regional stores: February 2009 Archives

Update: Fortunoff

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Bankrupt retailer Fortunoff is giving up on an acquisition and beginning liquidation sales today. Liquidators announced the sales would be business as usual and that they would honor outstanding gift cards. Fortunoff closed its flagship store at the start of February and entered into bankruptcy a few days later.

Fortunoff is an interesting bankrupty because of the fond memories people have of its family-owned roots. While its failure is a private-equity and debt-load story, many people remember it as the longtime regional retailer with family roots, making its closure a bit more poignant than other large stores.

Local food markets

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Retailers selling food, typically among the lowest-margin businesses in the nation, are suffering as much as anyone in the rough economy. Some regional stories of note:

Chernin's Shoe Outlet walks

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Nineteen-door Chernin's Shoe Outlet has filed chapter 7 bankruptcy and will liquidate all stores. The company had a presence in seven states and has been in business since 1907.

Snyders Drug

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In Minnesota, the Snyders Drug chain is becoming "smaller but stronger" with the closing of 19 stores. The regional chain, which dates to 1928 in Minneapolis, operated 47 stores before the announcement. Snyders successfully emerged from a 2003 bankruptcy filing but is suffering from a rapid CVS expansion.

Fortunoff misfortune

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Venerable retailer Fortunoff has closed its flagship store and is discussing liquidation and bankruptcy options. The company, which sells jewelry, silverware and home goods products, has been in business since 1922. Fortunoff entered bankruptcy a year ago and was purchased by the same parent company as Lord & Taylor.

Fortunoff moved its flagship Manhattan store to 57th Street just off Fifth Avenue in autumn 2007, vacating its old Fifth Avenue location at its landlord's request. The lease at West 57th expired last month, suggesting the move was temporary in nature and the closing expected internally. The company's website notes the closed location without further comment. Another 20 stores are reportedly still open for business.

Update: Fortunoff filed for Chapter 11 bankruptcy as expected Thursday Feb. 5. The company hopes to be acquired; if not, the chain will close rather than reorganize.

Timely Demise tracks the retail industry as it changes with our unprecedented economic environment. Published by David Wertheimer. Did I miss something? Drop me a line.

About this Archive

This page is a archive of entries in the regional stores category from February 2009.

regional stores: January 2009 is the previous archive.

regional stores: March 2009 is the next archive.

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