for performance enhancements. Stein Mart has not set a timetable for completion of this process.

Big Lots Names Stephen M. Haffer as Chief Customer Officer
Big Lots announced the appointment of Stephen M. Haffer as Senior Vice President, Chief Customer Officer. Haffer will be a member of the company’s Executive Leadership Team, with primary responsibility for customer engagement and messaging touchpoints, including marketing, advertising, brand development and e-commerce.

Lululemon CEO Resigns over Misconduct
Laurent Potdevin has resigned as CEO of Lululemon and as a member of the company’s board, effective immediately. “Lululemon expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct,” the company said, adding that a search for a new CEO has begun.

In the interim, three senior executives will take on additional responsibilities. Celeste Burgoyne, EVP of American operations, will oversee channel and brand-facing aspects of the global business. Stuart Haselden, Chief Operating Officer, will oversee operational matters related to finance, supply chain, people and technology. Sun Choe, SVP of Merchandising, will head product development, design, innovation and merchandising.

Williams-Sonoma Taps New CTO
Williams-Sonoma announced the appointment of Yasir Anwar as Chief Technology Officer, reporting to President and CEO Laura Alber. Anwar will lead all technology aspects of the company’s digital experience, retail stores and supply chain, and will oversee the company’s Outward subsidiary.

Hudson’s Bay Names CVS Health’s Helena Foulkes as New CEO
Hudson’s Bay announced that Helena Foulkes has been appointed CEO, effective February 19. She will also be appointed to the company’s board. Richard Baker, who has been interim CEO, will continue as Governor and Executive Chairman. Foulkes arrives from CVS Health, where she has served as EVP of CVS Health and President of CVS Pharmacy.

Christopher & Banks Taps Dick’s Sporting Goods Executive as CEO
Christopher & Banks announced the appointment of Keri Jones as CEO and a member of the board, replacing interim CEO and President Joel Waller, effective March 12. Jones has more than 30 years of retail experience. She served most recently as Chief Merchant at Dick’s Sporting Goods.

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2017 Major US Store Openings and Closures

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2018 Major UK Store Openings and Closures

Year to date in the UK, there have been 76 store closure announcements and 491 store opening announcements.

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2017 Major UK Store Openings and Closures

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