This beloved brand closes 122 stores
The company revealed that its revenues had significantly soaked the Pandemic of Covid.
With fewer peopleShopping Brick and Mortar Stores In the middle of the pandemic, the retail sector has trouble rebounding. However, it is not just mom and pop stores that had to be clogged due to the financial pressure caused by the pandemic - a number of major channels have been forced to make difficult decisions to stay afloat. Now, the beloved children's retailerannounced plans to close 122 stores In 2021 in the middle of sales losses. And for some shopping experiences, you will never have,This beloved chain closes all its stores.
In a statement of March 9, President and Chief Executive Officer of ChildrenJane Elfers announced that, while sales of the fourth quarter of the store "have exceeded our expectations in our digital channels and our storage channels," sales had significantly exceeded between 2020 and 2021. Net sales of the store decreased 7.8% year-over-year, a modification of the brand specifically attributed to the pandemic.
The decrease in sales of the place of children was "mainly driven by the impact of permanent and temporary store closures and the negative impact of the reduction of hours of operation in our shopping center stores, as indicated by the owners of centers ", said the brand in a statement.
As a way to keep the place of children afloat, "the company plans to close a total of 122 stores during the year 2021, with about 25 closing stores in the first quarter and about 97 closures planned at the end of the Exercise 2021 ", Announced Brand. Closures follow the 178 brick and mortar stores out of 2020.
The place of children is far from the only brand that has been the victim of serious losses in the middle of Covid. Read it to find out which other shops must close the shop. And for more stores that are not long for this world,This popular department store has just filed bankruptcy.
1 GAP and Banana Republic
A total of 100 banana republic stores around the worldShutter in the near future in the middle of the fall in sales. While the old Navy and Athléta, both owned by Gap Inc., sales increased by 7 and 26%, respectively, sales of the same GAP store dropped by 6% a year to the Other, while the Republic of Banana dropped by 22%, which pushed the mark to continue closer. However, since the old Marine and Athléta have performed so much in the last year, Gap Inc. isOpening up to 40 new Navy stores and up to 30 new athletas. And for the latest news from the store closure delivered directly to your inbox,Sign up for our daily newsletter.
2 Disney store
Even theHappiest shopping experience On Earth could not withstand the financial turmoil caused by the pandemic. In early March, Disney store announced that it would close at least 20% of its retail stores, focusing on its e-commerce activity.
"In recent years, we have focused on the consumer meeting where they already spend their time, such as the expansion of Disney store stores around the world. We now plan to create a more flexible and interconnected e -Commerce experience that gives consumers easy access to unique and high quality products on all our franchises, "saidStephanie Young, Disney President of consumer products, games and publication,in a report. And for more store closing companies,This popular beauty brand closes for good.
3 Paper source
Popular source of gift paper and card card store announced its bankruptcy filing in Chapter 11 on March 2nd. The brand, which has been undertaken for 37 years, will beShuttering 11 of its stores in the near future. "As with many other retail marks, [a paper source] of deep damage to their finances and operations as a result of the current COVID-19 pandemic," said the CFO of the source paperRonald Kruczynski, according toCourt documentsgot by diving. He added that the company would undergo a "global restructuring" to improve profitability.
4 Solstice
On February 18, the Solstice Sunglasses retailer announced that there wasfiled for the bankruptcy of Chapter 11 Protection after sales had fallen by more than 50% between 2019 and 2020. However, despite the financial problems of the brand, CEOMikey Rosenberg said he hoped that the recovery of Solstice. "We are optimistic about the reorganization while we continue to see growing activities in our stores because COVID restrictions are lifted and in the new modes that our suppliers provide," said Rosenberg in a statement. And for more flickering stores in the middle of the pandemic,This emblematic channel closes up to 50 stores.
