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Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator
JCPenney is merging with a company that owns several other retailers that have also struggled as malls have declined in popularity across the US.
The 123-year-old department store chain and SPARC Group have combined to form Catalyst Brands, the new company said in a news release on Wednesday, Jan. 8. SPARC Group is the operator of stores including Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brand, and Nautica.
Former JCPenney CEO Marc Rosen will become the CEO of Catalyst Brands, which boasts more than $9 billion of revenue and about 60,000 employees at …
Party City Going Out Of Business, Closing All 800 Stores, Including 11 In Connecticut
The party is over for a popular chain store that's been in business for decades.
Party City is “winding down” operations immediately at its approximately 800 locations, CEO Barry Litwin told corporate employees in a video call on Friday, Dec. 20, CNN reports.
Workers were told they will not receive severance pay, and that their benefits would end as the company goes out of business, CNN says.
The company, headquartered in in Woodcliff Lake, New Jersey, is running low on cash and unable to pay rent in some locations, according to an earlier Bloomberg report.
Party City was foun…
What Spirit Airlines' Bankruptcy Means For Holiday Travelers
Spirit Airlines, the no-frills budget carrier, announced it would file for Chapter 11 bankruptcy a week before a record number of people are expected to fly during the Thanksgiving holiday, reports said.
The Florida-based airline announced Monday, Nov. 18, that its debt, growing losses, and increased competition have kept the company in the red for four years, and it would need to restructure its bills to keep it in the air, NBC News reported.
However, despite its financial troubles, the airline promised passengers they would not feel any of that pain in the air.
"Guests …
