In response to a drop in sales and profits, clothing retailer Gap announced 100 store closings. It was not stated which of their brands, which include Banana Republic and Old Navy, would be affected by the closings.
This amount of store closings is not high; Gap actually closed 119 stores in 2008. But the net loss of 50 doors is a contrast to last year's 18-store increase.
Swimwear retailer Everything but Water filed for bankruptcy in the face of difficult economic conditions. Everything but Water, which sells its products in 70 stores, is being sold by its parent company.
Clothing retailer Aeropostale is closing its Jimmy'Z stores to focus on other concepts. Jimmy'Z had 11 locations across the country (and was most trendy, I believe, back in the 1980s).
Aeropostale is one of the few bright spots in the apparel market, with strong sales in recent months despite large declines across much of the industry. Jimmy'Z was losing money for its parent company, which will realize a gain from the closures.
Florida-based retailer Bealls is closing a dozen outlet stores in Florida, Georgia and Arizona to improve efficiencies. The company says the closings are part of an overall strategy and not just a reflection of the economy. Bealls, which operates 500 stores in 13 states, is not to be confused with the Bealls in Texas.
S&K Famous Brands filed for bankruptcy, citing the usual reasons in this marketplace in its filing. S&K operates 136 stores up and down the eastern seaboard. The company is seeking funding to continue operations while under bankruptcy protection.
In related news, the Massachusetts menswear chain Kaps is closing all its stores due to declining sales. The company has shut one store while the other three hold going-out-of-business sales. Kaps dates its origins to 1885.
Nineteen-door Chernin's Shoe Outlet has filed chapter 7 bankruptcy and will liquidate all stores. The company had a presence in seven states and has been in business since 1907.
