KKR & Co., Blackstone Group Inc. and other big lenders to department store chain are in talks with the retailer and Sycamore to avoid bankruptcy after the Chapter 11 process proved hard to manage for other retailers during the pandemic, the Journal stated, attributing the information to people in the know.
Despite a difficult year, Coresight Research noted that far fewer retailers closed their doors in 2020 than many observers anticipated, including Coresight itself.
In an updated reorganization plan filed last week, Tuesday Morning entered a sale/leaseback arrangement for its headquarters and warehouse facilities in Dallas for $60 million.
Century 21 Stores has filed for Chapter 11 and plans to commence a wind down of its off-price retail operations and going out of business sales at its 13 stores across New York, New Jersey, Pennsylvania, and Florida after serving customers for nearly 60 years.
In a decision that allows the company to emerge from Chapter 11, the Bankruptcy Court for the Southern District of Texas issued a ruling confirming Neiman Marcus Group’s plan of reorganization.
Le Tote, Inc. and Lord & Taylor, which recently filed for Chapter 11, said they continue to review offers for a sale of the company and its brands. Meanwhile, the company added five more Lord & Taylor stores to the list of stores that are now participating in the store closing sale process led by a joint venture of Hilco Merchant Resources and Gordon Brothers.
Although it has faced recent challenges with coronavirus-related store closures, TJX could benefit from the market departure of a COVID-19 casualty, according to Placer.ai.