This Celebrity Hot Spot Is Shutting Down All Locations
A favorite boutique of the stars is closing its stores amid the retail apocalypse.
If you were a devout reader of People and Us Weekly, following what the celebrities were doing, eating, and wearing in the early aughts (pre-social media), then the most recent retail closure will be a tough one to swallow. It was just announced that the celebrity shopping hot spot Planet Blue is closing all of its physical stores. Read on for more on the closures, and for another beloved store in trouble, check out This Popular Clothing Chain Is Closing 140 Stores.
In a short statement posted on Instagram, Planet Blue said: "We have made the difficult decision to close our store locations in the upcoming weeks. This decision is made even more difficult by the loss of excellent and loyal employees and customers. From everyone in the Planet Blue family, we wanted to thank you for your continued support and hope you visit us soon. It's not goodbye; it's see you later. Keep spreading the good vibes!" A sale started immediately with all inventory available at 40-70 percent off the regular price.
According to Women's Wear Daily, "It's unclear if the company will continue to operate online after its inventory is sold."
At its peak in the early 2000s, Planet Blue was a magnet for the likes of Britney Spears, Paris Hilton, and Nicole Richie with the store's eye-catching lime-green bags easily identifiable in paparazzi photographs.
Planet Blue's story dates back more than 25 years, to the opening of its first location in Malibu, California, by founder Ling-Su Chinn. Its style traded heavily on its West Coast roots, with apparel intended for the "beach to bonfire" lifestyle and its flagship label, Blue Life, "emblematic of the ultimate wild and free spirit. She wants to spend all day at the beach basking in sunshine and all night dancing in the moonlight."
Planet Blue stores appeared in warm locations where its beach-boho style suited the climate. There were six stores in Southern California, with others across Florida, Arizona, Georgia and Texas. (A New York location had already closed down.) But Planet Blue's popularity waned over the last decade as styles shifted.
Planet Blue has not cited the COVID-19 pandemic as a factor in closures, but it's the latest sign of a retail economy struggling with reduced tourism and a drop in consumer confidence. Read on for more recent closures, and for more businesses you could soon be saying so long to, check out This Beloved Gym Chain Just Filed For Bankruptcy.
Read the original article on Best Life.
Francesca's, a trendy clothing store aimed at teens and young adults, announced on Nov. 16 that it would be closing 140 of its stores by Jan. 31, 2021. The closures represent approximately 20 percent of the company's total brick-and-mortar locations, which are spread across 48 states. However, Francesca's may still file for bankruptcy to help reduce its multimillion-dollar debt, according to MarketWatch reports. And for more stores upending operations due to the pandemic, check out This Beloved Beauty Brand Is Closing Stores Nationwide.
Another beloved tween store, Justice, announced in November that it would be closing all of its locations by early 2021. Prior to the announcement, parent company, Ascena Retail Group Inc., had already closed 600 of Justice's 800 U.S. stores. And for another iconic mall store shutting down locations, This Mall Favorite Just Filed for Bankruptcy.
H&M announced in October that it would be closing 250 of its 5,076 stores around the globe due to its loss in sales amid the COVID lockdowns. "More and more customers started shopping online during the pandemic," the company said in a statement.
"Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger," H&M CEO Helena Helmersson said in a statement. And for another adored business that's suffering, check out This Beloved Restaurant Chain Just Filed for Bankruptcy.
Carter's and OshKosh B'Gosh
Carters, which includes Carter's stores and OshKosh B'Gosh brands, made the announcement in October that around 35 percent of the company's stores would close, translating to more than 200 Carters locations shuttering for good. The company, which dates back to 1865, is the largest branded marketer of baby and children's clothing in the U.S., but even still, it can't survive the retail apocalypse fully intact.
"Nearly 60 percent of those closures may occur by the end of the year," Carters CEO and chairman Michael Casey said on an earnings call in October. "And 80 percent of those closures are planned by the end of 2022." And for another recent closure, know that This Beloved Coffee Chain Just Announced It's Filed Bankruptcy.
Lord & Taylor
At the end of the summer, nearly 200-year-old department store Lord & Taylor announced that it would be closing all of its 38 stores after its bankruptcy filing. "We believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize value of inventory for the estate while pursuing options for the company's brands," Ed Kremer, the company's chief restructuring office, said in a statement. And for more retail updates you need to know, sign up for our daily newsletter.
Another iconic department store, Century 21, announced in September that its 13 locations would be shutting down for good. "Our insurers, to whom we have paid significant premiums every year for protection against unforeseen circumstances like we are experiencing today, have turned their backs on us at this most critical time," Century 21 co-CEO Raymond Gindi said in a strongly worded statement. And for another shutdown you should know about, check out This Iconic Sporting Goods Company Is Closing Stores Nationwide.