At this rate, the only places to shop in life after COVID-19 will be Walmart, Amazon, Target and Costco.
Ascena Retail Group, the owner of Ann Taylor and Lane Bryant, finally filed for bankruptcy protection on Thursday. The company, which has been circling the bowl for years, will look to the courts to help it shave $1 billion in debt. But it’s likely the retailer will be far slimmer post bankruptcy than its current 2,800 store count.
The death notices in retail continue to pile up this month.
Regional retailer Paper Store filed for Chapter 11 earlier this month. The operator of 86 stationary and card stores in the Northeast said it’s looking for a buyer.
New York & Co. parent company RTW Retailwinds also filed for Chapter 11 bankruptcy protection this month after years of growing irrelevance in malls. The women’s apparel company — which changed its name to the bizarre RTW Retailwinds as part of a rebranding in 2018 — operates 378 outlet and and mall-based stores across 32 states.
It may close all of its stores as part of the filing.
New York (CNN Business)Dunkin’ is permanently closing 8% of its United States locations, which amounts to roughly 800 restaurants.
The company announced the changes in its second quarter earnings, released Thursday. Dunkin’ described the closures as “real estate portfolio rationalization” and said the affected locations are in “low-volume sales locations” that only represent 2% of its US sales as of 2019.