This Beloved Brand Just Filed for Bankruptcy
The company will shutter a number of its stores in the U.S. and Puerto Rico in the near future.
Another beloved brand has filed for Chapter 11 bankruptcy protection in the wake of the COVID-19 pandemic. On Jan. 26, iconic beauty brand L’Occitane Inc. announced that it would be shuttering a number of its stores in the U.S. as a result of its restructuring. Read on to discover how many stores are affected by the company's bankruptcy filing. And for more brands buckling amid the pandemic, This Beloved Furniture Chain Is Closing All But 1 of Its Stores.
L’Occitane announced in its bankruptcy filing that it will be closing 23 of its 166 stateside stores in a bid to execute its “store footprint optimization plan.” The company saw in-person sales drop 56.5 percent between April and Dec. 2020 as compared to its 2019 sales, while its online sales rose by 72 percent.
Yann Tanini, Managing Director of L’Occitane North America, explained in a statement, “Over the past year, we have moved aggressively to address COVID-related challenges head on…We look forward to working collaboratively with our landlords to achieve partnerships that make economic sense in this current retail environment and best position our marquee brand's boutique offering for years to come."
While L’Occitane has not yet announced which stores will be closing, it has already laid off 40 employees and furloughed an additional 325 amid the pandemic.
L’Occitane isn’t the only brand that’s had to make drastic changes since COVID hit, however; read on to discover which other stores are closing due to the pandemic. And for more ways your favorite shopping experience is changing, This Iconic Department Store Is Closing Another 40 Locations.
Popular chocolatier Godiva announced in late January that it would be closing all 128 of its locations in the U.S. “Of course, this decision was difficult because of the care we have for our dedicated and hardworking chocolatiers who will be impacted. We are grateful for all they have done to make wonderful moments for our consumers and spread happiness through incredible customer service and living our values and behaviors," said Godiva CEO Nurtac Afridi in a statement. And for more businesses shutting their doors, This Beloved Home Goods Chain Is Closing More Than 40 Stores.
Casual clothing store American Eagle Outfitters announced on Jan. 21 that it would be closing up to 250 stores in the near future. While the exact stores closing have not yet been announced, the company will be shuttering the affected locations in the next three years. “We're confident that we can transfer sales from closed stores into other stores or online, continue to acquire new customers and make the American Eagle brand more profitable over time,” Michael Rempell, executive vice president and chief operations officer of American Eagle Outfitters, explained to Women's Wear Daily. And for more ways your next shopping trip may be different, These 2 Beloved Department Stores Are "Slowly, Quietly Dying.”
Christopher & Banks
Clothing store Christopher & Banks, which currently operates 449 locations in the U.S., "expects to close a significant portion, if not all, of its brick-and-mortar stores” following its Chapter 11 bankruptcy filing, the brand announced on Jan. 14. "Due to the financial distress resulting from the pandemic and its ongoing impact, we elected to initiate this process and pursue a potential sale of the business in whole or in part to position the Company for the future," Christopher & Banks' president and CEO Keri Jones explained in a statement. And for the latest store closure news delivered straight to your inbox, sign up for our daily newsletter.
Midwestern department store Stock+Field announced on Jan. 10 that it would be closing all of its locations after a 55-year run. “We hope to reopen stores at some point in the future, but for now, please come in, say hello to your favorite employee, and enjoy the ridiculously low prices,” said Stock+Field CEO and chairman Matthew F. Whebbe in a statement. And for another department store in trouble, check out This Iconic Department Store Just Filed For Bankruptcy.