The coronavirus pandemic has hit the retail trade laborious, placing millions of Americans out of work and giving centuries-old shops no alternative however to shut their doorways for good. Every day, it seems like extra massive manufacturers are submitting for chapter, drastically lowering their workforce, or making another main transfer simply to keep afloat. Recently, Bed Bath & Beyond—a well-liked residence retail chain with greater than 1,000 shops throughout the nation—introduced that they might be closing 200 locations over the following two years, in accordance to USA Today. These closures—greater than 60 of that are underway—are Bed Bath & Beyond’s try to recuperate and survive the monetary hardships wrought by the pandemic. But now, the corporate is making one other drastic transfer to keep afloat—Bed Bath & Beyond has offered off its much-loved Christmas Tree Shops. Read on to discover out the seasonal retailer’s destiny, and for extra retail information, take a look at This Popular Clothing Chain Just Announced It’s Closing 250 Stores.
Bed Bath & Beyond introduced this week that they’ve entered into an agreement to sell Christmas Tree Shops to Handil Holdings, LLC. The deal, set to be full by November, contains all 80 brick-and-mortar Christmas Tree Shops places, however the excellent news is that Handil plans to proceed working the shops as Americans have come to know and love them.
The first Christmas Tree Shops opened back to the 1970s in Yarmouthport, Massachussetts, promoting items and ornaments. The store quickly expanded into three totally different areas—Front Shop, Back Shop, and Barn Shop. Eventually, they offered residence objects for events all year long, however the authentic title caught. In 2003, the chain was acquired by Bed Bath & Beyond, rising to 80 shops in 21 states.
In addition to promoting off Christmas Tree Shops, Bed Bath & Beyond additionally offered its Linen Holdings enterprise and a distribution heart positioned in Florence, New Jersey as a part of an ongoing effort to keep in enterprise. “Today’s announcement builds on the purposeful steps we have made throughout the year to simplify our portfolio, unlock capital and create clear strategic focus to accelerate our plans to build our authority in the Home, Baby, Beauty and Wellness markets,” Bed Bath & Beyond president and CEO Mark Tritton mentioned in an announcement. “We will continue to invest in our digital-first experience with a customer-inspired assortment that makes it easy to feel at home with Bed Bath & Beyond.”
The monetization of those property is anticipated to generate $250 million for the corporate, and is a part of a wider restructuring that has already seen 63 shops shut and the lack of 2,800 jobs. The hope is that these choices can safe the corporate’s future, however not each model has been so fortunate. Read on to see shops which have totally succumbed to COVID, and for extra retail information, take a look at how Apple Just Discontinued This Popular Phone.
In August, iconic division retailer Lord & Taylor introduced that they’d filed for Chapter 11 bankruptcy and could be going out of enterprise. Lord & Taylor’s monetary hardships started earlier than COVID: the chain was sold to Le Tote in 2019, however it was not sufficient to hold the corporate going as soon as the pandemic hit.
Beloved regional division retailer Century 21 filed for chapter in September and the corporate quickly revealed all 13 locations would be closing. In an announcement, Century 21 co-CEO Raymond Gindi defined that, due to COVID, the corporate had “no viable alternative but to begin the closure of our beloved family business.”
In August, 112-year-old Stein Mart introduced that they might be shutting all their stores down. The common low cost retailer filed for Chapter 11 chapter due to “the combined effects of a challenging retail environment coupled with the impact of the coronavirus,” Stein Mart CEO Hunt Hawkins mentioned in an announcement. Now, all 280 places throughout 30 states are disappearing. And for one more longtime favourite that is beginning to vanish, take a look at This Beloved Beauty Brand Is Closing Stores Nationwide
Pier 1 Imports, your favourite spot for curated residence items, filed for chapter in mid-May. The shops that stay are at the moment winding down with going-out-of-business sales, with all 540 places shuttering for good by the tip of October. And for extra helpful content material delivered straight to your inbox, join our day by day e-newsletter.