In a filing with the United States Securities and Exchange Commission, Kohl’s stated that it has taken action to further align its cost base in response to the business impact of the COVID-19 pandemic, and so reduced corporate positions by approximately 15%.
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.
Joshua Sussberg of the law firm Kirkland & Ellis, representing J.C. Penney, has told the United States Bankruptcy Court for the Southern District of Texas that Simon Property Group and Brookfield Property Partners had signed a non-binding but fully executable letter of intent for the purchase of J.C. Penney.
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.
Hudson’s Bay is introducing a new initiative to extend its enhanced health and safety measures in its stores. With customer and associate well-being top of mind, select Hudson’s Bay locations will now feature CleanSlate UV sanitizers, a technology that uses medical-grade UV rays to sanitize objects like cell phones, wallets, keys and bank cards.
Despite talks, J.C. Penney has not been able to reach a deal with landlords and so lenders may wind up taking the company over.
The home department gave Nordstrom a lift during a challenging second quarter when sales dropped due to the temporary store closures associated with the coronavirus pandemic.
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.
Kohl’s is still grappling with the impact of the coronavirus pandemic on the marketplace and the economy, as second quarter net sales and net income declined, although not as much as Wall Street analysts had estimated.
Mall operator Simon Property is in talks with Amazon to occupy space exited by consolidating department store and mid-tier retailer chains such as J.C. Penney, according to a Wall Street Journal report.
On August 2, Le Tote, Inc. and certain of its subsidiaries including Lord & Taylor, filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Eastern District of Virginia. The company will simultaneously solicit bids for a going concern sale of both its Le Tote and Lord + Taylor businesses, and conduct targeted store closing sales.
Sycamore Partners is reportedly the leader in an auction for J.C. Penney— and if the bid is successful, the private equity firm will merge the department store retailer with Belk, according to published reports.
Sarah Dipietro quickly gained a reputation as a creative partner after stepping into her role at Macy’s as omni buyer for dinnerware in mid-2018. Most recently, she took on the casual china department at the retailer as well and was noted for her swift and focused diligence amid the COVID pandemic. For these and other reasons, Dipietro has been named a 2020 HOMEWORLD BUSINESS Impact Merchant.