Taken from The Budget Fashionista
The Budget Fashionista’s Weekly Retail Closing Report
Retailers have taken a lot of hard hits lately, and while some are getting back on their feet after the holiday slump, others are, well, giving up.
The Phillips-Van Heusen Corporation, owner of DKNY, Calvin Klein, and other clothing brands, will close 175 stores; this is a big blow to the outlet malls of the country. But Van Heusen isn’t alone. Here’s a wrap-up of the latest store closures… hint: there’s a liquidation sale coming to a store near you.
Steve & Barry’s (where will Sarah Jessica Parker’s “fashion you can afford to love” line, BITTEN, go?)
Cub Libby Lu (Saks is letting go of this retailer, aimed at fashion-savvy young girls, so parents have lots of great deals to pounce on)
Others retailers closing stores…
Ann Taylor (117 stores)
Gap Inc (85)
Foot Locker (140)
Sigrid Olsen (54)
Pacific Sunwear (153 demo stores)
Fashion Bug (150)
JC Penney may be scaling back soon, too.
Saks Fifth Avenue is laying off 1100 employees. Sad.
Neiman Marcus is cutting 400 jobs, including 100 in the Dallas area where the store is based. This economy does not seem to be getting better.
Peter Som is out of fashion week!
While I was eating lunch today, I took a gander at CNN. They unfortunately reported that Macy’s, the “Great American Department Store”, is closing 11 stores. Be on the lookout for sales at the closing stores and on the website.
Update: I just went on the Saks website today and found this little tidbit of info for you. 80 FREAKIN’ % OFF !!!!!!!! They are either going to close stores soon, go bankrupt and lose it all, or think about a new business strategy because, while this is good for the consumer, its not good for them. I have always wanted to work here. Maybe I should seek employment elsewhere.
I just found out, on the Wall Street Journal, that Monique Lhuilier and Naeem Khan have opted out of presenting runway shows for New York Fashion Week. The recession has everybody on a choke hold right now. Within the past few weeks, it has been reported that Vera Wang, Betsey Johnson, Temperley London, Carmen Marc Valvo and other designers are holding presentations in their stores , smaller venues, or are totally trying to figure out a way to revamp their presentations into something more economic for their companies. According to Fashionista.com, Men’s Vogue is folding, kind of folding, or revamping/downsizing. Last but not least is the news that Chanel, the epitome of luxury and chicness, laid off 200 workers. By the time I get my masters there won’t be any fashion jobs left.