Weekly Store Openings and Closures Tracker #24: Gymboree and Rue21 Emerge from Bankruptcy; Neiman Marcus to Close 10 Stores

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KEY POINTS

FGRT tracks store openings and closures for a select group of retailers in the US, and, as of last month, in the UK as well.

  • This week, Gymboree and Rue21 received court approval for their reorganization plans and will emerge from bankruptcy.
  • Neiman Marcus is closing 10 Last Call outlet stores. Pirch will be closing six stores.
  • Vitamin World files for bankruptcy and targets to close at least 50 stores.
  • Benny’s to close all 31 stores in New England.
  • Nordstrom met with a private equity firm to assist in its bid to privatize the company.
  • Abercrombie & Fitch names new CFO.
  • Year-to-date 2017, the number of store closure announcements has increased 179% year over year, bringing the total number of stores to be closed to 6,018.
  • For the UK market, year to date, there have been 584 store closure announcements from major retailers, significantly lower on a year-over-year basis. The 543 store openings, however, are a slight increase compared to 2016.

2017 Major US Store Openings and Closures

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 and furniture.

 

What Is Happening this Week in the US?      

Gymboree Emerges from Bankruptcy, to Close 330 Stores

Gymboree announced that the US Bankruptcy Court has approved the company’s reorganization plan. Gymboree expects to complete its financial restructuring process and emerge from Chapter 11 by the end of September. According to court filings, Gymboree is closing and liquidating 330 underperforming stores.

 

Neiman Marcus to Close 10 Last Call Outlet Stores

Luxury retailer Neiman Marcus is closing 10 Last Call off-price stores in order to focus and steer more resources on its high-end full-line department stores. According to Elizabeth Allison, Senior Vice President of Last Call, the company is optimizing its store portfolio in order to free up resources to support new initiatives as well as deliver the best customer services.

 

Vitamin World Files for Bankruptcy and Targets to Close at Least 50 Stores

Vitamin World, a vitamins and health supplements retailer, filed for Chapter 11 protection and plans to close at least 50 of its 334 stores nationwide. The company has already closed 45 underperforming stores since early last year.

 

Benny’s to Close All 31 Stores in New England

Discount retail chain Benny’s is closing all of its 31 stores in New England by the end of 2017. Company CEO Arnold Bromberg said change in the retailing business “makes it almost impossible” for a small chain to compete.

 

Pirch to Close Six Stores

Pirch, a high-end appliance and kitchen chain, announced it will close six stores—in Dallas, Chicago Austin, Paramus, NJ and Atlanta—before the end of September in order to refocus on its profitable stores in California.

 

Nordstrom Meets with Private Equity Firm to Assist in Bid to Take Store Private

Nordstrom’s founding family members met with private equity firm Leonard Green & Partners to help take the department store private. The deal between Nordstrom and Leonard Green has not yet been finalized.

 

Abercrombie & Fitch Names New CFO

Abercrombie & Fitch announced that Scott D. Lipesky will be the new Senior Vice President and CFO of the company, effective October 2. Lipesky has more than 20 years’ experience in financial planning and analysis in the retail and manufacturing sectors, including nine years in various roles within Abercrombie & Fitch.

 

Walmart to Streamline Its US Store Operations

Walmart is simplifying its US brick-and-mortar operations by reducing the number of business divisions to four from six. The move is intended to facilitate better communication and higher responsiveness to market changes, according to spokesperson Kory Lundberg.

 

Rue21 Confirms Plans to Exit Bankruptcy 

Teen specialty retailer rue21 announced that its reorganization plan has been approved by the US Bankruptcy Court. The company initially had 1,179 stores, 400 of which have been closed since May.

 

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2016 Major US Store Openings and Closures

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2017 Major UK Store Openings and Closures
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2016 Major UK Store Openings and Closures

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