On June 05, 2020, it was reported, J.C. Penney has identified 154 stores it plans to permanently close initially in bankruptcy, with more closures expected to come as the department store chain winds through the court process. Going-out-of-business sales will start upon court approval of Penney's plan, the company said in a press release. A hearing on the matter is scheduled for June 11. On Thursday, Penney received court approval for a bankruptcy financing package that gives it immediate access to $225 million, with access to an equal amount in July, subject to conditions. Approval came over objections from some creditors who took issue with the terms and securitization of the financing package.
On June 05, 2020, G-III Apparel Group said it is restructuring its retail operations, including liquidating 110 Wilsons Leather and 89 G.H. Bass stores as they're allowed to reopen. After that process is completed, G-III will be left with 41 DKNY and 13 Karl Lagerfeld Paris stores, along with e-commerce sites for DKNY, Donna Karan, Karl Lagerfeld Paris, Andrew Marc, Wilsons Leather and G.H. Bass, according to a company press release. The company also said it's shifting its focus further to wholesale, a business that delivered over $2.86 billion in annual net sales in its last fiscal year, anchored by its five major wholesale brands, DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld.
On June 01, 2020, it was reported, a judge with the U.S. Bankruptcy Court for the Eastern District of Virginia on Friday approved Pier 1's plan to wind down its retail operations and shutter all of its stores. Liquidation sales will begin as soon as stores shuttered due to the coronavirus reopen, and the company expects the process to conclude by the end of October. As previously announced, Pier 1 will sell its remaining assets, including its IP and e-commerce business, through a court-led sale. "This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1," CEO and CFO Robert Riesbeck said in a statement. "We are incredibly grateful to everyone who has supported Pier 1 since the Company's inception nearly 60 years ago, including our committed associates, passionate customers and talented vendors."
On May 28, 2020, it was reported, Tuesday Morning owes a lot of home textiles producers a lot of money. The off-pricer has filed to reorganize under Chapter 11. It filed its petition with the U.S. Bankruptcy Court for the Northern District of Texas-Dallas Division. The company also plans to close 230 of its 687 stores as part of its reorganization and said it hopes to emerge from bankruptcy by early fall 2020. In the meantime, home textiles companies make up a hefty portion of Tuesday Morning's top 40 unsecured creditors and are collectively are owed approximately $8.8 million. Revman International is the leading unsecured creditor, owed nearly $1.4 million. Home textiles companies owed more than $500 million include: American Textile Company, AQ Textiles, Benson Mills, Blue Ridge, Home Dynamix, Nourison, Loloi Rugs, Peacock Alley, Popular Bath, Royale Linens, SL Home, Trade Lines and YMF Carpet. Soft home suppliers among the top unsecureds who are owed more than $400 million but less than half a million dollars include Best Brands Consumer Products, Classic Concepts, , E&E Co. and WC Home Fashions. Tuesday Morning's $283 million in home textiles sales accounted for approximately 28% of the retailer's total sales in 2018, according to HTT's annual Top 50 Retailing Giants report.
