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Wednesday, April 24, 2019
50 Major #Companies Facing #Bankruptcy Possibility 2019
"Finally it’s had to file Chapter 11 bankruptcy October 2018, closing 142 stores in the process"
The clothing company favored by former first lady Michelle Obama has been closing some of its stores due to plunging sales over the years. It also closed its bridal store and parted with its creative director, Jenna Lyons, and CEO, Millard “Mickey” Drexler. Drexler confessed he thought the company’s troubles stemmed from raising prices.
Sears Holdings has undergone trouble for a decade, with their sales continuing to decline. It sounds like they’ve tried nearly everything — cost cuts, asset sales, store closures, and layoffs — but RetailDive says this hasn’t helped the giant department store out too much. Finally it’s had to file Chapter 11 bankruptcy October 2018, closing 142 stores in the process.
The retailer offering discount goods has found itself between a rock and a hard place, facing competition from companies like Dollar General, Dollar Tree, and Walmart. In December 2017, the company reported a net loss of $27.1 million on top of $33.6 million in losses the second quarter and $8.8 million in Q1.
BIG RETAIL COLLAPSING?
Posted by Unknown at 1:00:00 AM