Specialty apparel retailer to close some stores, restructure
Another apparel retailer is looking to downsize its store portfolio.
BCBG Max Azria Group plans to close some stores as it turns its focus to licensing, e-commerce and selling through other retailers, Bloomberg reported.
The upscale, fashion-forward retailer, which is facing a cash crunch, has hired AlixPartners LP to help restructure its debt load, the report said. But it does not see filing for bankruptcy as an immediate option.
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General Growth Properties is now officially ‘GGP’
Though General Growth Properties has long been most commonly known as GGP in the retail industry, the big mall owner has now made it official.
Effective Jan. 27, the big mall owner with 126 properties in 40 states, officially changes its name to GGP. Founded in 1954 to develop grocery-anchored strip centers, GGP evolved into one of the largest providers of A-level mall space.
“We control eight percent, approximately 100 million square feet, of the best retail real estate in the country,” said CEO Sandeep Mathrani in a statement announcing the name change.
Andersons exits the retail business
After a 65-year run, The Andersons is leaving the retail business, closing its four big-box stores in Ohio.
The diversified company will continue to run its grain, ethanol, plant and rail operations, but it will exit the retail business and close its remaining four stores in the second quarter of 2017, the company announced.
Two of the stores to be closed are located in the Toledo area (including a Maumee store), the others are in the Columbus area.
The company’s original Warehouse Market opened in Maumee in 1952. Today, the stores measure about 140,000 square feet and carry 125,000 SKUs.
During the past eight years the company’s retail group has incurred pre-tax losses, including previous asset impairments, in excess of $20 million and closed three stores.
"The decision to close The Andersons stores was not easy for anyone involved," said CEO Pat Bowe. "Choosing to cease a business that has spanned 65 years and employs about 1,050 people is tremendously difficult."
The closing will eliminate approximately 650 positions in the Toledo area and 400 positions in Columbus, of which approximately 75% are part-time positions.
Product lines in the Andersons retail empire ranged widely, and the moniker “General Store,” was often used to describe the operation. Store departments include food, automotive and footwear, as well as home projects, tools and hardware and outdoor living.