Chitchat Retail Mass Collapse - Many Cheap Prostitutes in this Economy!

[Pinkieslut]

Collapse of UK retailer DW Sports puts 1,700 jobs at risk

MON, AUG 03, 2020 - 11:34 PM
[LONDON] DW Sports, founded by former English soccer player David Whelan, expects the appointment of administrators on Monday after the company had to close dozens of its gyms and retail stores due to the Covid-19 pandemic, according to an emailed statement on Monday.
The UK retailer and gym operator has 1,700 staff and has already closed 25 of its 75 retail sites in recent weeks. The remainder will continue to trade during administration. While DW Fitness First gyms will be included in the restructuring, Fitness First remains a separate entity and its 43 gyms are unaffected by the proceedings, the company said.
Job losses in the UK are piling up, with engineering firm Senior announcing a reduction of an additional 620 positions today. The rising number of insolvencies is becoming a problem for retailers' creditors and landlords alike. HSBC said today it put aside US$8 billion to US$13 billion for bad loans this year, while UK mall operator Hammerson is considering raising new funds through a rights issue.
DW Sport's Chief Executive Officer Martin Long said in the statement, "As a consequence of Covid-19, we found ourselves in a position where we were mandated by government to close down both our retail store portfolio and our gym chain in its entirety for a protracted period, leaving us with a high fixed cost base and zero income."

 

[Pinkieslut]

Lord & Taylor, Once-Grand Department Store, Files for Bankruptcy
Chain’s owner, the fashion rental service startup Le Tote, also files

A salesperson working at the Le Tote section of the Lord & Taylor store in Yonkers, New York, last year.
PHOTO: TIFFANY HAGLER-GEARD/BLOOMBERG NEWS
By
Andrew Scurria
Updated Aug. 2, 2020 10:45 pm ET

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Luxury department store chain Lord & Taylor, an industry pioneer dating back nearly 200 years, filed for bankruptcy along with its owner, the venture-backed fashion-rental subscription service Le Tote Inc.
Sunday’s chapter 11 filings in the U.S. Bankruptcy Court in Richmond, Va. are the latest indications of the Covid-19 pandemic’s ruinous effect on storied American retailers, coming less than a year after Le Tote agreed to buy Lord & Taylor from Hudson’s Bay Co., the parent of Saks Fifth Avenue.
Lord & Taylor temporarily closed its 38 bricks-and-mortar locations in March but has continued to operate through online channels as restrictions on nonessential shopping went into effect during the coronavirus pandemic.
In court papers, the company said it would conduct going-out-of-business sales at the Lord & Taylor stores, anticipating a liquidation of the bricks-and-mortar footprint.

The most-profitable locations will continue to be marketed in the hopes of generating interest, Chief Restructuring Officer Ed Kremer said in a declaration filed in court.

Head of Lord & Taylor department store Dorothy Shaver at her desk, in April 1946 in New York.
PHOTO: ERIC SCHWAB/AGENCE FRANCE-PRESSE/GETTY IMAGES
The company is considered the oldest U.S. department store and was the first to install an elevator, open a branch location and hire a woman CEO—Dorothy Shaver, who was instrumental in making it a beacon for American designers in the ’40s and ’50s. The chain traces its origins back to 1826 when Samuel Lord and George Washington Taylor founded a dry-goods store on New York City’s Lower East Side.
Founded in 2012, Le Tote rents women’s clothing and accessories for a flat monthly fee. Backers of the San Francisco company include venture-capital firms Andreessen Horowitz, Y Combinator and Google Ventures.
MORE

• Men’s Wearhouse Parent Files for Bankruptcy

As Americans’ spending on apparel has plunged, thousands of retailers have been forced to shut their doors, some for good. Since March, a number of major clothing retailers have been pushed into bankruptcy, including Brooks Brothers Group Inc., J.C. Penney Co., Neiman Marcus Group Ltd. and J.Crew Group Inc.
But department store chains like Lord & Taylor, J.C. Penney and Neiman Marcus were already retrenching before the pandemic, struggling with falling sales as shoppers buy more online and shift their preferences to small specialty stores. More than two dozen public and large private retailers in the U.S. have filed for bankruptcy so far in 2020, more than in all of last year.
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A Lord & Taylor saleswoman with a customer in 1946 in New York.
PHOTO: ERIC SCHWAB/AGENCE FRANCE-PRESSE/GETTY IMAGES
Lord & Taylor’s troubles started in 1986 when its parent company was acquired by May Co. The new owner added lower-priced merchandise, ran frequent sales and kept a tight lid on investments, undercutting Lord & Taylor’s upscale image.
Hudson’s Bay sold the retailer’s flagship New York City store on Fifth Avenue for $850 million to WeWork Cos. A few years later Le Tote bought the whole company for roughly $100 million.
The business generated $253.5 million in revenue last year and entered the bankruptcy with 651 employees and $137.9 million in debt.
Lord & Taylor’s bankruptcy advisers include law firm Kirkland & Ellis LLP, financial adviser Berkeley Research Group LLC and investment bank Nfluence Partners.

 

[Pinkieslut]

Men’s Wearhouse Parent Files for Bankruptcy
Tailored Brands seeks bankruptcy protection from creditors after the coronavirus pandemic disrupted its business

Tailored Brands, the parent company of Men’s Wearhouse, filed for chapter 11 protection in the U.S. Bankruptcy Court in Houston.
PHOTO: BRENDAN MCDERMID/REUTERS
By
Aisha Al-Muslim
Updated Aug. 2, 2020 11:56 pm ET

Tailored Brands Inc., the parent company of Men’s Wearhouse and Jos. A. Bank, has filed for bankruptcy after the coronavirus pandemic slashed demand for dress clothes.
The publicly traded company filed for chapter 11 protection Sunday in the U.S. Bankruptcy Court in Houston. Sales of apparel have plunged since March when many stores temporarily shut and millions of Americans started working from home. Upscale menswear rival Brooks Brothers Group Inc. recently filed for bankruptcy, as did Ascena Retail Group Inc., the owner of Ann Taylor, a seller of women’s office attire.
The move comes after the menswear retailer warned in late July that it had substantial doubt about its ability to continue as a going concern and that it was likely to file for bankruptcy as soon as its third quarter, which begins Aug. 2.
Tailored Brands said that it reached a restructuring support pact with more than three-fourths of its senior lenders that will slash at least $630 million in debt off its books. Existing lenders will also provide $500 million in bankruptcy financing, allowing the retailer to keep its stores open during the chapter 11 case.

The company, which also owns retail brands K&G Fashion Superstore and Moores Clothing for Men, now operates about 1,400 stores and employs about 18,000 people in the U.S. and Canada, down from 19,300 employees as of Feb. 1, according to a securities filing.
A regulatory filing in May showed that money-management giant BlackRock Inc. owned about 15.8% of Tailored Brands’ common stock, private investment firm Scion Asset Management LLC had about 8.3% and investment adviser Vanguard Group had about 7.2%.
The company valued its assets at about $2.5 billion and listed total debt of about $2.8 billion in court papers.

The Economic Ripple Effect of Retail Sales
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The Economic Ripple Effect of Retail Sales
Analysts and economists are paying close attention to monthly retail sales numbers as a way to gauge how the economy may be recovering from the impact of the coronavirus pandemic. Photo: Kathy Willens/Associated Press.
In response to the pandemic, Tailored Brands has said it was evaluating various alternatives to improve its liquidity, such as securing rent concessions and deferrals, cutting costs and raising capital.
In mid-March, Tailored Brands temporarily closed all its retail locations. To preserve liquidity, the company furloughed or temporarily laid off all store employees, borrowed $300 million under its asset-based lending facility, suspended rent payments for April and May and negotiated rent deferrals for some stores.
By July, Tailored Brands said it would lay off 20% of its corporate staff, reduce its supply-chain footprint and close as many as 500 retail locations.
Earlier in July, the company skipped a payment to bondholders after it reported a net sales decline of more than 60% for the quarter ended May 2 compared with the year-earlier period. The missed $6.1 million coupon payment, on $600 million of senior notes that are due in 2022, started the clock on a 30-day grace period that ends the first week of August.

Before filing for bankruptcy, Tailored Brands said it would pay about $3.3 million in incentive compensation to its executives. In recent months, a number of other companies have paid out retention bonuses to top management just before seeking bankruptcy protection.
Other apparel retailers pushed into bankruptcy due to the pandemic include J.C. Penney Co., Neiman Marcus Group Ltd. and J.Crew Group Inc.
The company has hired law firms Kirkland & Ellis LLP, Jackson Walker LLP, Stikeman Elliot LLP and Mourant Ozannes. It also hired financial adviser PJT Partners LP, restructuring adviser AlixPartners LLP and real estate adviser A&G Realty Partners LLC.

 

[Pinkieslut]

BUSINESS
Ben Sherman plans to close stores to avoid collapse
Don-Alvin Adegeest| Monday, 27 July 2020


Menswear retailer Ben Sherman is proposing to close 18 stores – a third of its portfolio – in order to ward of collapse.
Ben Sherman is licensed in the UK by Baird Group and owned by the New York-based Marquee Brands. The Baird Group also operates Jeff Banks and Suit Direct in the UK and are thought to be involved with the proposal to creditors.
A proposed company voluntary arrangement (CVA) will see the troubled brand solve its debt problems over an agreed period of time without having to cease operations. It would include 262 redundancies, nearly one third of the Group’s total workforce.
According to the Retail Gazette the CVA would directly affect staff on the shop floors, mostly in Debenhams concessions, and in distribution. Incidentally, the Baird Group also operate the tailoring concession at Debenhams stores.
A CVA can only be executed when 75 percent of the creditors approve a proposal. The vote is to take place on August 10.
“Baird Group was hit hard by the coronavirus crisis, especially through its 87 concessions with embattled department store chain Debenhams, which underwent administration during lockdown and could now be put up for sale,” wrote the Retail Gazette.
Baird Group chief executive Mark Cotter told the Financial Times that the business would pursue a restructuring that would “create a solid platform for a successful and sustainable business for many years to come”.
All of the group’s standalone stores were closed during the lockdown, with 10 stores remaining shut since the reopening of non-essential retailers.
Baird Group’s parent company is Arafa Holding, an Egyptian garment manufacturer and retailer.
Image via Ben Sherman; Article sources: Financial Times, Retail Gazette

 

[Pinkieslut]

Thomas Pink shutters London flagship store
By
Sahar Nazir
-
August 3, 2020

The retailer reopened its store on June 15 after lockdown, but has decided to permanently close it

Thomas Pink has reportedly shuttered its flagship store on London’s Jermyn Street store.
The shirtmaker, which is owned by French luxury conglomerate LVMH, reopened its store on June 15 after lockdown, but has decided to permanently close it, This is Money reported.
This has put the future of the rest of its store estate at risk due to a lack of visitors.
READ MORE:

• Thomas Pink full-year losses reach £23m
• Thomas Pink completes rebrand to Pink Shirtmaker

In the year to December 31, 2018, Thomas Pink reported that its operating losses widened by 20 per cent to £23.5 million.
Turnover decreased by 41.6 per cent to £15.4 million in the same period, while gross profit increased by 91 per cent to £14.5 million.
The menswear retailer relaunched its brand, and “as a result, turnover for 2018 only benefited from six weeks of the new strategy”.
It rebranded as Pink Shirtmaker, and tried to go upmarket with shirts prices at £120 to £160 each.
Separately, fellow shirtmaker TM Lewin said in June that it will permanently shut its entire store estate as it struggles to pay rent and other costs for its stores, which have remained closed since lockdown.
It will continue to trade online.
The collapse into administration resulted in 600 job losses and TM Lewin’s assets were bought back by its owner Torque Brands, an investment vehicle for private equity firm Stonebridge, through a pre-pack deal.

 

[Pinkieslut]

850 jobs to be axed at Victoria’s Secret HQ
By
Sahar Nazir
-
August 2, 2020

The retail group will lay off 850 employees at its Columbus, Ohio headquarters

// Victoria’s Secret to cut 850 jobs at HQ
// Owner L Brands aims to accumulate £304 million in annual savings from the job cuts
Victoria’s Secret parent company L Brands has announced it will cut 15 per cent of its head office workforce in an effort to reduce overhead costs.
The retail group will lay off 850 employees at its Columbus, Ohio headquarters.
L Brands aims to accumulate $400 million (£304 million) in annual savings from the redundancies, $175 million (£132 million) of which will be achieved in financial year 2020.

Other cost-cutting measures include closing stores, cutting down inventory and negotiating with landlords for rent relief.
The company expects net sales for the second quarter to be down 20 per cent compared to last year, exasperated by a 40 per cent decline at Victoria’s Secret.
L Brands is currently drawing up plans for Victoria’s Secret to operate as a separate, standalone company after a majority stake was sold to investment firm Sycamore Partners for $525 million (£407 million) in February.
“Decisions relating to our workforce are incredibly difficult and not taken lightly, but these actions are necessary to best position our company for the long-term,” L Brands chief executive Andrew Meslow said.
In May, Victoria’s Secret announced it would permanently close 250 stores in North America over the next few months, throwing UK stores into doubt.
Victoria’s Secret’s UK arm fell into administration on June 5, putting over 800 jobs at risk. It drafted in Deloitte advisers to assess the impact of Covid-19 on business. The firm said it would conduct a “light touch” administration as it seeks a potential buyer.

 

[Pinkieslut]

California Pizza Kitchen
Christa Emmer 8/3/20
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The California-style pizza restaurant plans to restructure through chapter 11 bankruptcy proceedings.
Another restaurant chain is heading to bankruptcy court in the wake of the COVID crisis. California Pizza Kitchen, or CPK, filed for chapter 11 bankruptcy protection on July 30 in Texas. The company plans to emerge from bankruptcy by restructuring debt and closing underperforming stores. California Pizza Kitchen has more than 240 stores in North America and has kept most of its restaurants open during the pandemic.

Founded 35 years ago in Beverly Hills, California, the restaurant is known for its fresh, personal-sized pizzas made with fresh ingredients. Decorated with black and white tile floors and wicker seating, California Pizza Kitchen quickly became a popular place to grab pizza and salad. The company was bought out by Pepsi Co. in 1992, but faltered in its expansion plans. Five years later, a private equity group came in that eventually brought the original owners back to the company. In 2020, the company has 240 stores as well as a line of frozen pizzas in grocery stores.

In a press statement, California Pizza Kitchen CEO Jim Hyatt blamed the coronavirus crisis for the company’s most recent financial challenges.
“The unprecedented impact of COVID-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to CPK’s viability as an ongoing business. Throughout this process we will continue to deliver the same innovative, California-inspired cuisine that we have been serving for over 35 years.”
California Pizza Kitchen locations are still open for carryout, delivery, and dine-in according to location. Restaurants will still honor gift cards, and customers can still earn and redeem points through the company’s reward program.

 

[knowwhatyouwantinlife]

How Chipotle Funds Restaurant Unit Growth Without Debt
Adam Jones
December 23, 2014, 3:25 am
An in-depth overview of Chipotle Mexican Grill (Part 13 of 15)

(Continued from Part 12)

Funding restaurant unit growth


In the last two parts of this series, we saw that Chipotle Mexican Grill, Inc. (CMG) doesn’t have any debt and yet is aggressively growing its units. Let’s look at how Chipotle is funding its unit growth without incurring any debt.

Chipotle sources its capital requirements for new restaurant construction from its cash and investment balance as well as cash flows from operation.



The company expects a capital expenditure of $260 million in 2014, which also includes the corporate aircraft purchase and refurbishment costs of $23 million. As of the third quarter ended September 30, 2014, the company had a cash and investment balance of $1.23 billion.

Other restaurants that have no debts

Panera Bread (PNRA), Potbelly (PBPB), and Buffalo Wild Wings (BWLD) have no debt and use their internal sources to finance their operations. This is possible because of the nature of the restaurant industry. Restaurant companies don’t have long receivable periods because customers pay with cash or credit cards.

Chipotle Mexican Grill doesn’t have high payables because of the nature of its inventory, which is mostly fresh. The company also has the availability to pay within ten days after receiving the ingredients, which further lowers the working capital requirements because the company can quickly turn over these ingredients and receive cash from customers.

To invest in several restaurant stocks while minimizing your transaction costs, you may want to look at the SPDR S&P 500 ETF (SPY).

Investments

Investment balance consists of investments made in US Treasury notes and certificates of deposit through the Certificate of Deposit Account Registry Service (or CDARS) and investments in trusts.

Keep reading to find out how Chipotle Mexican Grill (CMG) is all set to test its model all over again with two new concepts.

 

[knowwhatyouwantinlife]

Does LV or Rolex have an online store yet?

 

[syed putra]

Shopping will be very boring if done online.
What they show on the picture is not what you will receive.
You need to touch the material, see its quality before purchase.
Plus all those yummy salegirls

 

[Leongsam]

This is the true cost of lockdowns and history will show that more lives were lost compared to if lockdowns had not occurred.

 

[bonds]

Shopping will be very boring if done online.
What they show on the picture is not what you will receive.
You need to touch the material, see its quality before purchase.
Plus all those yummy salegirls

Knnbcjb You are super right.
If you wear a size 7 shoes, and you order online,
it may not fit you too.

 

[face the facts]

850 jobs to be axed at Victoria’s Secret HQ
By
Sahar Nazir
-
August 2, 2020

The retail group will lay off 850 employees at its Columbus, Ohio headquarters

// Victoria’s Secret to cut 850 jobs at HQ
// Owner L Brands aims to accumulate £304 million in annual savings from the job cuts
Victoria’s Secret parent company L Brands has announced it will cut 15 per cent of its head office workforce in an effort to reduce overhead costs.
The retail group will lay off 850 employees at its Columbus, Ohio headquarters.
L Brands aims to accumulate $400 million (£304 million) in annual savings from the redundancies, $175 million (£132 million) of which will be achieved in financial year 2020.

Other cost-cutting measures include closing stores, cutting down inventory and negotiating with landlords for rent relief.
The company expects net sales for the second quarter to be down 20 per cent compared to last year, exasperated by a 40 per cent decline at Victoria’s Secret.
L Brands is currently drawing up plans for Victoria’s Secret to operate as a separate, standalone company after a majority stake was sold to investment firm Sycamore Partners for $525 million (£407 million) in February.
“Decisions relating to our workforce are incredibly difficult and not taken lightly, but these actions are necessary to best position our company for the long-term,” L Brands chief executive Andrew Meslow said.
In May, Victoria’s Secret announced it would permanently close 250 stores in North America over the next few months, throwing UK stores into doubt.
Victoria’s Secret’s UK arm fell into administration on June 5, putting over 800 jobs at risk. It drafted in Deloitte advisers to assess the impact of Covid-19 on business. The firm said it would conduct a “light touch” administration as it seeks a potential buyer.

knn, all of you please go tell your mistress, wives, gfs, favorite geylang chicken, etc etc to buy more under wear to support this jobs

 

[A Singaporean]

Many branded stuff now on Carossell. Time must be bad.

 

[congo9]

Victoria secret is good.

 

[congo9]

Without the angels straddling down the runway, that how the best measured up against the worse and worse one think that they are being look down upon.

 

[bonds]

Victoria secret is good.

Of course they are goodest.
How they could pay skyhigh rent prices in Orchard, Paris, London, NY etc.

And can pay those so called
"super models"
a few hundred thousands to catwalk for an hour in a fashion show.

But, who are the dumb bitches who
"donated"' to them?

 

[congo9]

You get the best to model your clothes because you can afford them to. It adds glamour to your line of products. Plus when people endorse your product, it give a sense of well-being. Even one is not there yet, but you feel you are like one of the angels.

As for those fat ass women complaining that this VC model are shaming them and confirming them as well fat and lazy, don't be a loser. It's every men dream to bed a different angels every night. Nothing wrong with that.

It's also a dream for women to be like VC angels.

 

[myfoot123]

Now I no longer buy goods from expensive retail shop. I get most things from the "black market" aka online flea market - cheap and good 2nd hands products. Let singaporeans earn money online. Don't waste money on expensive foreign boss shops, in orchard road, who employed tones of foreigners,