Retail Closures and Bankruptcy 2019 Edition

[nawghtyhare]

I work at said Barneys on 5th.

If any NYers need a plug lmk.

Serious inquiries only, none of that “gotcha next week” stuff.

what kinda plug???
we switching price tags and such or what

 

[picasso swerve]

Discount, cmon man.

 

[nawghtyhare]

Discount, cmon man.

so is that a no for switching tags???

 

[da shoefreak]

Forever 21 is on the verge:

https://www.latimes.com/business/la-fi-forever21-bankruptcy-rumors-malls-20190714-story.html

 

[gry60]

They need to start discounting things daily. There’s no reason to go to a store anymore

Problem with price deflation is, people just stop making things, and when those things start becoming rare their price shoots up past the point of affordability.

 

[shibadekobe]

https://www.cnbc.com/2019/08/06/barneys-icon-of-new-york-retail-files-for-bankruptcy.html

• Barneys New York, an icon of New York retail, has filed for bankruptcy.
• The filing makes the luxury department store the latest victim of the retail upheaval, as shoppers buy online and from brands directly.
• Barneys’ woes have been further exacerbated by sky-high rent even as its sales have fallen.

 

[sharpshooter718]

I went through a phase a few years ago of strictly buying online ..


Well I don't shop like that anymore so I rather feel and see what I'm buying ..

Nothing beats a stroll through your favorite store..

 

[kvsm23vs24]

Damn, F21 too?

FasionNova got them on the ropes.

 

[160jordansdeep]

I wonder when sneaker brick and mortar retail shops will also fall victim to the same problem

Every footlocker Footaction finishline and local sneaker chain including boutiques have all the same GR shoes in each store

Also there are too many dumpy Consignment stores now around the country
Looking to see when the bottom drops out of this business model

 

[langfor5]

I wonder when sneaker brick and mortar retail shops will also fall victim to the same problem

Every footlocker Footaction finishline and local sneaker chain including boutiques have all the same GR shoes in each store

Also there are too many dumpy Consignment stores now around the country
Looking to see when the bottom drops out of this business model

This. Reselling Yeezy's and 1s or used shoes all while paying rent, utilities, etc. Would have to be cheaper to just move that business online. I get supporting local small businesses but I have no interest in buying marked up shoes or 'vintage' clothing.

 

[hipstermike]

https://www.cnn.com/2019/08/06/business/barneys-bankruptcy/index.html

New York (CNN Business)Barneys, an icon of America's luxury clothing world for decades, has filed for bankruptcy.

The New York-based retailer filed for Chapter 11 bankruptcy protection early Tuesday morning. It said in a statement that it had also secured $75 million from affiliates of Hilco Global and the Gordon Brothers Group to help meet its financial commitments.
"Like many in our industry, Barneys New York's financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand," Barneys CEO Daniella Vitale said in a statement.
The bankruptcy filing will allow the company "to conduct a sale process, review our current leases and optimize our operations," she added.

Pedestrians walk past the Barneys store at 7th Avenue and 17th Street in New York, on May 22, 1989.
The 96-year old company has 2,300 employees. Unlike other retailers that rely on part-time workers, 90% of Barneys' workforce is full time. Nearly half of the hourly 1,900 hourly employees are represented by a union, also a rarity in modern retail.
Barneys was also dogged with problems that have toppled other traditional retailers. Primarily it could not afford rents on locations that lost foot traffic to online shopping. Bankruptcy court documents show the company owes nearly $10 million in unpaid rent to its major landlords.
The company had another characteristic common in retail bankruptcies — ownership by a hedge fund.
The primary holder of the now worthless stock is Perry Capital. Many retailers have filed for bankruptcy in recent years after private equity firms and hedge funds bought them. Among them were Toys "R" Us, RadioShack, Sports Authority, as well as other clothing chains Gymboree, Charlotte Russe and The Limited.

One notable store to survive bankruptcy is Sears Holdings, which was controlled by hedge fund investor Eddie Lampert when it filed for bankruptcy last fall. Lampert subsequently bought the remaining operating assets of Sears and Kmart in a bankruptcy auction and is now running them as a private company.
Barneys says it will look for a buyer that will keep five of its flagship stores and two warehouse locations open — primarily those in high-income markets such as Manhattan, Boston, San Francisco and Beverly Hills. But it will close stores in Chicago, Las Vegas and Seattle, as well as a dozen other concept stores and warehouse locations.
The move was not unexpected. Reuters reported last month that filing for bankruptcy protection could help alleviate the pressure of expensive leases.
The company traces its history to 1923, according to its website, when Barney Pressman pawned his wife's engagement ring. The company indicated he used the funds to open a discount clothing store.
Barneys has several locations in the United States, but its headquarters and flagship store line the area around New York's Fifth Avenue, which for months has been emptied of prominent luxury retailers as they flee high rents and shifting consumer tastes.

 

[frshstunna]

Need them Barney liquidation sales to get poppin

 

[kickvicisous]

I know Ben Epstein is happy

 

[WAKKO!]

It’s official, Forever 21 filed for bankruptcy

 

[paulwest1985]

It’s official, Forever 21 filed for bankruptcy

I just need to know when they having that fire sale

 

[ninjahood]

Forever 21 is on the verge:

https://www.latimes.com/business/la-fi-forever21-bankruptcy-rumors-malls-20190714-story.html

verge turned into definitely.

 

[heatpinoyboy]

There's a few things I need to be in person for like buying pants or when I'm buying a specific jacket.

Speaking of malls that withstand it all, the Westfield Valley Fair mall in SJ is absolutely bonkers that place gets PACKED

 

[hipstermike]

Beverly Center in LA just finished a major reno
Westfield Topanga has The Village
Westfield Century City is dope too

But yeah, some of the stores need to go

Also, these malls are prime spots for some good eats too, Century has EATALY and a Double Eagle steakhouse

Passing by Barney's on Wilshire in Beverly Hills, they put "STILL OPEN" on their windows

 

[oidreez]

I say this about golf courses too. They really have hundreds of perfectly fine acres of land dedicated to a game old white dudes play. Always thought that was strange, in a wasteful sort of way.

So replace golf courses with parks and trees?

 

[getback]

So replace golf courses with parks and trees?

wut

Keyword "housing" park.

 

[hipstermike]

Kith's Co-Founder Is in Final Talks To Buy Barneys New York

Sam Ben-Avraham, who co-founded Kith and a number of trade shows, has put together a bid for the troubled retailer.

www.gq.com

 

[hipstermike]

OPENING CEREMONY to close ALL retail locations

Off-White operator acquires Opening Ceremony

Farfetch-owned platform New Guards Group, which operates Off-White and Palm Angels, has bought Opening Ceremony.

www.drapersonline.com

New Guard Group purchased the chain and will convert to online only this year

 

[kvsm23vs24]

Century City is dope. Really nice there.

 

[dakid23]

I went to the mall this weekend for the first time in a while. I'm so use to online shopping it almost felt like a brand new experience.

 

[Nawzlew]

RIP activerideshop