Recently in toys and gifts Category

The economic downturn is hitting local stores especially hard. Saddest among those affected are the decades-old establishments suddenly facing bankruptcy or liquidation. Recent news affects a variety of beloved and longtime stores around the country:

• Washington, D.C.'s Apartment Zero is closing its District location after 10 years in business. The owners vow to continue online and may open another location, but in the meantime, the items in store are being liquidated.
• Out in Billings, Montana, Sutton's Sportswear is closing, two and a half years after its original owners sold the store. Sutton's, which made its own line of clothes, had been around since 1981.
• Aurora, Illinois' Montgomery Ace has started its going-out-of-business sale. The store, which had been a go-to for hardware and housewares, had been operating since the 1970s. [added 2:09 p.m.]
• And in Decatur, Illinois, 121-year-old Wyker's Toys closed for good on Tuesday. Wyker's had been family-run since 1888, when it first opened as a hardware store. The owners cite the economy and changing shopping habits as contributing to the store's demise.

The U.S. unit of specialty retailer Crabtree & Evelyn filed for Chapter 11 bankruptcy this morning, citing economic conditions. The company, which sells popular soaps and other products, has 126 stores across the country. Crabtree & Evelyn plans to work on rent reductions at existing locations and will close an unspecified number of stores.

The economic downturn is hitting local stores especially hard. Saddest among those affected are the decades-old establishments suddenly facing bankruptcy or liquidation. Recent news affects regional chains with long histories:

• In Charleston, Luden's is closing its doors. As its website states, "established in 1867 as a ship's chandler, J.J.W. Luden's is the oldest retail establishment in Charleston." Its owners cited an expiring lease as the main factor in the decision to close, along with economic conditions. (Timely Demise finds this odd--Luden's surely endured many other expired leases and tough years over the past 142 years.)
• Specialty retailer The End Result in State College, Pa. is closing after 38 years. Downtown State College has seen numerous retailers depart in recent months, like many town centers, although its economy is buoyed somewhat by Penn State students.

This one just bubbled up: the Metropolitan Museum is closing 15 stores nationwide in a cost-cutting move. The museum only had 23 stores, so this is a substantial resizing. The news resurfaced in conjunction with reports of layoffs and financial losses in the museum's endowment. No operating plans are planned for the museum itself.

Toys 'R' Us has acquired online retailer eToys and its sister websites. The deal ends the bankruptcy filing of eToys' parent company, the, er, Parent Company. Toys 'R' Us also assumes control of Baby Universe and ePregnancy in the deal.

A pair of major American brands announced store closings last week that were hidden within press releases about layoffs:

• Phillips-Van Heusen is closing 175 stores over the next two to three years in a restructuring move. The company, whose brands include Calvin Klein and Bass, did not specify which stores or lines would be affected.
• Cardmaker American Greetings is closing 60 stores out of 415 nationwide. These are happening quickly; some are slated to close by the end of February. Financially, the company's credit rating just reached junk level, which is a bad sign for the long-term health of the chain overall.

Parent Company, the online toy retailer and, er, parent company of eToys and other stores, became the first notable holiday season retail casualty when it filed for Chapter 11 bankruptcy Monday. The company, which has had numerous ups and downs since the end of the dot-com boom, called the filing "unfortunate but necessary."

Toy retailer KB Toys filed for bankruptcy today, citing a "sudden and sharp decline" in sales. The liquidity crisis is specifically cited as a factor in the filing. The company, which has been around since the the 1920s, also went bankrupt in 2005.

Update: as part of the filing KB is specifically planning on closing all its stores.