Good Lifestyle

The Covid-19 pandemic has caused thousands of store closures and financial misfortunes for the retail sector. Now,REGIONAL DEPARTMENT BELK can be added to this list. The popular retailer officially filed the bankruptcy of Chapter 11 in order to guarantee the most important major private store of the nation. Read it to see what this development could mean for the company and for more commercial destinations that have been victims of the pandemic, checkThis beloved chain closes all its stores.

Bank's bankruptcy plan, which was filed in a Houston courtroom on February 23, would relieve the company of $ 450 million in debt and would create capital infusion for the company,The Observer of Charlotte reports. It would also see current owners, the Private Capital Corporation of New York, Sycamore Partners, transmitting large issues of society to lenders while maintaining business control.

The depositor of the bankruptcy for the 133-year-old retailer comes about half a decade after Belk Founder's family sold the company to its current owners for $ 3 billion. The years that saw the company based in Charlotte focus on too familiar problems faced by other people in the industry, such asTraffic of the feet doing shopping centers And online online sales have created a cash crisis for society - just before the Roman Coronavirus Short Stores Nationwide.

"The Pandemic of Covid-19 has led directly to drastic declines in sales, revenues and liquidity"William LangleyBelk's Chief Financial Officer stated in a statement alongside the bankruptcy deposit.

But despite desperate moments, the retailer is optimistic that the deposit could simply help him survive: for now, theThe company is committed not to unfold One of its 23,000 employees and plans to clog any of its 300 more stores. "Belk is today with an operational and complete solution to its capital and cash structure problems," said Langley.

Unfortunately, Belk is far from the only merchant pillar to fight under the pressures of the pandemic. Continue reading for other stores that started closing in the middle of Covid and a beloved restaurant that also suffers from suffering.This popular pizza chain has just filed a bankruptcy.

The 90s may have been an apogee for the popular brand of the Ralph Lauren brand, but the schedules have changed - and thus have the fortune of society. On a recent gain calls with investors,Ralph Lauren announced that it would beClose some of its retail operationsBy saying that it plans to reduce its corporate footprint by 30% and to close up 10 stores worldwide as part of a larger plan to focus on digital sales, which was in place before the start of the pandemic.

The leaders on the call said the storeClosures would help The company saves exorbitant rent costs.Jane Nielsen, CFO and COO of Ralph Lauren, reported that this would help the company "embrace new working methods" and "swiveling resources to our key strategic priorities".

It's not a secret thatSears and Kmart have seen better days. Retailers, who are both inmates by the Mother Transformer, recentlyannounced plans to clog at least 20 branches Sears and seven Kmarts by mid-April of this year,United States today reports.

Sears saw a drastic reduction of his footprint Since 2010, when he boasted more than 3,900 stores. By 2019, this number had narrowed only 489, with only 36 department stores at the end of January 20, 2021, according toStrong. Kmart recorded a similar discount in its store store, from 360 in 2019 to a total of 30 years now. And for more information on brands that reduce showcases, checkThis popular clothing store closes at least 200 locations.

A trip to the mall will never be the same for those who have a sweet tooth: famous chocolatierGodiva has recently announced after 95 years, he will beClose all 128 of its American storesIn March of this year, CNN reports. The company had in fact planned to expand its detail imprint until the Covid-19 pandemic has hit and has already announced that it would open 2,000 new GODIVA cafes on a global scale.

"Of course, this decision was difficult because of the care we have for our dedicated chocolatiers and workers who will be affected", CEO of GodivaNurtac Afridisaid in a statement. "We are grateful for all they have done to make wonderful moments for our consumers and spread happiness through incredible customer service and live our values ​​and behaviors."

Fortunately for chocolate fans, the company said it would continue to sell its products online and through a number of specialties and grocery stores across the country. And for more detail news sent directly to your inbox,Sign up for our daily newsletter.

Once a many childhood clip, the toys R us have recently reduced its footprint until only two stores: one in Texas, the other in New Jersey. These brick and mortar locations have been pivoted to operate as more traditional toy stores to focus on more "experiences" features after being sold to a new parent company, Tru Kids, Inc., in 2018. But with the pandemic. Covid-19 forcing the closure of shopping centers and retail stores at the national level, theThe last remaining toys R American shops did not survive.

"As a result of COVID-19, we made the strategic decision to pivot our store strategy for new locations and new platforms that have a better traffic," said a spokesman for Tru Kids said at CNN Business,While confirming closures. Nevertheless, more than 700 stores will remain open internationally, while toys continue to sell online in the United States and for more information on brands that stop their stores.This beloved furniture chain firm anything but 1 of its stores.