The Core

https://trends.google.ca/trends/explore?q=alfred%20angelo

Alfred Angelo is was a major manufacturer of wedding dresses and formal dresses. Until last week!

That's kind of sad actually.

SAD

But Davis's Bridal is doing a BOOMING Biz

http://www.hoursmap.com/n/david%27s+bridal-hours-locations-s1272895

>David's Bridal ...booming

But not all is at it seems, Mike.

20 retailers on bankruptcy watch for 2017

Quote
20 stores on the brink of bankruptcy

The at-risk companies now include:

David's Bridal
Evergreen AcqCo 1 LP (parent of thrift chain Savers)
Charming Charlie
Vince LLC (clothing retailer)
Calceus Acquisition (owns Cole Haan footwear)
Charlotte Russe
Neiman Marcus Group
Sears Holdings
Indra Holdings (holding company owner of Totes Isotoner)
Velocity Pooling Vehicle (DBA Motorsport Aftermarket Group)
Chinos Intermediate Holdings (parent of J. Crew Group)
Everest Holdings (manages Eddie Bauer brand)
Nine West Holdings
Claire's Stores
Boardriders SA (sporting subsidiary of Quiksilver)
Bon-Ton department stores
Fairway Group Holdings (food retailer)
Tops Holding II (supermarket operator)
99 Cents Only Stores
TOMS Shoes

http://clark.com/shopping-retail/retailers-on-bankruptcy-watch-for-2017/

Reminds me that I need to periodically check the following. What would you add?

https://trends.google.ca/trends/explore?q=bankruptsy
https://trends.google.ca/trends/explore?q=debt%20consolidation
https://trends.google.ca/trends/explore?q=payday%20loans

Time warp:

David's Bridal downgraded over potential default

https://www.retaildive.com/news/davids-bridal-downgraded-over-potential-default/516853/

Coming sooner or later:

Barnes & Noble cuts staff after dismal holiday season

https://www.cnbc.com/2018/02/12/barnes-noble-cuts-staff-after-dismal-holiday-season.html

Yeah, I've been waiting for that one. Sad. The slow death of the bookstore in general is a great sadness to me.

There was a time when I lived in towns with great independent and used bookstores  (Madison, Berkeley, to a lesser extent Geneva), when I would have welcomed this news, seeing B&N as the big interloper intent on putting long-term "serious" bookstores out of business. I regarded B&N as a bookstore killer. For one thing, no B&N ever smelled like a bookstore. At best, they smell like coffee shops. At worst, they smell like any big box store.

Then I moved out of those places and my nearest big city is Fresno... and I realized that B&N coming into a place like that or into the town I grew up in, was the difference between having a decent bookstore and not having one.

Winn-Dixie

https://www.bloomberg.com/news/articles/2018-02-17/winn-dixie-and-tops-owners-are-said-to-prepare-for-bankruptcy

>>Winn-Dixie

I have a Publix and Winn-Dixie almost the same distance from my house. 99% of the time I choose Publix even though it is a bit more expensive overall. Just a better overall shopping experience.

And based on the clientele I see at both stores I can see why the cuts in food stamps could have a bigger effect on Winn-Dixie vs. Publix.

GE names accounting, turnaround experts to board

https://www.reuters.com/article/us-ge-board/ge-names-accounting-turnaround-experts-to-board-idUSKCN1GA1BD

>bookstores

On the other hand, I've been seeing all these "Little Library" stands popping up at schools and in the front of people's houses.  I think they are a great thing.

https://littlefreelibrary.org/

>>https://littlefreelibrary.org/

There is one of these by one of the parks my kids like going to and they love getting books from there and dropping off old ones.

Radio giant iHeartMedia poised to file for bankruptcy

http://www.masslive.com/entertainment/index.ssf/2018/03/radio_giant_iheartmedia_poised.html

>Claire's

Claire's Stores Inc., which is said to be preparing a bankruptcy to ease its crushing debt load, is simultaneously working on a second problem: its deep reliance on malls.

Generations of American girls went to Claire's to have their ears pierced and browse the selection of jewelry, headbands and other accessories. With foot traffic slowing at many U.S. malls, the company now hopes to catch customers at the local drugstore or supermarket.

https://www.bloomberg.com/news/articles/2018-03-09/claire-s-bankruptcy-would-accompany-a-shift-away-from-malls

From this side of the pond.

"John Lewis Partnership (JLP) has cut its annual staff bonus to the lowest level in 64 years after profit plunged at the group, which owns Waitrose and a chain of department stores."

But no need to fear, they have a plan.

"Ideas include training shop staff to promote the department stores through their personal Twitter and Instagram feeds"

https://www.theguardian.com/business/2018/mar/08/john-lewis-cuts-staff-bonuses-as-profits-dive-77-percent-weaker-pound-waitrose

Claire's files for bankruptcy

http://money.cnn.com/2018/03/19/news/companies/claires-bankrupt/index.html


<added. Lots of empty commercial sq ft that nobody needs>

Loss of Toys R Us impacts many outside the company

http://www.roi-nj.com/2018/03/16/opinion/loss-of-toys-r-us-impacts-many-outside-the-company/

UK:

Debt levels put House of Fraser future in doubt after takeover talks collapse

QuoteThe industry has been hit by a flurry of casualties in recent days with Mothercare, Carpetright, Bargain Booze owner Conviviality, and New Look, all forced to seek help.

https://www.telegraph.co.uk/business/2018/03/25/debt-levels-put-house-fraser-future-doubt-takeover-talks-collapse/

Oooh, not good news. House of Fraser is one of my favorite stores for ordering things from the UK.

Simon Black thinks Tesla is skating on thin ice:

https://www.sovereignman.com/trends/tesla-without-any-doubt-is-on-the-verge-of-bankruptcy-23219/

Tesla's burn rate is infamous and it has always been flirting with bankruptcy. There was one point where Musk himself brought his personal worth to basically zero to make payroll.

But here's the thing about that "absurd" pay package mentioned in the article. That's the maximum he gets and he only gets it if he meets every milestone on the road to taking Tesla from $54b valuation to $650b, roughly a 12-fold increase in ten years. If he fails to do that, he does not collect any salary at all for those years (though of course he still keeps his stock, so if it goes from $54b to $53b he's still a very rich man).
http://money.cnn.com/2018/03/21/investing/elon-musk-tesla-pay-package/index.html

The one criticism is that the fundamental milestone is based on market cap, not revenue or profits. So he could lose money for 10 years, drive the valuation up to $650b and get his full pay. That said, there may be milstones in there based on revenue or profits. I don't know the details

pre-bankruptcy

H&M's Pile of Unsold Garments Grows as Earnings Plunge

https://www.bloomberg.com/news/articles/2018-03-27/h-m-profit-plunges-to-16-year-low-as-clothing-chain-loses-allure

GNC plans to close 200 stores

https://www.wpxi.com/news/top-stories/gnc-plans-to-close-200-stores/739600776

Quote from: rcjordan on May 03, 2018, 04:23:11 PM
GNC plans to close 200 stores

https://www.wpxi.com/news/top-stories/gnc-plans-to-close-200-stores/739600776

I can imagine the Amazon Effect has hit hard.  Plus they are over priced on merchandise.

Brookstone files for bankruptcy, will close all mall stores

https://www.usatoday.com/story/money/2018/08/02/brookstone-chapter-11-bankruptcy/888040002/

You need to set up the retail morgue rc.

David's Bridal stops payment as private-equity owner seeks finance deal

http://www2.philly.com/philly/blogs/inq-phillydeals/davids-bridal-stops-payment-as-private-equity-owner-seeks-finance-deal-20181019.html


Facebook will have a meltdown when they pull the plug on David's Bridal.  I'm not sure the intertubes will be able to withstand the firepower of 200,000 livid brides-to-be.

My favorite CEO said to me at least a decade ago:

"Alfred Angelo is my competitor. David's Bridal is my enemy."

Now one is gone and the other is wobbly.

This is not actually good news, because the last thing that independent bridal businesses need right now is David's selling things off at going-out-of-business prices.

Quote from: rcjordan on March 02, 2018, 03:48:20 PM
Radio giant iHeartMedia poised to file for bankruptcy

http://www.masslive.com/entertainment/index.ssf/2018/03/radio_giant_iheartmedia_poised.html

And then they buy a 5% stake in High Times for $10 million. :)
https://www.marketwatch.com/story/iheartmedia-to-invest-up-to-10-million-in-high-times-2018-10-03

GE slashes dividend to a penny to fix debt-riddled balance sheet - CNN
https://www.cnn.com/2018/10/30/investing/ge-dividend-cut-earnings-culp/index.html

All GE wants to do is make jet engines and nuclear power plants.  They dumped their small appliance division decades ago. Then they dumped their large appliance division and pretty much everything else.

They have (had??) an insurance division. I've read that it was a huge, money-sucking pit for GE.  I'm guessing that the future for nuclear is the same.  Jets have a while left on the market, but one design flaw (ask Rolls Royce about cracked rotors) can wipe a billion off the sales sheet while adding a couple hundred million to costs.

https://www.nytimes.com/2018/04/19/business/engine-on-southwest-jet-not-the-only-one-to-develop-cracks.html 

David's Bridal files for bankruptcy - CNN

https://www.cnn.com/2018/11/19/business/davids-bridal-wedding-dress-bankruptcy/index.html

GM to lay off 15 percent of salaried workers, halt production at five plants in U.S. and Canada

https://www.washingtonpost.com/business/2018/11/26/gm-lay-off-percent-salaried-workers-halt-production-five-plants-us-canada/

Planning car production is a complicated business.  Right now Americans are buying muscle cars, SUVs and pickup trucks.  We all know that a recession is around the corner, when that happens people are going to be abandoning those gas guzzlers like they did during the last one.  GM & Ford are going to have to weather the storm, but they're not going to have any domestic offerings to compete with the Japanese imports.  I guess they figure that they'll import their international offerings.

Ford have some cracking options over here.

never been a ford man, and have 2 on the drive at present. A transit Van (custom) that drives like a car, and a little fiesta that Lucy is learning on.

Oof!

Thomas Cook debt-holders scramble for protection against default | Reuters

https://www.reuters.com/article/us-thomas-cook-grp-debt/thomas-cook-debt-holders-scramble-for-protection-against-default-idUSKBN1O3138

The US Auto Industry is about to Implode - Michael Alkin, [Video] Published on Jan 31, 2018 (https://www.youtube.com/watch?v=b-9hX3H_9qI)

Laura Ashley to close 40 stores, putting hundreds of jobs at risk | Business | The Guardian

https://www.theguardian.com/business/2018/dec/17/laura-ashley-to-close-40-stores-putting-hundreds-of-uk-jobs-at-risk-china

Has anyone besides me noted a connection between rude sales staff and company "difficulties"?

Yeah, someone (I think it was Ergo) talked about how he had to deal with Sears customer service recently and how terrible the experience was.

Harley shares slide as US sales tumble, despite earnings beat
https://www.cnbc.com/2018/10/23/harley-earnings-q3-2018.html

Harley needs to stop catering  mostly to aging Boomers.  They do have their new DOHC twins, but the 750cc and 500cc bikes haven't been well received.  I think bike riders in the US would be all over a domestic bike with a modern powerful twin and good chassis.

Charlotte Russe files for bankruptcy, plans to close 94 stores - UPI.com
https://www.upi.com/Top_News/US/2019/02/04/2531549319406/?sl=2

Ooof!

Payless ShoeSource set to close thousands of stores
https://www.journal-news.com/news/payless-shoesource-close-all-300-stores/O5IG88Q7ccbQlPnfAGK9FJ/

>>Payless ShoeSource

I went through so many pairs of Pro Wings as a kid!

Dust off a slab for JCP.

JC Penney reports fourth-quarter 2018 earnings
https://www.cnbc.com/2019/02/28/jc-penney-reports-fourth-quarter-2018-earnings.html

Floral delivery company FTD issues warning about its future - Chicago Tribune
https://www.chicagotribune.com/business/ct-biz-ftd-possible-liquidation-20190318-story.html


Dead man walking.

Shopko announces it is closing all stores
https://www.news5cleveland.com/news/national/shopko-announces-it-is-closing-all-stores

>>Dust off a slab for JCP.

JCPenney is closing 27 stores in 2019, company confirms
https://www.today.com/style/jcpenney-closing-27-stores-2019-company-confirms-t151012

J. Crew is turning to debt restructuring lawyers again, sources say
https://www.cnbc.com/2019/03/28/j-crew-is-turning-to-debt-restructuring-lawyers-again-sources-say.html

Owner of Kay, Zales and Jareds expects to close more than 150 stores
https://www.cnbc.com/2019/04/03/owner-of-kay-zales-and-jareds-expects-to-close-more-than-150-stores.html

Debenhams goes into administration | Bradford Telegraph and Argus
https://www.thetelegraphandargus.co.uk/news/17561027.bradford-debenhams-remains-open-as-firm-goes-into-administration/

Fred's closing 159 stores nationwide, includes many in Mid-South | WREG.com
https://wreg.com/2019/04/11/freds-closing-159-stores-nationwide-includes-many-in-mid-south/

Bed Bath & Beyond to close 40 stores - CNN
https://www.cnn.com/2019/04/13/business/bed-bath-and-beyond-stores-closing/index.html

Apparel giant Forever 21 exploring restructuring amid retail woes
https://www.cnbc.com/2019/06/03/apparel-giant-forever-21-exploring-restructuring-amid-retail-woes.html

^yeow!

QuoteLast week, many apparel retailers turned in dismal earnings, which haven't been this disappointing since the Great Recession. As a group, apparel retailers' first-quarter results are down 24%

UK: Bathstore faces collapse putting 700 jobs, 168 stores at risk
https://www.theguardian.com/business/2019/jun/19/bathstore-faces-collapse-putting-700-jobs-168-stores-at-risk

>UK: Bathstore

...And it's gone.

Bathstore collapses placing more than 500 jobs at risk
https://news.sky.com/story/bathstore-collapses-placing-more-than-500-jobs-at-risk-11749356

This is an interesting search to do periodically

https://www.google.com/search?q=retail+apocalypse

^{You can't have it both ways.}

Two Wyoming coal mines close, send 700 workers home after bankruptcy filing
https://trib.com/business/energy/two-wyoming-coal-mines-close-send-workers-home-after-bankruptcy/article_773100d1-b5b4-57d8-af49-842518b9e219.html

That's a bankruptcy I can get behind.

Sin pays.

William Hill to shut 700 shops as new gambling laws bite
https://www.irishtimes.com/business/retail-and-services/william-hill-to-shut-700-shops-as-new-gambling-laws-bite-1.3946533

OOooph!

Deutsche Bank will exit global equities business and slash 18,000 jobs
https://www.cnbc.com/2019/07/07/deutsche-bank-will-exit-its-global-equities-business-and-scale-back-investment-bank.html

For info: That is about 20% of it's workforce.

Although, they might just be outsourcing it / getting business consultants instead.
This will allow them to adjust to needs more quickly. (yes, I know that is theory, but I have seen several banks do this).

::emp::

Quote from: emp on July 08, 2019, 06:35:48 AM
For info: That is about 20% of it's workforce.

Wow! That puts it in perspective

Charming Charlie to close all 261 U.S. stores
https://theweek.com/speedreads/852287/charming-charlie-close-all-261-stores

Barneys New York explores options that include bankruptcy  Reuters
https://www.reuters.com/article/us-barneys-bankruptcy-exclusive/exclusive-barneys-new-york-explores-options-that-include-bankruptcy-sources-idUSKCN1U80NE

^{Worm in hot ashes.}

JC Penney taps debt restructuring advisors
https://www.cnbc.com/2019/07/19/jc-penney-taps-debt-restructuring-advisors-sources.html

26 Sears, Kmart stores to close, company 'cannot rule out' more
https://www.cnbc.com/2019/08/07/26-sears-kmart-stores-to-close-company-cannot-rule-out-more.html

^{Dead man walking.}

Bed Bath and Beyond is closing 20 more stores

https://www.cnn.com/2019/10/03/business/bed-bath-beyond-closures-trnd/index.html

Brit clothing chain Bonmarché collapses into administration – 2,900 jobs at risk
https://www.dailystar.co.uk/news/latest-news/breaking-bonmarch-collapses-administration--20650468

Murray Energy: America's largest private coal miner files for bankruptcy
https://www.cnn.com/2019/10/29/business/murray-energy-bankruptcy/index.html

^{This in not the same company mentioned upstream.}

Coal has been a walking-dead industry for a long time now.  Those poor workers had their hopes manipulated, but it was never going to happen.

Quote from: littleman on October 29, 2019, 05:03:49 PM
Those poor workers had their hopes manipulated...

A lot of interviews I heard, coal country people said of Trump that they didn't believe he would save their coal jobs, but he was the only person who could be bothered to even mention them. Clinton did a terrible job there. The "end coal" campaigns have not paid enough attention to the people who would be displaced. Promises of job retraining are just as much BS as all the BS that Trump spouted. If you're a coal worker, you just have to choose between BS and more BS when you decide who to vote for.

Bed Bath & Beyond's new CEO just laid off nearly his entire C-Suite
https://www.cnn.com/2019/12/17/business/bed-bath-beyond-ceo-mark-tritton/index.html

I wonder... did he come in and they said, "We're in trouble. We're going to have to lay a lot of people off," and he started with them.

UK: Department store Beales warns of collapse risk
https://www.bbc.com/news/business-51083396

One of Britain's oldest department stores.

^{That didn't take long.}

Department store chain Beales goes into administration | Business News | Sky News
https://news.sky.com/story/department-store-chain-beales-goes-into-administration-11913306

On a somewhat philosophical note... Isn't there a basic structural problem with this thread that tends to make the news look worse than it is?

Imagine that one month, a major retail closes 400 stores that average 20 employees each. That's a headline.

That same month, 8000 people launch small businesses that average 2 employees. There's no headline, but in theory 8,000 extra jobs were created.

Similarly, Oracle might announce 5,000 people getting laid off. That's a headline. But if AGFAM all add 1,000 employees each, that's not a headline. So there is actually stasis, but reporting in the media will only pick up on the layoff.

>>make the news look worse than it is?

I can totally see that. In the 6 1/2 years I have been my company we have grown from maybe 500 employees in pretty much 1 location to over 5000 in 20+ locations all across the world. But you don't hear about that, you hear about the mall stores that are closing and putting 20 people out of work. And that doesn't include the added jobs in our supply chain.

^{153 stores}

Modell's files Chapter 11 bankruptcy
https://nypost.com/2020/03/11/modells-files-chapter-11-bankruptcy/

I think there will be more.

>more

Here ya go;

The owner of some of the UK's biggest shopping centres has warned it could go bust

Trafford Centre owner Intu warns it may go bust as retail crisis deepens and annual losses surge to £2bn | The Independent
https://www.independent.co.uk/news/business/news/intu-bust-trafford-centre-losses-high-street-crisis-a9397876.html

Neiman Marcus weighs bankruptcy amid debts, store closures
https://nypost.com/2020/03/24/neiman-marcus-weighs-bankruptcy-as-debt-store-closures-slam-retailer/

Unemployment

https://trends.google.com/trends/explore?q=unemployment&geo=US

The airline went into voluntary administration on Tuesday with more than Aus$5 billion ($3.2 billion) in debt, becoming the largest carrier so far to buckle under the strain of the COVID-19 outbreak.

Airport seizes Virgin Australia planes to recoup debt
https://techxplore.com/news/2020-04-airport-seizes-virgin-australia-planes.html

<+>

It follows reports in the Sunday Telegraph that billionaire Virgin Group boss Sir Richard Branson is seeking a buyer for the airline.


Branson's Virgin Atlantic in virus bailout talks - BBC News
https://www.bbc.com/news/amp/business-52431290

Going back to trends and popping in "unemployment" (https://trends.google.com/trends/explore?date=all&geo=US&q=unemployment) really puts the magnitude of the current economic crisis into perspective.

 J. Crew prepares bankruptcy filing that could come this weekend
https://www.cnbc.com/2020/04/30/coronavirus-j-crew-prepares-bankruptcy-filing-that-could-come-this-weekend.html

Hertz Reportedly In Talks With Creditors On How To Avoid Bankruptcy
https://www.motor1.com/news/420025/herts-prepares-for-bankruptcy/amp/

JC Penney is planning to file for bankruptcy as early as Friday, sources say
https://www.cnbc.com/2020/05/15/jc-penney-is-planning-to-file-for-bankruptcy-in-the-next-day.html

Quote from: rcjordan on May 15, 2020, 12:46:14 PM
JC Penney is planning to file for bankruptcy as early as Friday, sources say
https://www.cnbc.com/2020/05/15/jc-penney-is-planning-to-file-for-bankruptcy-in-the-next-day.html

That's a lot of people! And such an old chain, Ron Johnson seems to have been a bad move but they were already struggling apparently.

<updates>

Penney administrators say they will be closing 240 stores.

-------

Pier 1 wants to close all its stores for good
https://www.cnn.com/2020/05/19/business/pier-1-shutting-down/index.html

<+>
Pier 1 has 540 stores

Scary fucking shit. Thank The Gods most of my clients are non-contact products/services.

I've been looking at the numbers, don't we all, the log plot is still on the up and daily deaths has recently risen (global both), i think it's the start of spike 2.

Lord & Taylor files for bankruptcy protection
https://www.cnn.com/2020/08/02/business/lord-and-taylor-bankruptcy/index.html

Men's Wearhouse, Jos. A. Banks parent Tailored Brands files for bankruptcy
https://www.marketwatch.com/story/mens-wearhouse-jos-a-banks-parent-tailored-brands-files-for-bankruptcy-report-2020-08-02

Stein Mart files for bankruptcy and will close most of its 300 stores - CNN
https://www.cnn.com/2020/08/12/business/stein-mart-bankruptcy/index.html


<+>
Crap. This is where Louise gets her clothes.

Retail on pace for the most bankruptcies and store closures ever in one year, BDO says | Retail Dive
https://www.retaildive.com/news/retail-on-pace-for-the-most-bankruptcies-and-store-closures-ever-in-one-yea/586074/