Archive for the 'bankruptcies' Category

Eddie Bauer Going Online-Only?

If some bidders for bankrupt retailer Eddie Bauer have their way, the apparel company will liquidate its 370 stores and live its future life as an e-tailer, the New York Post says.

The two hedge funds that control Eddie Bauer’s $200 million in debt, Monarch Alternative Capital and Anchorage Advisors, are considering teaming up with Hilco Consumer Capital and Gordon Brothers. Hilco, Gordon Brothers and Monarch together bought the Linens ‘n Things name, which now sells items online after its stores folded.
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Ritz Camera: It’s Amazing They Lasted

Every time we’ve passed a Ritz Camera over the last couple years, the same thing has crossed our mind: “Wow! They’re still around, and they seem to be EVERYWHERE!” Well, that doesn’t look like it’s going to be the case anymore.

The retailer is closing its 400 remaining stores – another 400 were already shut down after going-out-of-business sales. As part of its Chapter 11 bankruptcy, the company has until the end of the month to auction off locations.
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Now Consultants Are Going Bankrupt

We aren’t sure if this is to be expected or a SUPER BAD development. LakeWest Group, a consulting firm that has helped out Coldwater Creek, Macy’s and others has declared Chapter 7 bankruptcy.

Of course, bad news or not, it’s expected. It’s unlikely that retailers are hiring more of these types of firms, even if they could use them to help find ways to cut costs and improve efficiency.
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GGP’s Bankrupt. Now What?

General Growth Properties issued a press release announcing it is filing for bankruptcy this morning just before 3 a.m. Eastern time.

This development isn’t much of a surprise to anyone following the story. The mall owner has $27 billion in debt, much of it from huge acquisitions, like its purchase of the Rouse Co. for $12 billion in 2004.
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Do Bankrupt Retailers Deserve More Time?

Now that all of the Circuit City’s 560 stores are dark, landlords are trying to fill the spaces left behind. Some are finding success, like one firm we recently spoke with, the Blue Bell, PA-based Goldenberg Group, which leased a former Circuit City location to furniture chain Raymour & Flanigan in a Philadelphia shopping center.

We’re not sure if there are a lot of stories like that across the country, but it’s not difficult to guess that the process of filling these vacancies is tough, given that virtually every large retailer has cut back its expansion plans.
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Blockbuster Considering Bankruptcy?

Though company spokespeople are denying it, news reports say that Blockbuster has hired law firm Kirkland & Ellis to help it explore a possible bankruptcy filing.

Of course, Blockbuster has been on the retail watch lists of industry observers for a while now, and the chain’s main competition is performing extremely well in the recession.
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There’s Lots of Bankrupt Restaurants

A lot of moderate-sized restaurant chains have filed for bankruptcy recently that were under our radar. And this Reuters article says that more are expected this year.

Last month the owner of the 69-unit Black Angus chain filed for Chapter 11 protection, while the Ponderosa and Bonanza chains filed late last year.
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Mervyns Is Next?

It seems like Hayward, CA-based department-store chain Mervyns is the next in line for closures or bankruptcy.

We are seeing reports that the retailer, with most of its 177 stores on the West Coast, is no longer getting orders approved from suppliers.
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Steve & Barry’s: What’s Gone Wrong?

There were a flurry of reports last week that Steve & Barry’s is close to filing for bankruptcy and/or closing 100 of its 275 stores.

Few retailers have garnered more publicity over the last couple of years than the chain, which sells mostly sports apparel at prices less than $10. Steve & Barry’s is also known for taking up major vacant spaces in malls across the country and signing deals with celebrities like New York Knicks point guard Stephon Marbury and actress Sarah Jessica Parker.
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Penney Chief Forecasts More Bankruptcies

Myron Ullman, J.C. Penney’s CEO and chairman, sees a tough retail environment that could lead to more bankruptcies, according to this Dallas Morning News article. There could be 10 to 20 chains that could fall victim, especially regional outfits, he said speaking recently at a Lehman Brothers conference.

Ullman says the stimulus checks that many taxpayers have started receiving might help retailers but concedes that high gas prices might have already sucked up those funds. He also says he is “cautiously optimistic” about the holiday season for his company.
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November 2020

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