The Des Moines Register’s Post

🚨BREAKING NEWS🚨 The beloved 99 Cents Only Stores has made a heartbreaking announcement, sending shockwaves through the bargain-hunting community. 😢 In a surprising move, they've filed for Chapter 11 bankruptcy, signaling the end of an era for this iconic discount retailer. With the closure of all 371 stores across California, Texas, Arizona, and Nevada, we're left wondering about the future of discount retail and the struggles faced by brick-and-mortar stores in today's economic landscape. 💔 Read more about this significant development in my latest blog post. #99CentsOnlyStores #Bankruptcy #RetailApocalypse https://lnkd.in/gGCneTUh

The end could be nearing for Big Lots, with even the company itself questioning its ability to survive declines in consumer spending. In a June filing with the U.S. Securities and Exchange Commission, Ohio-based Big Lots reported plans to close 35 to 40 stores this year after the company’s net sales in its first fiscal quarter ending in May decreased year over year by $114.5 million, or 10%, to just over $1 billion. The discount retailer also took on $72.2 million in additional debt, now owing $573.8 million total. Big Lots counts 244 of its 1,392 stores as underperforming.

After liquidating stores, bankrupt retailers are staging a comeback. Good examples are Toys R Us and Buy Buy Baby. It’s all about reviving the brand. https://lnkd.in/gFwH7ghx #landlords #retail #bankruptcy #chapter11 #chapter7 #reorganization #creditorsrights #debtorcreditorsrights #landlordtenantmatters #landlordtenants #ceosanddirectors #ceosandofficers #officersanddirectors

The past year has been a retail bloodbath. That's partly because Covid forced a lot of non-essential retailers to add to their debt load. Many retail chains had to go through months where they took in very limited revenue. During that lockdown period, they still had to pay rent and salaried employees. In addition, smaller chains faced bigger supply chain problems than their larger rivals. Bigger companies like Walmart, Target, and Dollar General had a greater ability to negotiate for better prices even in an environment where certain goods were in short supply. Some retailers, including David's Bridal and Party City, managed to restructure and exit bankruptcy proceedings. A number of others, including Bed Bath and Beyond, Christmas Tree Shops, and Tuesday Morning were not able to figure out their finances and moved from Chapter 11 reorganizations to liquidation. Now, another storied brand which has a long history that traces back to the 1960s has decided to liquidate and close all its stores. https://trib.al/9UulM3j

Express Store Closings Hit California the Hardest Nearly 100 Locations Expected To Go Dark Coast to Coast - Express, a well-known mall retailer, is closing dozens of stores this year after filing for Chapter 11 bankruptcy protection. - The company, based in Columbus, Ohio, plans to shut down nearly 100 of its namesake brick-and-mortar stores and has already begun going-out-of-business sales at those locations. - The aim is to vacate these stores by June 30. - Express joins the ranks of retailers filing for Chapter 11 or reducing their store numbers without bankruptcy proceedings, including 99 Cents Only Stores. - Store closures will happen across the United States, with California seeing the most closures (16), followed by New York (11), New Jersey (7), Florida (5), Texas (5), and Connecticut (4). - Besides its namesake stores, Express will also close all of its UpWest locations. - As of March, Express operated about 530 Express and Express Factory Outlet stores, approximately 60 Bonobos Guideshop locations, and 12 UpWest stores. - The future of Express is uncertain, but a group that includes two major mall landlords, Simon Property Group and Brookfield Properties, along with brand manager WHP Global (an Express stakeholder), is seeking to acquire its retail locations and operations.

Big Lots is downsizing. In a new filing with the Securities and Exchange Commission, the Ohio-based discounter revealed it may shutter up to 315 stores under amended credit and loan terms. In a June SEC filing, Big Lots, which has about 1,390 stores nationwide, said it was planning to close between 35 to 40 stores in 2024. In the same filing, the company also warned of its ability to survive as a "going concern.” Since the June filing, Big Lots has updated the store location section on its website, which now shows nearly 300 stores earmarked for closure (as of Aug. 2). California ranks as the state with the most shutterings, with 75 of its 109 stores going dark. By contrast, no closings are cited in Texas, where the company operates 116 stores, the most of any state. | Progressive Grocer https://lnkd.in/gBeTh8nm #retail #stores #california #closures

Gigantic Retailer Closing Doors of 559 Stores Across America. You can chalk it up as yet another triumph for the Biden economy. Due in no small part to “Bidenomics.” They join Big Lots, which just announced the shuttering of 149 stores. And with them goes 600 hundred Family Dollar stores, 300 CVS stores, 113 Foot Locker’s — and plenty more, with more likely to come. The average American can’t afford to buy a new home nevertheless furnish one. And those lucky enough to have bought before “Bidenomics” took hold of the nation are fighting to not lose it at the hands of soaring inflation and debt. Now, with Vice President Kamala Harris being crowned by leftist elites to save the United States as per the Democratic party, we need only look at the Biden-Harris legacy thus far to gain insight into what is to come. More of the same, undoubtedly. And much worse, for that matter.