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June 10, 2008

Sharper Image Goings-On

Creditor's Committee Counsel Cooley Godward filed its fee application in the Sharper Image chapter 11 case for April, 2008 seeking $238,000 in fees for the month.  The fee application for March requested $425,000 in fees (which were approved).  The financial advisor for the Committee has requested $124,000 for April. 

On May 30, the court approved a "second going-out-of-business" sale for the bulk of the remaining 80 some-odd stores.  Apparently, the deal Sharper Image had to sell the assets as a going concern did not materialize.  As it will now liquidate, it is facing the termination of the bulk of its remaining employees and has therefore sought permission to pay severance pay to these employees.   

June 10, 2008 in Current Affairs | Permalink


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Boscov's filed Chapter 11, plus other store closings


Boscov's filed Chapter 11 (reorganization) this week; 10 stores slated to close, including 3 in MD, 5 in PA, and one each in VA and NJ. Going-out-of-business sales at the closing stores could begin by Aug. 15.

Marley Station Mall, Glen Burnie
Owings Mills Mall, Owings Mills
White Marsh Mall, Baltimore
Monmouth Mall, Eatontown
Harrisburg East Mall, Harrisburg
Monroeville Mall, Monroeville
Montgomery Mall, North Wales
Oxford Valley Mall, Langhorne
South Hills Village Mall, Bethel Park
Piedmont Mall, Danville

Linens 'n Things' - originally said 177 stores to close over the next few months, now they say 57.

Got this list in an e-mail, also found the info online, checked a few, and it seems accurate.

1. Ann Taylor closing 117 stores nationwide. A company spokeswoman said the company hasn’t revealed which stores will be shuttered. It will let the stores that will close this fiscal year know over the next month.

2. Eddie Bauer to close more stores - Eddie Bauer has already closed 27 shops in the first quarter and plans to close up to two more outlet stores by the end of the year.

3. Cache closing stores - Women’s retailer Cache announced that it is closing 20 to 23 stores this year.

4. Lane Bryant, Fashion Bug, Catherines closing 150 stores nationwide The owner of retailers Lane Bryant , Fashion Bug , Catherines Plus Sizes will close about 150 underperforming stores this year. The company hasn?t provided a list of specific store closures and can’t say when it will offer that info, spokeswoman Brooke Perry said today.

5. Talbots, J. Jill closing stores - About a month ago, Talbots announced that it will be shuttering all 78 of its kids and men’s stores. Now the company says it will close another 22 underperforming stores.

The 22 stores will be a mix of Talbots women’s and J. Jill, another chain it owns. The closures will occur this fiscal year, according to a company press release.

6. Gap Inc. closing 85 stores - In addition to its namesake chain, Gap also owns Old Navy and Banana Republic. The company said the closures - all planned for fiscal 2008 - will be weighted toward the Gap brand.

7. Foot Locker to close 140 stores - In the company press release and during its conference call with analysts today, it did not specify where the future store closures - all planned in fiscal 2008 - will be. The company could not be immediately reached for comment

8. Wickes is going out of business - Wickes Furniture is going out of business and closing all of its stores, Wickes, a 37-year-old retailer that targets middle-income customers, filed for bankruptcy protection last month.

9. Goodbye Levitz - The furniture retailer, which is going out of business. Levitz first announced it was going out of business and closing all 76 of its stores in December. The retailer dates back to 1910 when Richard Levitz opened his first furniture store in Lebanon , PA. In the 1960s, the warehouse/showroom concept brought Levitz to the forefront of the furniture industry.

The local Levitz closures will follow the shutdown of Bombay.

10. Zales, Piercing Pagoda closing stores - The owner of Zales and Piercing Pagoda previously said it plans to close 82 stores by July 31. Today, it announced that it is closing another 23 underperforming stores. The company said it?s not providing a list of specific store closures. Of the 105 locations planned for closure, 50 are kiosks and 55 are stores.

11. Disney Store owner has the right to close 98 stores The Walt Disney Company announced it acquired about 220 Disney Stores from subsidiaries of The Children’s Place Retail Stores. The exact number of stores acquired will depend on negotiations with landlords.

Those subsidiaries of Children’s Place filed for bankruptcy protection in late March. Walt Disney in the news release said it has also obtained the right to close about 98 Disney Stores in the U.S. The press release didn?t list those stores.

12. Home Depot store closings - ATLANTA - Nearly 7+ months after its chief executive said there were no plans to cut the number of its core retail stores, The Home Depot I nc.ann ounced Thursday that it is shuttering 15 of them amid a slumping U.S. economy and housing market. The move will affect 1,300 employees.

It is the first time the world’s largest home improvement store chain has ever closed a flagship store for performance reasons. Its shares rose almost 5 percent. The Atlanta-based company said the underperforming U.S.stores being closed represent less than 1 percent of its existing stores. They will be shuttered within the next two months.

13. CompUSA clarifies details on store closings Any extended warranties purchased for products through CompUSA will be honored by a third-party provider, Assurant Solutions. Gift cards, rain checks, and rebates purchased prior to December 12 can be redeemed at any time during the final sale. For those w h o h ave a gadget currently in for service with CompUSA, the repair will be completed and the gadget will be returned to owners.

14. Macy’s - 9 stores -

15. Movie Gallery - 160 stores as part of reorganization plan to exit bankruptcy. The video rental company plans to close 400 of 3,500 Movie Gallery and Hollywood Video stores in addition to the 520 locations the video rental chain closed last fall.

16. Pep Boys - 33 stores

17. Sprint Nextel - 125 retail locations New Sprint Nextel CEO Dan Hesse appears to have inherited a company bleeding subscribers by the thousands, and will now officially be dropping the ax on 4,000 employees and 125 retail locations. Amid the loss of 639,000 postpaid customers in the fourth quarter, Sprint will be cutting a total of 6.7% of its work force (following the 5,000 layoffs last year) and 8% of company-owned brick-and-mortar stores, while remaining mute on other rumors that it will consolidate its headquarters in Kansas.

18. J. C. Penney, Lowe’s and Office Depot are scaling back

19. Ethan Allen Interiors: The company announced plans to close 12 of 300+ stores in an effort to cut costs.

20. Wilsons the Leather Experts - 158 stores

21. Pacific Sunwear will close its 154 Demo stores after a review of strategic alternatives for the urban-apparel brand. Seventy-four underperforming Demo stores closed last May.

22. Sharper Image: The company recently filed for bankruptcy protection and announced that 90 of its 184 stores are closing. The retailer will still operate 94 stores to pay off debts, but 90 of these stores have performed poorly and also may close.

23. Bombay Company: The company unveiled plans to close all 384 U.S.-based Bombay Company stores. The company?s online storefront has discontinued operations.

24. KB Toys posted a list of 356 stores that it is closing around the United States as part of its bankruptcy reorganization. To see the list of store closings, go to the KB Toys Information web site, and click on Press Information

25. Dillard?s to Close More Stores Dillard?s Inc. said it will continue to focus on closing underperforming stores, reducing expenses and improving its merchandise in 2008. At the company?s annual shareholder meeting, CEO William Dillard II said the company will close another six underperforming stores this year.

Posted by: Angie Reading | Aug 8, 2008 5:03:04 AM

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