Retail Bankruptcies

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DejaMoo
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Re: Retail Bankruptcies

#101

Post by DejaMoo »

tek wrote:
Mon Sep 30, 2019 5:11 pm
I'm Dontremember 21, but when I've looked into their stores from the hallway at the mall I always asked myself "who buys this crap?"
Way back, when I was much, much younger, they were about the only place in my part of the Midwest where you could find slutty clothes for when you felt like dressing slutty.

(I mean, it was frustrating. You wanted to show some cleavage, you had to shop at Forever 21.)
I've heard this bull before.

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Re: Retail Bankruptcies

#102

Post by Sugar Magnolia »

They're about the only place I can find leggings that fit right. I am so sick of buying clothes that range anywhere from a 2 to a L. I bought 3 pairs of leggings the other day and one was a kid's size 12-14, one was a Jrs 2 and one was a misses 6. At least at Forever 21 I could shop by size and not have to try on everything in the whole damn store.

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Re: Retail Bankruptcies

#103

Post by Volkonski »

Sears to Close Another 96 Stores in U.S., Including Over a Dozen SoCal Locations

https://ktla.com/2019/11/08/sears-to-cl ... locations/
Sears, once the dominant big box retailer with thousands of stores around the United States, continues to see its footprint decimated as its owner fights to bring it back from the brink.

Sears owner Transformco announced Thursday it has obtained $250 million in new capital, money intended to help fuel the company’s turnaround after it obtained essentially all of Sears Holding Company’s assets during its bankruptcy proceedings earlier this year. But still, the company says it will be forced to shutter another 96 Sears and Kmart stores in 30 states by February 2020, continuing a trend that’s been accelerating for months.

Following the closures, the company will operate just 182 stores, down from nearly 700 when it filed for bankruptcy in October of last year.
How the mighty have fallen.
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Re: Retail Bankruptcies

#104

Post by Lani »

Pier 1 Store Closures 2019: Which Location Are Closing Amid Hiring Of Financial Advisory Firm?
https://www.ibtimes.com/pier-1-store-cl ... ry-2880813.
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Notorial Dissent
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Re: Retail Bankruptcies

#105

Post by Notorial Dissent »

I can remember Pier 1 when it really was what it's name implied. The current version is but a sad sad ghost of itself. This is I think at least the second or third iteration of the original and it has gotten progressively worse with each copy. I am actually surprised it is still going. Their merchandise had gotten seriously overpriced not worth bothering with. Cost Plus is another one trying to follow them in to oblivion.
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Re: Retail Bankruptcies

#106

Post by MN-Skeptic »

I hadn't paid much attention to the closing of the Sears stores, but it really struck home when I went to the Mall of America and discovered that the Sears store there was closed. Come to look, there are no Sears stores in the Twins Cities area now.

Sears used to be one of my sweetie's favorite stores. I can't tell you how many American-made Craftsman tools he bought over the years.
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Re: Retail Bankruptcies

#107

Post by ZekeB »

MN-Skeptic wrote:
Wed Dec 18, 2019 1:59 pm
Sears used to be one of my sweetie's favorite stores. I can't tell you how many American-made Craftsman tools he bought over the years.
Sears sold their Craftsman line several years ago. You can find Craftsman from several other retailers now, but the tools aren’t the same. I don’t think they have a lifetime warranty anymore either.

I replaced my kitchen appliances with something a little more upscale last year. I didn’t bother to look up anything sold by Sears. I wanted to buy from someone that I expected to still be in business for the next ten years.

Selling your name brands is a good way of telling the public that you’ll only be dealing in junk from now on.
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tek
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Re: Retail Bankruptcies

#108

Post by tek »

ZekeB wrote:
Wed Dec 18, 2019 3:39 pm
Sears sold their Craftsman line several years ago. You can find Craftsman from several other retailers now, but the tools aren’t the same. I don’t think they have a lifetime warranty anymore either.
FYI Stanley Black and Decker owns Craftsman now.
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Re: Retail Bankruptcies

#109

Post by Panch Villlain »

DejaMoo wrote:
Thu Oct 03, 2019 7:47 am
tek wrote:
Mon Sep 30, 2019 5:11 pm
I'm Dontremember 21, but when I've looked into their stores from the hallway at the mall I always asked myself "who buys this crap?"
Way back, when I was much, much younger, they were about the only place in my part of the Midwest where you could find slutty clothes for when you felt like dressing slutty.

(I mean, it was frustrating. You wanted to show some cleavage, you had to shop at Forever 21.)
Late. Cleavage is not "slutty ".

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Re: Retail Bankruptcies

#110

Post by Shizzle Popped »

Fry's Electronics claims they're not closing and are moving to a consignment inventory model but I was in the Fishers, IN store today and they have to be hemorrhaging money. They have almost nothing in stock of their bread and butter products. They had maybe 15 or 20 TVs on hand in boxes and only about 10 display units left. I couldn't find any computer components at all. No motherboards, disk drives, power supplies or cases. Most of what's left on the shelves is junk they may never sell. They can't possibly be bringing in enough money to make payroll, much less all the other expenses. I understand all the other stores are in a similar situation and that this has been going on for months.

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Re: Retail Bankruptcies

#111

Post by Sterngard Friegen »

Everywhere. But Fry's insists it is merely restocking.

https://venturebeat.com/2019/12/18/goog ... -standard/

I suspect it will be one of the big box failures of early 2020. The store near me, in Woodland Hills, CA, has horrendous customer service. If company-wide that should hasten its demise.

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Re: Retail Bankruptcies

#112

Post by woodworker »

Sterngard Friegen wrote:
Thu Dec 19, 2019 4:49 pm
Everywhere. But Fry's insists it is merely restocking.

https://venturebeat.com/2019/12/18/goog ... -standard/

I suspect it will be one of the big box failures of early 2020. The store near me, in Woodland Hills, CA, has horrendous customer service. If company-wide that should hasten its demise.
As I always understood Fry's business model, it included no customer service (other than cashiers).
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Re: Retail Bankruptcies

#113

Post by ZekeB »

I used Frys when I lived in Oregon. I didn’t care if they had customer service or not because I knew what I wanted before I walked through the door. It was a pleasant drive on a crooked country road to get to their store. Prices were competitive and it was easy to return an item if I wasn’t satisfied. Apparently Frys has gone downhill in the past five years.

I’m shopping for computer components right now and guess who far and away has the best prices? Walmart. They even beat Amazon by a considerable amount.
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Notorial Dissent
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Re: Retail Bankruptcies

#114

Post by Notorial Dissent »

I thought Fry's was already gone, I guess just a matter of semantics now.
The fact that you sincerely and wholeheartedly believe that the “Law of Gravity” is unconstitutional and a violation of your sovereign rights, does not absolve you of adherence to it.

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Re: Retail Bankruptcies

#115

Post by Shizzle Popped »

I used to shop at the Renton, WA Fry's on a semi-regular basis even though it was a 40 minute trip down I-425 on a good day (and an hour and a half on a bad one). Yeah, customer service wasn't great but if you knew what you were looking for they were usually competitive with the online retailers. But the store was always in some state of disarray and was poorly organized. I can't imagine any of the major suppliers signing onto a consignment model unless there are serious changes in the way the stores are setup and run.

I was honestly concerned earlier this year when I was able to pick up a home theater receiver and a very well regarded subwoofer for half of what I could purchase them for anywhere else. They had to be selling each of those units at a loss of $200 -$300 and at the time I thought it smelled like a desperate effort to bring in cash.
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Re: Retail Bankruptcies

#116

Post by Volkonski »

LI Department Store To Shutter Next Week

https://patch.com/new-york/patchogue/pa ... 93SPqtx98s
A Patchogue department store will officially be shutting its doors next week, a store employee confirmed. Bob's Stores, on 499 Sunrise Highway, will be closing after Saturday, Jan. 11.

The large department store, which sells clothing and shoes, is located in the Gateway Plaza which also houses HomeGoods, Marshalls and Dick's Sporting Goods among others.

In 2017 Eastern Outfitters LLC, Bob's Stores' parent company, announced that it has declared bankruptcy. As a result of the bankruptcy, three Long Island stores in East Northport, West Islip and Selden were scheduled to shut down.

While the Patchogue store, which is the last remaining Bob's Stores on Long Island, was not among the list of stores affected by the bankruptcy, the business has had a "closing" sign posted on the storefront for over a year. It is not known why the Patchogue location is shutting down.
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Re: Retail Bankruptcies

#117

Post by Volkonski »

Borden becomes second major U.S. dairy producer to file for bankruptcy

https://www.khou.com/article/news/natio ... 485a36ad56
The Dallas based company said in a press release it "intends to use the court process to pursue a financial restructuring designed to reduce its current debt load, maximize value and position the Company for long-term success." The company will continue to operate normally uas it pursues a financial restructuring process.

ony Sarsam, CEO of Borden Dairy Co., said in a statement that rising costs of raw milk and market challenges led to the decision to file for bankruptcy. Bloomberg reports the price of raw milk has risen up to 27% since January 2019 and is still expected to rise despite retail prices dropping. "These challenges have contributed to making our current level of debt unsustainable," he said.

In addition to rising milk prices, consumers are also buying less dairy milk, opting instead for plant-based alternatives like soy, rice, oat and nut milk.

“While milk remains a household item in the United States, people are simply drinking less of it,” Borden CFO Jason Monaco told Bloomberg.
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Re: Retail Bankruptcies

#118

Post by Volkonski »

Dean Foods, America's largest milk producer also filed for bankruptcy in November 2019.
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Re: Retail Bankruptcies

#119

Post by JohnPCapitalist »

Volkonski wrote:
Mon Jan 06, 2020 11:23 am
Borden becomes second major U.S. dairy producer to file for bankruptcy

https://www.khou.com/article/news/natio ... 485a36ad56
The Dallas based company said in a press release it "intends to use the court process to pursue a financial restructuring designed to reduce its current debt load, maximize value and position the Company for long-term success." The company will continue to operate normally uas it pursues a financial restructuring process.

ony Sarsam, CEO of Borden Dairy Co., said in a statement that rising costs of raw milk and market challenges led to the decision to file for bankruptcy. Bloomberg reports the price of raw milk has risen up to 27% since January 2019 and is still expected to rise despite retail prices dropping. "These challenges have contributed to making our current level of debt unsustainable," he said.

In addition to rising milk prices, consumers are also buying less dairy milk, opting instead for plant-based alternatives like soy, rice, oat and nut milk.

“While milk remains a household item in the United States, people are simply drinking less of it,” Borden CFO Jason Monaco told Bloomberg.
Yet another casualty of the private equity business model: take companies private, load them up with unsustainable loads of debt so you can harvest profits out of the business today, cut costs below levels needed to maintain brand quality, then take them public in a bull market, sticking public market investors (like the mutual funds your 401(k) is in) with the losses when they go down the tubes, though it appears that Borden wasn't publicly traded when this happened.

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Re: Retail Bankruptcies

#120

Post by TexasFilly »

I love the poorly educated!!!

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Re: Retail Bankruptcies

#121

Post by Northland10 »

JohnPCapitalist wrote:
Mon Jan 06, 2020 1:29 pm
Yet another casualty of the private equity business model: take companies private, load them up with unsustainable loads of debt so you can harvest profits and fees out of the business today, cut costs below levels needed to maintain brand quality, then take them public in a bull market, sticking public market investors (like the mutual funds your 401(k) is in) with the losses when they go down the tubes, though it appears that Borden wasn't publicly traded when this happened.
Thank you for your comment. I had been thinking the same thing but to hear it from somebody in the industry confirms what I was thinking.

I have noticed some equity firms dump the companies into bankruptcy before taking them public. Since the purchase of the companies are heavily leveraged and the debt from the purchase being dumped into the company, not the equity firm who bought it, they can get their profits and fees out and drop the carcass into bankruptcy.

Are the banks loaning the money for the purchase getting guarantees on the debt or enough fees to ensure they break even or get a bit of profit? I only really see a way out if the equity firm had to retain responsibility for the debt, or that the financers could lose if the company fell into bankruptcy.
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Re: Retail Bankruptcies

#122

Post by Gregg »

JohnPCapitalist wrote:
Mon Jan 06, 2020 1:29 pm
Volkonski wrote:
Mon Jan 06, 2020 11:23 am
Borden becomes second major U.S. dairy producer to file for bankruptcy

https://www.khou.com/article/news/natio ... 485a36ad56
The Dallas based company said in a press release it "intends to use the court process to pursue a financial restructuring designed to reduce its current debt load, maximize value and position the Company for long-term success." The company will continue to operate normally uas it pursues a financial restructuring process.

ony Sarsam, CEO of Borden Dairy Co., said in a statement that rising costs of raw milk and market challenges led to the decision to file for bankruptcy. Bloomberg reports the price of raw milk has risen up to 27% since January 2019 and is still expected to rise despite retail prices dropping. "These challenges have contributed to making our current level of debt unsustainable," he said.

In addition to rising milk prices, consumers are also buying less dairy milk, opting instead for plant-based alternatives like soy, rice, oat and nut milk.

“While milk remains a household item in the United States, people are simply drinking less of it,” Borden CFO Jason Monaco told Bloomberg.
Yet another casualty of the private equity business model: take companies private, load them up with unsustainable loads of debt so you can harvest profits out of the business today, cut costs below levels needed to maintain brand quality, then take them public in a bull market, sticking public market investors (like the mutual funds your 401(k) is in) with the losses when they go down the tubes, though it appears that Borden wasn't publicly traded when this happened.

Sears Roebuck....all I'm going to say...
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Re: Retail Bankruptcies

#123

Post by Volkonski »

Macy's To Close 2 Long Island Locations In 2020
Macy's is closing dozens of stores across America in January and February, according to reports .


https://patch.com/new-york/northfork/s/ ... aign=alert
HICKSVILLE, NY — Two days after Pier 1 announced it would close hundreds of stores, another major retailer has announced it will close stores across the country, including on Long Island. Macy's announced it will close at least 28 stores in the next couple months, according to local media reports. That includes one in Hicksville and another in Commack.

:snippity:

Macy's is part of a growing list of brick-and-mortar establishments that have nosedived in revenue and popularity with the emergence of e-commerce companies such as Amazon and Walmart.
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Re: Retail Bankruptcies

#124

Post by Judge Roy Bean »

Volkonski wrote:
:snippity:

Macy's is part of a growing list of brick-and-mortar establishments that have nosedived in revenue and popularity with the emergence of e-commerce companies such as Amazon and Walmart.
Commerce moves on. The pony express didn't last long once the telegraph was established. Pay phones have gone the way of the dinosaur. Film development and printing in every corner drug store has all but disappeared. Writing checks at a retail store is archaic. You don't have to wait for the radio in your car to warm up and you don't have to adjust the tuning to make it easier to listen. There are dozens of broadcast television channels and you don't even have a dial to turn to find them. You can own your own phone rather than rent it from the phone company.

And so on and so on and scoo bee do bee do bee.
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Re: Retail Bankruptcies

#125

Post by Lani »

We have only one mall here, and it's small. In 2018, the vacancy rate was about 40%. The two remaining anchors were Kmart & Macy's. Then Kmart closed. More recently Pier I. It closed really fast - an ad appeared that it was closing with 30% off. (Given its prices, that wasn't much.) And then in 2 weeks it was gone. A couple of little shops have closed. The place I used for haircuts suddenly closed overnight.

Now maybe Macy's. And that's the end of the mall.

There's a lot of talk about converting parts of it into affordable apartments. We'll see. Not holding by breath.
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