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Closings and Financial Woes
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Closings and Financial Woes Samuels Jewelers (512-369-1400), Country Charm (765-284-8084) and Lane Bryant (614-577-4000) closed locations at the Mounds Mall in Anderson, IN. Big R Store (815-432-3440) is closing in Elkhart, IN. Fleet Supply Inc. is closing the 32,000 sq.ft. hardware store due to declining sales, leaving the company with six Big R Stores in central IN. Houlihan’s Restaurant Group Inc. (816-756-2200) filed for Chapter 11 bankruptcy in January due to negative same-store sales. Since October, the company has closed 28 underperforming restaurants. The company plans to reorganize and does not anticipate more closings. The company operates 52 restaurants: 34 Houlihan’s, nine Darryl’s Restaurant & Bar, four J. Gilbert’s Wood-Fired Steaks and five seafood restaurants. Transworld Entertainment Corp. (518-452-1242) closed a Disc Jockey location at the College Mall in Bloomington, IN. The company is closing the location because the mall owner, Simon Property Group, did not renew the lease due to an agreement with the store’s competitor, Sam Goody. The company operates about 1,000 stores in 44 states, Puerto Rico and the U.S. Virgin Islands under the names Record Town, Camelot Music, The Wall, Saturday Matinee, Disc Jockey, F.Y.E., Coconuts Music & Movies, Strawberries, Spec’s and Planet Music. In addition, a B. Dalton bookstore closed at the College Mall as part of a plan by the store’s parent company, Barnes & Noble Inc., to concentrate on non-mall, superstore locations. The company operates 378 B. Dalton stores and 559 Barnes & Noble superstores. Jitters Gourmet and Cafe Inc. (702-949-9000) plans to close nonperforming cafes. The company operates eight company-owned coffee shops and five franchise locations in Las Vegas, NV. The company’s financial problems are due to the failure of a deal with HomeBase, in which Jitters cafe’s would have been opened in 68 House2Home stores. SLJ Retail, LLC (770-801-1200) is closing all 64 of its Sam & Libby shoe stores. In December, the company filed for Chapter 11 bankruptcy. Frugal Fannie’s Fashion Warehouse (888-378-4257) closed five stores last month due to the recession and unusually warm weather. Stores were closed in Rockville, MD; Springfield, PA and Herndon, Falls Church and Springfield, VA last month. Plans to open a store at the Potomac Mills mall in Prince William, VA were canceled. The company’s remaining four stores operate in MA.Federated Department Stores Inc. (513-579-7000) is closing a 156,000 sq.ft. Macy’s location at the Augusta Mall in Augusta, GA. The upper floor of the two-level department store may be converted into a furniture store for the company’s Rich’s chain. The company also is closing a Macy’s location in Birmingham, AL. Federated Department Stores Inc. operates more than 450 stores in 34 states under the trade names Macy’s, Bloomingdale’s, The Bon Marche, Burdines, Goldsmith’s, Lazarus and Rich’s.Boscov’s Inc. (610-779-2000) is closing a location in Sinking Spring, PA and relocating the department store to a 188,000 sq.ft. space at the Berkshire Mall in Wyomissing, PA during August. Strawbridge currently occupies the space, but plans to close its Berkshire Mall location this month. Boscov’s Inc. operates 37 stores in DE, MD, NJ, NY and PA. Albertson’s Inc. (208-385-6200) plans to close its Super Saver grocery store at the Lakecrest Shopping Center located at Florin Road and Greenhaven Drive in Sacramento, CA. Albertson’s locations in Richmond and Sunnyvale, CA also will close. The closings are part of a company review to shutter poorly performing stores. Albertson’s Inc. operates 2,492 locations in the U.S. Dominick’s (877-723-3929) closed a supermarket location on Douglas Road in Montgomery, IL and is relocating to the Oswego Commons Shopping Center at Douglas Road and U.S. Route 34 in Oswego, IL. The company operates about 99 stores in the U.S. Laura Ashley Inc. (800-367-2000), a retailer of upscale women’s clothing, is closing 15 of its 70 U.S. stores, including a location at Mall St. Matthews in Lexington, KY. Celine USA (212-931-2080) closed a location at the DFS Galleria at Union Square in San Francisco, CA. The 1,000 sq.ft. boutique carried women’s and men’s apparel, accessories and fragrances. The company’s parent company, LVHM, operates six locations in the U.S. Winston Tire Co. (310-527-8800) filed for Chapter 11 bankruptcy in January. The tire retailer, which is a unit of Performance Management Inc., operates 133 stores in CA. Goody’s Family Clothing, Inc. (865-966-2000) closed a 17,000 sq.ft. location at the Logansport Mall in Knoxville, TN last month. The company operates more than 300 stores in AL, AR, FL, GA, IL, IN, LA, KY, MO, MS, NC, OH, OK, SC, TN, TX, VA and WV. Sharon Luggage and Gifts (877-754-6654) filed for Chapter 11 bankruptcy in January due to disappointing holiday sales and plans to close its less-profitable stores. The company operates 14 locations throughout NC and SC.OfficeMax, Inc. (216-471-3441) is closing 29 stores following a year-end assessment of the company’s U.S. superstore portfolio. The stores are being closed because they are no longer strategically viable. The company operates more than 1,000 superstores in the U.S., Puerto Rico and the U.S. Virgin Islands. Charming Shoppes, Inc. (215-245-9100) is implementing a restructuring plan that includes the closure of the Added Dimensions and The Answer chain and its 77 stores, the closure of 130 underperforming Fashion Bug stores and the conversion of 44 Fashion Bug store locations to Lane Bryant stores. The company operates 2,446 stores in 48 states under the names Lane Bryant, Fashion Bug, Fashion Bug Plus, Catherine’s Plus Sizes, The Answer, Added Dimensions, Monsoon and Accessorize. Toys "R" Us, Inc. (201-262-7800) plans to close 64 stores as part of a restructuring to enhance profitability. The stores that will be closed have not been converted to the company’s "Mission Possible" format, which features themed areas instead of the former supermarket-type layout. Plans include the closure of 37 Kids "R" Us stores and 27 Toys "R" Us stores. The company operates 1,609 stores: 703 toy stores in the U.S., 510 international toy stores, 184 Kids "R" Us children’s clothing stores, 163 Babies "R" Us stores and 49 Imaginarium stores. Landry’s Restaurants Inc. (713-850-1010) closed its 21,000 sq.ft. Rainforest Cafe location at the Palisades Center in West Nyack, NY. 7-Eleven Inc. (214-841-6766) plans to close up to 120 stores in the first quarter of this year to lower operating expenses. The company operates or franchises about 5,800 7-Eleven stores in the U.S. and Canada and licenses about 17,000 7-Eleven stores in 17 other countries and territories worldwide.Payless ShoeSource, Inc. (877-474-6379) will close 104 stores as part of a restructuring to cut costs and improve results. Of the 104 stores that will close, 67 stores operate under the Parade trade name and 37 operate as Payless ShoeSource. Including the planned store closings, the company expects an increase of 75 to 80 stores during 2002. The company operates more than 4,492 stores in the U.S., Puerto Rico, the U.S. Virgin Islands, Guam, Saipan and Canada.Mars Music Inc. (888-999-6277) is closing eight stores to bolster the company’s bottom line. The music instrument retailer is closing stores in four markets: Denver, CO; Salt Lake City, UT; southern CA and Philadelphia, PA. The company will continue to operate 41 stores in the U.S. Liz Claiborne Inc. (212-354-4900) is closing 12 stores as part of a restructuring plan. Stores closures include two Liz Claiborne specialty stores, five Elisabeth stores and five outlets. Michaels Stores Inc. (800-642-4235) closed a 16,000 sq.ft. Michaels arts and crafts store at the Hampton Plaza in Clarkville, TN. The company operates 628 Michaels stores and 119 Aaron Brothers locations in 48 U.S. states.I.C.H. Corp. (212-245-8800) voluntary filed for financial restructuring under Chapter 11 bankruptcy. The company, which operates 240 Arby’s restaurants, plans to separate its Arby’s business from various holding company liabilities related to the company’s former ownership of the Lyon’s restaurant chain. The company expects to close one Arby’s restaurant in connection with the bankruptcy filing. Staples Inc. (508-253-5000) will close a location on North Oak Road in Plymouth, IN. The closure is part of the company’s plan to close 30 under-performing locations by May. The office supply retailer operates 1,400 stores worldwide and plans to open 120 stores this year. Sears Canada Inc. (800-973-7579) closed three stores in Canada during January. The stores are in St. Thomas, Ontario and Welland and Rouyn-Noranda, Quebec. The department store chain decided to close the smaller stores following lease expirations to open locally owned Sears dealer stores, which only sell appliances, electronics and outdoor goods. In Canada, the company operates 118 department stores, seven urban Eatons department stores, 131 locally owned dealer stores in smaller communities, 37 freestanding Sears Furniture and Sears Furniture & Appliances stores, 15 outlet stores and 38 floor covering centers. Pennsylvania Fashions Inc. (724-776-9780) filed for Chapter 11 bankruptcy protection. The retailer of discount apparel for teenagers operates 247 Rue 21 locations. Plans call for 75 store closures.Goodwill (800-664-6577) closed its Langley Park, MD location in January. The closing leaves 11 Goodwill stores in the Washington, DC metro region. Denny’s (800-733-6697) closed a location at 5 Fairmont Avenue in Lakewood, NY. The closure is part of the company’s plan to close 63 under-performing sites nationwide. More than 1,800 Denny’s operate nationwide.Gateway Inc. (858-848-3401) is closing 19 "Country Store" showrooms as part of a reorganization. The personal computer manufacturer and retailer operated 296 stores before the closures. U-Save Supermarkets (941-946-1347) closed a location at the Twin Oaks Plaza located at 1114 U.S. 41 South in Gibsonton, FL due to poor sales. The company, which is a subsidiary of B&B Corporate Holdings, Inc., operates 15 locations in FL.The Record Exchange (704-364-1784) closed its location on Franklin Street in Chapel Hill, NC. The closure is due to economic conditions and increased competition. The company operates 10 stores in NC and VA. The Buckle, Inc. (308-236-8491) closed a store last month. The company, a retailer of casual apparel, footwear and accessories for young men and women, operates 297 stores in 37 states. |