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Mitch Nolen Retail
Retail and bankruptcy. I'm keeping track of stores in trouble and the restructuring of retail. Tips: mitchreports@gmail.com or DM me.
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Mitch Nolen Retail Aug 7
A'Gaci has filed for and is closing all of its 54 remaining stores.
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Mitch Nolen Retail Aug 6
All A'Gaci stores are closing, multiple employees tell me. The online store has already been shut down, and social media shows some stores have been closed by landlords for non-payment. The company went through last year.
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Mitch Nolen Retail Aug 6
Barneys is closing most of its stores and has filed for . The company could liquidate entirely if it doesn't find a buyer in 60 days.
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Mitch Nolen Retail Aug 6
Perkins & Marie Callender's is closing 29 locations and has filed for .
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Mitch Nolen Retail Aug 3
Dean & DeLuca "has defaulted on federally mandated payments," "four stores are left in the United States" after recent closures, "One former employee…said that the laundry service had stopped…so workers were competing to grab the least-soiled jackets."
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Mitch Nolen Retail Aug 2
Barneys missed pension and insurance payments as it reportedly plans for , a union rep said in an email, and they're cutting workers' hours. Another email shows a "well-known designer fashion brand" requested Barneys send back merchandise.
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Mitch Nolen Retail Aug 2
Stores in Chelsea, Boston, Philadelphia, Las Vegas and Seattle could close in , WWD says, due to underperformance. There may also be a "money person" willing to save Barneys, but not necessarily before a bankruptcy filing.
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Mitch Nolen Retail Aug 2
Some stores are already closed or closing, employees say, after Avenue reportedly warned that it will close all 260 remaining stores if it doesn't find a buyer in 60 days.
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Mitch Nolen Retail Aug 1
Avenue's 260 stores will close if it can't find a buyer in 60 days, the company reportedly warned.
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Mitch Nolen Retail Jul 31
Ethan Allen retail sales fell 5.7% last quarter and wholesale fell 15.6%, joining Pier 1, Bed Bath & Beyond and Havertys in posting falling sales in the category.
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Mitch Nolen Retail Jul 31
Replying to @mitchnolen
Here's this week's publicly reported shutdown of a Family Dollar store for a rat infestation, a constant problem for the chain. See this thread for a nauseating compilation video and more details.
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Mitch Nolen Retail Jul 30
Joining Pier 1 and Bed Bath & Beyond, Havertys is reporting falling sales in furniture and home furnishings. Net sales are down 3.5%, comps down 2.3%.
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Mitch Nolen Retail Jul 26
"It was ridiculous how much they needed": Barneys lender Wells Fargo is said to have rejected their request for financing to avoid liquidation, the retailer is reportedly now seeking other funding sources.
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Mitch Nolen Retail Jul 25
"could come as soon as next week" for Barneys, which is raising money to pay all the lawyers.
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Mitch Nolen Retail Jul 24
Barneys is "scrambling to find a buyer to avoid ." The company is said not to have enough merchandise to last the fall season.
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Mitch Nolen Retail Jul 24
99 Cents Only Stores is now in "selective default," S&P says.
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Mitch Nolen Retail Jul 24
Moody's turns its outlook negative on Bed Bath & Beyond due to "the recent acceleration of negative same store sales and concerns that the business transformation has yet to take hold." A negative outlook indicates could be cut to junk, since it's already 1 notch away.
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Mitch Nolen Retail Jul 22
S&P warns "elevated likelihood" that Steak 'n Shake, with over 600 locations, "will be unable to meet its near-term interest and principal obligations (with the next $5 million interest payment due in September 2019)," downgrades burger chain deep into junk to "CCC-" rating.
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Mitch Nolen Retail Jul 22
Replying to @mitchnolen
GNC will be "closer to the top end" of closing 700-900 stores, and could cut its mall stores by "nearly half." Despite "relatively stable" sales off-mall, GNC is seeing "mid to high single digit negative" comp sales in malls.
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Mitch Nolen Retail Jul 22
Replying to @mitchnolen
"[N]egative trends in traffic that we've seen in mall stores over the past several years has accelerated during the past few quarters," GNC says. When closing stores, "we're increasing our focus on mall locations."
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