Charming Shoppes, the parent company of Fashion Bug, Lane Bryant and Catherine's Plus, is closing 100 stores, bringing to 250 the number of outlets it is shutting. The company hopes to achieve cost savings in excess of $100 million. Most of the closings will be Fashion Bug outlets but the other names will be affected. Same-store sales at all three lines are down significantly this fall.
store closings: November 2008 Archives
Sears is expanding its store closings by 50% for 2009. The legendary department store will shutter 19 doors this winter. This article notes sister store Kmart has been slowly closing stores for some time, which is part of CEO Ed Lampert's strategy to maximize real estate value more than a reflection of market conditions.
The economic slowdown affects family-run, local businesses as much as it shakes publicly traded companies. A pair of long-time retailers announced closings this week:
- Bixler's Jewelers, in Easton, Pa., after 223 years in business
- Zim's, craft supplier in Salt Lake City, Ut., after 62 years
- And a public company, Harold's Clothing, which has operated since 1948 and filed for Chapter 11 bankruptcy on Nov. 7. The chain will be closing all stores and liquidating assets.
Furniture maker La-Z-Boy is closing 15 to 20 stores, laying off employees and cutting back spending in "response to slumping sales." Store closings will occur between now and March. The company has no concerns about its long-term financial health.
