Tag:

Liquidation

Hartford, CT
Business
Forever 21 Collapses: Bankruptcy Forces US Stores To Shut Down, Reports Say Forever 21 Collapses: Bankruptcy Forces US Stores To Shut Down, Reports Say
Forever 21 Collapses: Bankruptcy Forces US Stores To Shut Down, Reports Say Forever 21 is going out of business in the US after struggling against online rivals Shein and Temu, according to reports. Forever 21 filed for bankruptcy protection for the second time in six years and has already started liquidation sales at more than 350 stores, CNBC reported. Its US operations are expected to shut down entirely unless a buyer steps in. Sparc Group, Forever 21's operator, had been searching for a buyer for months and contacted more than 200 potential bidders. Court filings show that 30 parties signed confidentiality agreements, but no viable deal materialized. Talks wit…

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by Chris Spiker
Manchester, CT
Business
Forever 21 Preparing To Close 200 More Stores As Bankruptcy Looms: Reports Forever 21 Preparing To Close 200 More Stores As Bankruptcy Looms: Reports
Forever 21 Preparing To Close 200 More Stores As Bankruptcy Looms: Reports Forever 21 may close at least 200 more stores and could shut down every location during a possible bankruptcy process, according to reports. Forever 21 is considering the closures and its US operator F21 OpCo. may declare bankruptcy as soon as March, Bloomberg News reported. This would be the fast-fashion chain's second bankruptcy filing in about six years. Unless a buyer acquires the remaining locations, the retailer could be forced to liquidate, shutting down its roughly 350 remaining stores. At its height, Forever 21 operated more than 500 US locations and at least 800 worldwid…

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by Chris Spiker
Harrisburg, PA
Business
PA Attorney General Warns Consumers Amid Big Lots Bankruptcy, Closures PA Attorney General Warns Consumers Amid Big Lots Bankruptcy, Closures
PA Attorney General Warns Consumers Amid Big Lots Bankruptcy, Closures Attorney General Michelle Henry is warning Pennsylvanians to protect themselves as Big Lots closes its remaining 64 stores across the state amidst Chapter 11 bankruptcy proceedings. The retailer began going-out-of-business sales on Dec. 20, 2024, following a federal bankruptcy court order. Henry issued the alert on Friday, Jan. 10, to ensure consumers understand their rights and avoid potential financial losses during the liquidation process. “Consumers should take steps to safeguard their purchases and claims as Big Lots winds down operations,” Henry said. The Attorney General’s Office of…

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by Jillian Pikora
Worcester, MA
Business
Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory
Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory Bob's Stores, the family apparel and shoe retailer, will close all of its 21 locations throughout the Northeast after the company said it is bankrupt. The stores will remain open through July 14 as the company sells its remaining items at greatly reduced prices. Some things were marked down as much as 70 percent, according to a news release. The company, which filed for Chapter 11 bankruptcy late last month, is $29.4 million in debt, according to the court filing.  Bob's President Dave Barton apologized to the communities affected by the closures.  We regret that our financ…

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by Josh Lanier
Dorchester, MA
Business
Christmas Tree Shops Now Plans To Close All Its Stores Christmas Tree Shops Now Plans To Close All Its Stores
Christmas Tree Shops Now Plans To Close All Its Stores Christmas Tree Shops plans on closing all of its remaining stores after earlier this year announcing the closure of nearly a dozen of its locations, according to a new report. The 53-year-old discount home-goods chain offers seasonal decor year-round, along with assorted gifts, kitchen items, and furniture. In May, the company announced it was closing 10 of its approximately 80 stores after filing for bankruptcy.  Now, the company has reached an agreement with its stakeholders to liquidate the remaining approximately 70 stores unless a buyer emerges, according to The Wall Street Journ…

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by Joe Lombardi
Dorchester, MA
Business
Clothing Chain To Close All CT, MA Stores, Laying Off Nearly 500 Clothing Chain To Close All CT, MA Stores, Laying Off Nearly 500
Clothing Chain To Close All CT, MA Stores, Laying Off Nearly 500 A clothing store with 46 locations across five states is selling off its inventory and closing all its locations.  EbLens, a retail store with a 70-year history, is liquidating its inventory and closing all its stores for the "benefit of creditors," according to Steven Victor, Executive Manager of Eblens ABC LLC.  The chain was created in New Britain, Connecticut in 1949 and now sells name-brand streetwear, footwear, and accessories.  EbLens currently employs close to 500 people across all its stores, including 17 in Connecticut and 17 in Massachusetts.  The workers will lose their jobs …

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by Morgan Gonzales
Massapequa, NY
Business
Final Long Island Sears Store Closing, Report Says Final Long Island Sears Store Closing, Report Says
Final Long Island Sears Store Closing, Report Says The final Sears store on Long Island is preparing to close its doors. According to a job posting on the company website from Friday, Oct. 1, the Nassau County store is in the process of being liquidated and needs employees to help disassemble displays and prepare the store for closure. The business is located at 800 Sunrise Mall in Massapequa. "The Fixture Removal Team Associate will assist with moving and disassembling the store's salesfloor fixtures, stockroom shelves and other merchandise display racks and fixtures to get the store ready for closure, as it is in the process of liquidati…

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by Nicole Valinote
Torrington, CT
Business
Lord & Taylor Closing All Its Stores After Nearly 200 Years In Business Lord & Taylor Closing All Its Stores After Nearly 200 Years In Business
Lord & Taylor Closing All Its Stores After Nearly 200 Years In Business Lord & Taylor, the first department store to be established in the United States, is going out of business, closing all its stores after a 194-year run. Reversing a decision announced last week to keep 14 stores open, the company announced on Thursday, Aug. 27 that all of its 38 remaining stores and website have begun liquidation sales.  Parent company Le Tote had filed for bankruptcy Sunday, Aug. 2. "While we are still entertaining various opportunities, we believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize value of inv…

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by Joe Lombardi
Parsippany-Troy Hills, NJ
Business
Parsippany, Westwood Payless Stores To Shutter In March Parsippany, Westwood Payless Stores To Shutter In March
Parsippany, Westwood Payless Stores To Shutter In March Payless Shoesource will begin closing 2,600 stores in the U.S. and Puerto Rico this month after filing for bankruptcy in February. All of the source will be shuttered by late May. Below are the New Jersey stores to go in March. Atlantic City: Baltic Avenue Brick: Brick Boulevard Carteret: Roosevelt Avenue Freehold: Route 9 Jersey City: Mall Drive West Jersey City: Central Avenue Linden: West Edgar Road Parsippany: Route 46 Perth Amboy: Smith Street Plainfield: East Front Street Trenton: S Clinton Street Wall Township: Highway 35 #3 Westwood: Broadway Woodbridge: Woodbridge Center Drive Liq…

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by Cecilia Levine
Stamford, CT
Business
Sears CEO Raises Doubts About Company's Future, Citing 'Substantial Obstacles To Profitability' Sears CEO Raises Doubts About Company's Future, Citing 'Substantial Obstacles To Profitability'
Sears CEO Raises Doubts About Company's Future, Citing 'Substantial Obstacles To Profitability' Despite undergoing a paradigm shift and attempting to change gears in the way it does business, Sears continues hemorrhaging money, casting its future in doubt. Sears CEO Eddie Lampert said that his company has been “working hard to transform its business and unlock the value of its assets,” which includes a shift from traditional retailing to a more member-centric company. Despite these changes, things are looking bleak for the once vibrant company. “The journey to running a member-centric company on a consistently profitable basis has taken far longer than we expected,” Lampert said in a …

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by Zak Failla