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Store Closings

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  • WILMINGTON, Del, Feb 20- Bankrupt electronics retailer RadioShack Corp received court approval on Friday for its plan to try to sell the leases to more than 1,100 stores that it will close by the end of February. RadioShack first proposed closing many of the locations early last year as it struggled to turn around its money-losing operations, but lenders...

  • SAN FRANCISCO, Feb 5- Sprint Corp aims to expand its retail footprint with 500 stores this year and is considering troubled electronics retail chain Radioshack's prime real estate, Chief Executive Marcelo Claure told Reuters on Friday. "We're looking at RadioShack very closely, in terms of what's going to happen. Radioshack is preparing to shut down and sell...

  • Feb 2- Troubled electronics retailer RadioShack Corp is preparing to shut down the chain in a bankruptcy deal that would see half the stores taken over by Sprint Corp, Bloomberg News reported, citing people with knowledge of the discussions. Sprint and RadioShack have also had talks about co-branding the stores, Bloomberg reported, citing two anonymous...

  • Feb 2- Troubled electronics retailer RadioShack Corp is preparing to shut down the chain in a deal that would see half the stores taken over by Sprint Corp, Bloomberg News reported, citing people with knowledge of the discussions. Sprint and RadioShack have also had talks about co-branding the stores, Bloomberg reported, citing two anonymous sources.

  • Starboard asks Staples to merge with Office Depot Tuesday, 20 Jan 2015 | 10:09 AM ET

    Jan 20- Activist investor Starboard Value LP called for office-supply chains Staples Inc and Office Depot Inc to merge, saying it would lead to greater savings. A merger will result in synergies of at least $2 billion, which would more than double operating profits, and the two chains will be more efficient at closing stores when combined, Starboard said in a...

  • NEW YORK/ TORONTO, Jan 16- Target Corp was scrambling for ways to fix its failing Canadian expansion and considering closing just the weakest locations, but a pre-holiday visit to several stores by CEO Brian Cornell helped seal the decision for a full retreat. Cornell spent the weekend before Christmas making solo visits to stores in Ontario and Quebec, Canada's...

  • Jan 16- Wet Seal Inc filed for bankruptcy protection late on Thursday, a week after the struggling apparel retailer laid off 3,700 employees and closed 338 stores. Wet Seal, which reported slowing year-on-year sales growth for the past five quarters, warned last month that it may seek to restructure under provisions of the U.S. Wet Seal sells apparel and...

  • Retailer Wet Seal files for Chapter 11 bankruptcy Friday, 16 Jan 2015 | 12:03 AM ET

    Jan 16- Wet Seal Inc filed for bankruptcy protection late on Thursday, a week after the struggling apparel retailer laid off 3,700 employees and closed 338 stores. The company listed assets of $10 million to $50 million and liabilities of $100 million to $50 million, according to the filing. Wet Seal sells apparel and accessories for teen girls and young women...

  • Jan 15- Target Corp's exit from Canada means Chief Executive Brian Cornell will have to rely solely on the saturated U.S. market for growth, the success of which could hinge on a shift towards smaller and urban-based stores. Target announced plans on Thursday to close all of its 133 stores in Canada and put the local business in bankruptcy. "They could easily open in...

  • UPDATE 1-Wet Seal lays off 3,700 as it closes 338 stores Wednesday, 7 Jan 2015 | 10:04 AM ET

    Jan 7- Struggling apparel retailer Wet Seal Inc said it laid off about 3,700 full- and part-time employees on Wednesday as it went ahead with the closure of 338 stores. The closed stores accounted for almost half of Wet Seal's net sales of about $317 million in the nine months to Nov. 1. The closures will result in pre-tax charges of $5.4 million- $6.4 million, Wet Seal...

  • Dec 11- Struggling electronics retailer RadioShack Corp said it expected its cost cutting to save more than $400 million annually but did not say when that would be achieved. RadioShack, which warned of bankruptcy in September, has been trying to turn around its business by closing unprofitable stores. Lenders refused to approve the 1,100 store closures...

  • Dec 8- Teen apparel retailer Delia* s Inc filed for Chapter 11 bankruptcy protection and said it had hired advisers to help liquidate its assets. Delia* s said on Monday Salus Capital Partners LLC will give it a $20 million debtor-in-possession credit facility to continue operations, conduct store closings and closeout sales. The case is In re: Delia* s Inc, U.S....

  • Sears posts $548M loss, doubles store closure plan Thursday, 4 Dec 2014 | 12:36 PM ET
    Banners hang from Sears' flagship store in the Loop on Jan. 22, 2014, in Chicago.

    Sears reported a quarterly net loss of $548 million, and the retailer said it had nearly doubled its planned store closures to cut costs.

  • Shares of Sears were down 1.2 percent at $33.85 in early trading on the Nasdaq. Sears, which has been selling off assets and closing stores in an attempt to return to profitability, said last month it was expecting a net loss attributable to shareholders of between $590 million and $630 million for the fiscal third quarter ending Nov. 1. Sears recorded a net loss of...

  • Crumbs shows risks of being a one-hit wonder Wednesday, 9 Jul 2014 | 6:24 AM ET
    A selection of cupcakes is seen at Crumbs Bake Shop.

    When Crumbs shuttered its remaining stores, it seemed like an abrupt ending for a company that opened a decade ago to ride the wave of popularity of the sugary treat.