Michael Kors closing up to 125 stores

Michael Kors, a high-end accessory and clothing company, announced Wednesday that it plans to close up to 125 stores over the next two years amid plummeting sales.

The company did not release a list of the stores that would close. In Palm Beach County, Michael Kors has locations in Palm Beach, Palm Beach Gardens and Boca Raton.

FILE – In this Nov. 27, 2015 file photo, a doorman holds the door for a shopper at a Michael Kors store at the Cincinnati Premium Outlets in Monroe, Ohio. For those willing to wait, there’s a best time of year to buy all kinds of things, from TVs to bathing suits. (AP Photo/John Minchillo, File)

Michael Kors is the latest in a series of retailers to announce store closings amid a surge in online buying. Macy’s, JcPenney, Hhgregg and BCBG Maxazria have all announced closures.

RELATED: These stores are closing in Palm Beach County

According to an earnings report released Wednesday, sales at the Michael Kor’s stores tumbled during the last quarter of the fiscal year. Total revenue fell by 11.2 percent to $1.06 billion from $1.20 billion in the fourth quarter of fiscal 2016, the report said.

As of April 1, Michael Kors operated 827 retail stores, including concessions, compared to 668 retail stores, including concessions, at the end of the same prior-year period. The Company had 133 additional retail stores, including concessions, operated through licensing partners. Including licensed locations, there were 960 Michael Kors stores worldwide at the end of the fourth quarter of fiscal 2017.

Sears to close 50 auto centers; 92 Kmart pharmacies

Sears plans to close 50 auto centers and 92 underperforming Kmart pharmacies as part of its ongoing restructuring effort, the company announced Friday.

(Photo by Spencer Platt/Getty Images)

Sears did not give a time frame for the closures or identify the locations of the stores that would be impacted.

RELATED: See the list of retailers closing in Palm Beach County

Sears has auto centers at its stores in Palm Beach Gardens, Boynton Beach and Boca, according to its website.

Friday’s announcement is expected to save the company about $250 million a year.

“Earlier this year, we initiated a strategic restructuring program and committed to improving our operating performance and financial flexibility in a very challenging retail environment,” Edward S. Lampert, Chairman and Chief Executive Officer of Sears Holdings, said in a statement posted on the company’s website. “While we have made significant progress in reducing our cost base and enhancing our member value proposition, we need to take further action.”

Sears had previously announced it was closing 150 non-profitable stores, including 108 Kmart locations and 42 Sears locations.

 

 

RadioShack files for bankruptcy again; plans to close 200 stores

RadioShack announced this week that it has filed for bankruptcy again and plans to close 200 of its 1,500 stores across the country.

The company, which emerged from bankruptcy nearly two years ago, said it is “evaluating options on the remaining 1,300” stores.

DEAL ALERT: These stores are closing in Palm Beach County

Founded in 1921, RadioShack is owned today by General Wireless Operations Inc., which acquired the storied brand in April 2015.

RadioShack has 6 locations in Palm Beach County.

“For nearly 100 years, RadioShack has proudly served local communities across the United States, offering consumers unique, high-quality products at a great value,” said Dene Rogers, RadioShack’s President and Chief Executive Officer. “Over the course of the past two years, our talented, dedicated team has worked relentlessly in an effort to revitalize the Company and the RadioShack brand, while providing outstanding service to our customers.”

Rogers pointed to sluggish sales in Wednesday’s bankruptcy announcement.

“For a number of reasons, most notably the surprisingly poor performance of mobility sales, especially over recent months, we have concluded that the Chapter 11 process represents the best path forward for the Company,” he said.  “We will continue to work with our advisors and stakeholders to preserve as many jobs as possible while maximizing value for our creditors.”

RadioShack is the latest in a series of retailers to announce store closings amid a surge in online buying.

Hhgregg, JCPenney, Macy’s and Family Christian, BCBG Maxazria, and American Apparel have all announced closures in recent weeks.

 

 

Hhgregg to close 88 stores, including all its Palm Beach County locations

Hhgregg announced today it plans to close 88 stores across the country, including all three of its Palm Beach County locations, as part of a “turnaround effort” it said was designed to return the company to profitability.

Net Lease Properties
Net Lease Properties

The company has three Palm Beach County locations — in Wellington, West Palm Beach and Boca Raton.

DEAL ALERT: These stores are closing in Palm Beach County; offering discounts

All three of those stores are slated to close as part of the restructuring effort, according to an announcement posted on the retailer’s website.

Hhgregg’s only Treasure Coast location is also slated for closure.

In its announcement, hhgregg said the affected stores are expected to close in mid-April. Current inventory in those stores will be sold over the coming weeks.

Hhgregg also plans to close three of its distribution facilities, including one in Miami.

“We are strategically exiting markets and stores that are not financially profitable for us,” said Robert J. Riesbeck, hhgregg’s President and CEO. “This is a proactive decision to streamline our store footprint in the markets where we have been, and will continue to be, important to our customers, vendor partners and communities. We feel strongly that the markets we will remain in are the right ones for our customers and our business model. Our team is dedicated to moving forward and being a profitable 132 store, multi-regional chain where we will continue to be a dominant force in appliances, electronics and home furnishings.”

Bloomberg reported last week  that the electronics and appliance retailer is preparing to file for bankruptcy.

In all, the company plans to close 15 stores in Florida.

The closings will result in the elimination of approximately 1,500 positions, the company said.

 

See which store is closing at CityPlace

Banana Republic, the popular clothing retailer and Gap affiliate, is set to close its doors at CityPlace next week.

Parking in front of Banana Republic and Gap in CityPlace in West Palm Beach. The stores are across the street from Barnes & Noble Bookstore. (Allen Eyestone/The Palm Beach Post)
Parking in front of Banana Republic and Gap in CityPlace in West Palm Beach. The stores are across the street from Barnes & Noble Bookstore. (Allen Eyestone/The Palm Beach Post)

Monday will be the retailer’s final day at the outdoor shopping center and entertainment hub, according to a sign posted at the store.

Banana Republic also has stores at the Palm Beach Outlets, The Gardens Mall in Palm Beach Gardens, The Mall at Wellington Green, and the Town Center at Boca Raton.