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COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic
Covid-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic In the largest retail casualty of the novel coronavirus (COVID-19) pandemic, JCPenney has filed for bankruptcy. Founded in 1902, JCPenny has about 800 stores in the United States. “The coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country," said Jill Soltau, chief executive officer of JCPenney, in a statement released on Friday, May 15. "As a result, the American retail industry has experienced a profoundly different new reality, requiring JCPenney to make difficult decisions in running our business to pr…

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by Joe Lombardi
Business
COVID-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic COVID-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic
Covid-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic High-end retailer Neiman Marcus became the first department store to file for bankruptcy amid the novel coronavirus (COVID-19) pandemic. The outbreak temporarily forced the closure of all 43 Neiman Marcus stores, as well as the company's Bergdorf Goodman stores and Last Call outlets, in late March. On Thursday, May 7, the company said in a statement that it has entered into a restructuring agreement with creditors that will allow it to "substantially reduce debt and position the company for long-term growth." No specific store closures have been announced. Neiman Marcus, whose headq…

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by Joe Lombardi
Business
Nearly Two Dozen Modell's Stores Slated For Closure Nearly Two Dozen Modell's Stores Slated For Closure
Nearly Two Dozen Modell's Stores Slated For Closure With online shopping leading to the demise of many traditional brick-and-mortar retailers, Modell’s Sporting Goods announced it will be closing nearly two dozen East Coast stores in an attempt to save the entire company. Eight Modell’s locations will be closing in New York - including one on Long Island - though the Hudson Valley avoided the chopping block.  The move comes so the retailer can avoid filing for bankruptcy as soon as Sunday, March 1, according to reports. Modell’s didn’t announce which Long Island location would be closing, and no closing dates or start of closing sales …

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by Zak Failla
Business
Luxury Retailer Barneys Sets Closing Date For Its Stores Luxury Retailer Barneys Sets Closing Date For Its Stores
Luxury Retailer Barneys Sets Closing Date For Its Stores Barneys New York luxury goods stores and its corporate office will officially be closed later this month, costing hundreds of jobs after the company went bankrupt. The once iconic luxury retailer will shutter the doors of 15 stores across the country as of Sunday, Feb. 23, with 719 employees losing their jobs, according to the New York State Department of Labor. According to reports, any employee at the 97-year-old chain who has worked for the company at least two years received five-weeks severance, though workers did not receive accrued vacation time. The closures come after Barneys file…

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by Zak Failla
Business
Pier 1 Will Close Nearly Half Its Stores Amid Bankruptcy Speculation Pier 1 Will Close Nearly Half Its Stores Amid Bankruptcy Speculation
Pier 1 Will Close Nearly Half Its Stores Amid Bankruptcy Speculation Pier 1 Imports announced it will close up to 450 stores, nearly half of its 942 outlets. The news comes amid rumors unconfirmed that the retailer will soon file for bankruptcy and after another quarter of declining sales and losses. Pier 1 said sales decreased 11.4 percent compared to the third quarter of fiscal 2019. Pier 1, which did not reveal the timetable for store closures, said it plans to shut down some distribution centers and reduce its corporate headcount while also slashing expenses. To view the Pier 1 statement, click here.

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by Joe Lombardi
Business
Luxury Retailer Barneys Closing 15 Stores, Files For Bankruptcy Luxury Retailer Barneys Closing 15 Stores, Files For Bankruptcy
Luxury Retailer Barneys Closing 15 Stores, Files For Bankruptcy Barneys has gone bankrupt. The luxury retailer has officially filed for bankruptcy due to decreased sales, and will be closing down 15 stores as part of a reorganization effort. “For more than 90 years, Barneys New York has been an iconic luxury specialty retailer, renowned for its edit, strong point of view, creativity, and representation of the world's best designers and brands," Barneys CEO and President Daniella Vitale said. "Like many in our industry, Barneys New York's financial position has been dramatically impacted by the challenging retail environment and rent structures that are …

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by Zak Failla
News
Honda Recalls 1.6M Vehicles Due To Potentially Deadly Airbags Honda Recalls 1.6M Vehicles Due To Potentially Deadly Airbags
Honda Recalls 1.6M Vehicles Due To Potentially Deadly Airbags Honda is recalling 1.6 million vehicles nationwide due to potentially deadly Takata airbag inflators, completing its required recall of nearly 13 million vehicles. The recall will affect Honda and Acura vehicles in the United States. According to the U.S. National Highway Traffic Safety Administration (NHTSA), Takata used ammonium nitrate to create a small explosion and inflate airbags in a collision. But the chemical can deteriorate when exposed to high temperatures and humidity and blow apart a metal canister, spewing out shrapnel. Affected Honda models include the 2001-2012 Accord,…

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by Zak Failla
Business
Friendly's Closes 23 Restaurants, Including One In Fairfield County Friendly's Closes 23 Restaurants, Including One In Fairfield County
Friendly's Closes 23 Restaurants, Including One In Fairfield County Friendly's is closing 23 more of its restaurants in the Northeast, including in New York and Connecticut. The closures will occur when the leases are up of the affected restaurants. "While this was a tough decision, we are confident it will best position the brand for a bright future," Friendly's CEO George Mitchell wrote in a letter to franchise owners in April. "Especially difficult is the impact these closures will have on the locations' wonderful employees, who we are working to support with opportunities in other locations or severance payments and other assistance." Fourteen of …

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by Donna Christopher
Business
Charlotte Russe Stores In Stamford, Danbury, Trumbull Slated For Closure Charlotte Russe Stores In Stamford, Danbury, Trumbull Slated For Closure
Charlotte Russe Stores In Stamford, Danbury, Trumbull Slated For Closure Young fashionistas who are fans of Charlotte Russe will soon have to look for another favorite store when all local stores close after filing for bankruptcy. The clothing retailer confirmed on Wednesday, March 6, that it plans to close all of its brick-and-mortar and online shops including those at the Stamford Town Center, Danbury Fair, and Westfield Trumbull malls. The announcement comes about a month after the company filed for Chapter 11 bankruptcy protection. Last month, the company closed its Milford, Meriden, and Ledyard stores. The company states on its website that …

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by Kathy Reakes
Business
Five Fairfield County Stores Among Payless Closures Five Fairfield County Stores Among Payless Closures
Five Fairfield County Stores Among Payless Closures Another iconic retailer is going out of business. Payless ShoeSource will be closing all of its 2,100 remaining stores in the U.S. and Puerto Rico. The chain had filed for Chapter 11 bankruptcy protection nearly two years ago, closing hundreds of stores as part of its reorganization. Liquidation sales start Sunday, Feb. 17 with all stores staying open until the end of March with many others remaining in business until May. Store closures in the Hudson Valley and Fairfield County are as follows: Hudson Valley Westchester County Burlington Shopping Center, Yonkers Cortlan…

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by Joe Lombardi
Business
Sears Announces 40 New Store Closures, Including One In CT Sears Announces 40 New Store Closures, Including One In CT
Sears Announces 40 New Store Closures, Including One In CT Less than a month after it filed for bankruptcy and announced the closures of 142 Sears and Kmart stores, Sears Holdings is saying it's planning to close another 40 stores in February. The new round of closures means there will be roughly 660 Sears and Kmart stores still open. Liquidation sales at the 40 locations set to close will start late next week.  There are three stores slated to shut down in New York among those 40: Kmart 805 New York Ave., Huntington Sears, 3065 Route 50, Saratoga Springs Sears, 21182 Salmon Run Mall, Watertown  The one store in Connecticut in the ne…

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by Joe Lombardi
News
Area Developer Admits To Ponzi Scheme Area Developer Admits To Ponzi Scheme
Area Developer Admits To Ponzi Scheme A real estate developer has admitted to operating a years-long Ponzi scheme that included properties in Westchester. Michael D’Alessio, 53, has pleaded guilty to one count of committing wire fraud and one count of concealing assets from a bankruptcy court. He faces up to 20 years in prison and hundreds of thousands of dollars in fines when he is sentenced on March 22 next year. The elaborate scheme involved defrauding investors of luxury real estate developments in Manhattan, the Hamptons, Westchester and other locales. D'Alessio is the former president and CEO of real estate deve…

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by Zak Failla