Tag: retail Apocalypse

Posted on

Lord & Taylor to Close All Stores

lord and Taylor

the staff of the Ridgewood blog

Paramus NJ, Lord & Taylor announced Thursday that all of its 38 stores will permanently close after it originally planned to shutter only about two dozen.
Livingston, Rockaway and Wayne stores closures were already announced . Its six other New Jersey locations, Bridgewater, Freehold Township, Lawrenceville, Westfield and two locally  in Paramus (Garden State Plaza and Fashion Center) will now also be closed.

Exact closing dates have not yet been announced. Liquidation sales have also been launched at all stores, including on its website.

Posted on

Lord & Taylor to Close 3 More Stores

8468994321 38481b23ab b

the staff of the Ridgewood blog

Paramus NJ, Department store chain Lord & Taylor is closing two dozen stores for good including 3 in New Jersey as it continues to search for a buyer to restructure under Chapter 11 bankruptcy protection and keep its business alive. Deals will be up to 40% off, the company said Thursday morning, as it released a complete list of those shops set to liquidate.

Continue reading Lord & Taylor to Close 3 More Stores

Posted on

Retail Apocalypse, No reopening plans for NJ’s Xanadu American Dream Mall

Xanadu_main_theridgewoodblog

the staff of the Ridgewood blog

East Rutherford NJ, After nearly two decades of construction delays and billions pumped in from New Jersey tax payers , New Jersey’s mega-mall American Dream partially opened last October. Six months later, the three-million-square-foot venue was forced to close its doors because of the coronavirus pandemic. Now, even as the state continues its gradual reopening, there is still no reopening date for the $5 billion mall. As NJ.com reported, owner Triple Five Group has missed three consecutive mortgage payments and retail tenants are getting out of their leases at the space. On top of that, contractors and subcontractors have filed over $13 million in construction liens for unpaid work.

Continue reading Retail Apocalypse, No reopening plans for NJ’s Xanadu American Dream Mall

Posted on

Pier 1 to Close all Stores

2852740 05y9g2MBR XGjOnPzKpUbNzIdhBTBzQJqIueiXyF9Lg

the staff of the Ridgewood blog

Paramus NJ, announced that it has filed a motion seeking Bankruptcy Court approval to begin an orderly wind-down of the Company’s retail operations as soon as reasonably possible after store locations are able to reopen following the government-mandated closures during the COVID-19 pandemic. As part of the wind-down, the Company intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised process.

Continue reading Pier 1 to Close all Stores

Posted on

J.Crew Files for Bankruptcy 

J Crew Logo Vector Image

the staff of the Ridgewood blog

Paramus NJ, J.Crew Group, which operates the J.Crew and Madewell brands, has become the first national US retailer to file for bankruptcy protection since the coronavirus pandemic forced a wave of store closures.

The clothing retailer said Monday that it has filed to begin Chapter 11 proceedings in federal bankruptcy court in the Eastern District of Virginia. The company also said it had reached a deal with its lenders to convert about $1.65 billion of debt into equity.

The retailer expects to stay in business and emerge from bankruptcy as a profitable company. Madewell, the fast-growing denim brand that had been slated for an IPO, will remain part of the business. J.Crew has stores in Garden State Plaza, Riverside Square and Bergen Town Center .

Posted on

Precautions You Need to Take When You’re Closing Your Business

store closing

One of the toughest decisions a person can make is deciding to shut  their business down, but sometimes it just needs to be done. Whether you’ve decided to shut down the business because it’s not doing so well or because you have an even better idea you’d like to go for, there are a few precautions you need to take. 

It can take a long time to shut down a business properly. You’ll need to have an efficient closing plan that will not only offer the most protection possible to your personal assets and credit, but will also help you keep your reputation within the community. You might even be lucky enough to close down a company with retained earnings, depending on the value of the assets and earnings available. If the assets and earnings of the company that need to be distributed amongst the shareholders are less than £25,000, then it is possible for a business to apply for a strike-off application to dissolve the company.  

Continue reading Precautions You Need to Take When You’re Closing Your Business

Posted on

Macy’s to Shutter 125 Stores

co macysLogo3

the staff of the Ridgewood blog

Paramus NJ, Macy’s Inc. plans to close 125 department stores over the next three years, an admission that a fifth of its locations cannot thrive as shoppers buy more online and make fewer trips to malls.

Macy’s will reportedly  plans to shut 125 stores over the next three years and slash about 2,000 corporate jobs.  Earlier on Tuesday, Macy’s had confirmed with CNBC it was closing its tech offices in San Francisco, consolidating these operations in New York and Atlanta.

The department store chain plans to exit weaker shopping malls, and instead will shift its focus toward opening smaller-format stores in strip centers, according to a report in The Wall Street Journal.

Posted on

Abercrombie & Fitch in Paramus Park Closes

Abercrombie Fitch

the staff of the Ridgewood blog

Paramus NJ, Abercrombie & Fitch has closed its Paramus Park Mall location.Last fall, Abercrombie & Fitch, which specializes in young adult apparel, said it planned to shrink its 677-store footprint as more sales move online, Bloomberg.com recently reported. The retailer has closed about 500 stores over the past decade, including flagship locations in New York, Italy and Japan.

Continue reading Abercrombie & Fitch in Paramus Park Closes

Posted on

GAP Continues World Wide Consolidation

26239446 10156225652474725 5565078221324562050 n1

the staff of the Ridgewood blog

Ridgewood NJ,  the retail chain Gap has shuttered two locations in New Jersey as part of a larger store-closing purge. 700 Paramus Park in Paramus and 235 East Ridgewood Ave. in Ridgewood are now closed . The chain still operates 28 Gap stores in New Jersey.

Continue reading GAP Continues World Wide Consolidation

Posted on

Papyrus Store in Ridgewood to Close

1200px Papyrus logo.svg

the staff of the Ridgewood blog

Ridgewood NJ,  stationery store chain Papyrus is closing its stores. Locally Papyrus has locations in Hackensack at The Shops at Riverside, Paramus at Garden State Plaza, Ridgewood at 76 East Ridgewood Ave., Jersey City at Newport Centre, Chester at Streets of Chester Village and Short Hills at The Mall at Short Hills. Papyrus also has New Jersey locations at Bridgewater Commons and Marlton Square Shopping Center.

Most of the 254 closings will take place over four to six weeks, said Dominique Schurman, CEO of Papyrus parent company Schurman Retail Group.

Posted on

Bed Bath & Beyond has announced plans to close dozens of stores

Bed Bath and Beyond Logos PNG Vector

the staff of the Ridgewod blog

Paramus NJ, Bed Bath & Beyond has announced plans to close dozens of stores.

Forty stores in 20 states are shutting their doors, including three in our area:

Exterior Street in Concourse Village, the Bronx
Palisades Center Drive in West Nyack, New York
Route 46 in Parsippany, New Jersey

Another 20 locations are slated to close later this year.

The retail chain still has nearly 1,000 stores across the United States and Canada.

Posted on

New Jersey based-Bed Bath & Beyond to Close 60 Stores

Bed Bath and Beyond Logos PNG Vector

the staff of the Ridgewood blog

Ridgewood NJ, the New Jersey based-Bed Bath & Beyond Inc. will close 60 stores in the fiscal year across the company, up from the April estimate of 40 stores.

Sources at the company say most of the closings are expected after the holiday shopping season.As of the end of August, Bed Bath & Beyond had 1,534 stores,including 993 Bed Bath & Beyond stores nationwide, and in Canada.The retailer also owns and  operates Buy Buy Baby, Harmon Face Values and World Market.