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Bankruptcy cases, store closings pile up for business wear retailers

by Jaimee Heimer on August 10, 2020 in Clothes Shop

Consumers are scared to go out and retailers are floundering. Is there a future for the traditional indoor shopping mall?

Wochit

Dressing up is being dressed down – and that’s bad news for retailers that specialize in traditional office clothes.

After years of business attire becoming increasingly casual, the sudden transition to working from home for millions of Americans has undermined retailers that sell dress clothes.

Men’s Wearhouse, Jos. A. Bank, Brooks Brothers, Lord & Taylor, Ann Taylor, Loft and Neiman Marcus are among the retailers whose parent companies have entered Chapter 11 bankruptcy in recent weeks, having experienced

Mall owner Brookfield will spend $5 billion to save retailers

by Jaimee Heimer on August 10, 2020 in Mall

People walk through the Brookfield Place Pavilion at the World Trade Center West Concourse pedestrian transit connection on October 24, 2013 in New York City.

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Property and mall owner Brookfield Asset Management is targeting spending $5 billion to help struggling retailers, as the retail industry reels from the coronavirus pandemic, the company announced Thursday.

The company said its retail revitalization program, backed by Brookfield and its institutional partners, will focus on taking noncontrolling stakes in retailers to assist them with their capital needs during this time of “dislocation.”

The announcement comes as mall-based retail has been one

J.C. Penney stores closing: Full list of closures due to bankruptcy and restructuring

by Jaimee Heimer on August 10, 2020 in Mall

Bankrupt J.C. Penney plans to permanently shutter 154 stores across the U.S., with going-out-of-business sales set to begin at those locations on June 12. The 118-year-old retailer plans to close a total of 242 locations by the fall.

J.C. Penney declared bankruptcy in May. It was one of many brick-and-mortar stores forced to temporarily close locations in April and May as the coronavirus pandemic raced across the U.S. Although the shutdowns pushed the retailer closer to insolvency, the company had been struggling for years with changing consumer tastes and a shift to ecommerce.

J.C. Penney CEO Jill Soltau said the