One of America’s most iconic luxury retailers, Saks Fifth Avenue, is grappling with significant financial distress that could force the company into Chapter 11 bankruptcy. · Saks Fifth Avenue has shut down rumors that the iconic department store was facing bankruptcy, insisting it is making “strong progress” to clear its debt. In a statement to The U.S. Sun, the retailer said that a restructure was “not being contemplated”. · One of the United States oldest retailers has struggled to pay its bills. The chain has been slow to pay vendors, which puts its holiday inventory at risk. The company has not commented on a potential Chapter 11 bankruptcy filing. · The iconic retail chain has shrunk by more than one-third over the past five years. The luxury retailer Henri Bendel, which opened its doors in New York's Greenwich Village at the end of the 19th century, is closing. Profile image By AP , 7:29:40 PM IST (Published). Henri Bendel, 123-year-old luxury retailer, closes the doors. Earlier this year, JCPenney closed a store at The Shops at Tanforan in San Bruno, California. With this closure and the one in Pleasanton, that leaves just six locations left in the Bay Area. In the years after Lampert’s takeover, sales at the 137-year-oldretailer slowed amid a lack of investment in store updates, a slower pivot to e-commerce, and increased competition from other big box retailers and newer online behemoths such as Amazon. For the first time in 123years, McRoskey San Francisco, the upscale bedding retailer based here, is under the ownership of a non-family member.Vanessa Contreras, former president of McRoskey San Francisco, has acquired the retail operation. Henri Bendel, known for its brown and white striped shopping bags, is closing in the new year. The luxury retailers parent company, L Brands Inc., said that Henri Bendels 23 stores and its website will shut down in January but that itll carry new merchandise during the holiday season. "Disappointment in thousands of capital letters", is how union CNV refers to bankrupt retail chain V&D's collapse after nearly 130 years of business. The 62 V&D stores were closed from Monday. The plan to rescue the in-troubleretailer fell apart on Tuesday. · Ragini Bhalla, head of brand and spokesperson for Creditsafe, shared some data on the struggles that Saks Fifth Avenue has undergone, which could push the company into a Chapter 11 bankruptcy... · Longtime regional mall department store anchor JCPenney has revealed that it will close another of its stores, which is located in the Stoneridge Mall in Pleasanton, Calif., after closing eight... · It’s lazy to blame the shrinking of classic mall anchors including Macy’s and JCPenney on people not going to the mall. The problem, and it’s a really big one, is that this is not actually true.... Henri Bendel appears to be the latest victim of the ongoing, massive disruption of retail. The store is just one of many retailers that has been forced to close its doors, either in part or fully, in the face of dwindling sales and stiff competition from e-commerce platforms. 123-year-oldretail chain shuts down popular mall location. Yesterday.Iconic 123-year-oldretailer announces store closure as holiday shopping peaks. 15 hours ago. The comments come after reports circulated online that the 123-year-oldretailer faced Chapter 11 bankruptcy. The report cited data from an independent credit report agency which claimed that Saks had a “persistent and troubling pattern of late payments” over the past 12 months. The 165-year-oldretailer in July rejected talks with private investors attempting to take over the company and opted to pursue its own strategy to remake the chain. Part of Macy’s turnaround effort includes plans to close hundreds of stores. The 123-year-old company, which also operates sister brands Hollister Co. and Abercrombie Kids, said that it will now call store employees “brand representatives,” rather than “models.” On top of no longer hiring strictly eye candy-level clerks... The 56-year-old executive took the helm in 2015 and focused the Texas-based company on presentation at the store, supply-chain efficiency and appealing to its frugal base. "His way or the highway". Employees had two options: comply or leave/be terminated. Edward Lampert is causing the 123yearoldretailer to collapse. Sales have fallen by half since 2007: burning through money, closing stores & reducing jobs.
