The famed Christian Lacroix fashion house filed for bankruptcy in Paris. Despite plans to continue operations, the company was unprofitable for years. Sales were down roughly 35 percent at Lacroix's two US stores.
The article linked above notes that Lacroix was the last formally established couturier, and that its loss is "immeasurable."
Brown Shoe, parent company of Famous Footwear and Dr. Scholl's, is closing more stores than expected due to the weak economy. Total closings may reach 70 locations by year's end.
In addition to Famous Footwear, Brown Shoe's brand portfolio includes Via Spiga, Naturalizer and Buster Brown shoes. The company did not disclose which lines would be affected by the increased closings.
S&K Menswear, which filed for bankruptcy in February, has decided to close all its stores through liquidation. The chain has begun final clearance sales at all 105 stores.
Apparel retailer Abercrombie & Fitch responded to economic pressure by announcing a plan to lower prices on many of its clothes. The chain, which caters to upmarket teens, had previously defied market trends by prominently staying the course with its high-end merchandise. Just weeks ago Abercrombie was still "protecting its brand" by keeping prices high.
Discount retailer Filene's Basement filed for bankruptcy and agreed to sell 17 of its 25 remaining stores as part of its reorganization. The filing is expected to allow the stores to continue operating while the new owner takes over the chain.
Filene's Basement sold itself to a liquidation firm last month as preparation for the move, three months after closing a third of its stores to eliminate underperforming locations.
In a significant shift to a small but influential retailer, upscale women's store Henri Bendel will stop selling clothes this summer. Stores will focus on accessories and beauty products, which are the more profitable areas of the business.
Henri Bendel, which is owned by Limited Brands, is also giving up one floor of its handsome store on Fifth Avenue in Manhattan.
