Charlotte Russe Files Chapter 11 and J.C. Penney Leaves the Appliances Market
CHARLOTTE RUSSE FILES FOR BANKRUPTCY
Women's apparel brand Charlotte Russe has filed for Chapter 11 bankruptcy protection. The company plans to shut about 94 of its 500 operating shops across the U.S.
In a recent press release, Charlotte Russe noted its continuance to pursue a sale of its business after receiving a commitment of $50 million in debtor-in-possession financing.
While most locations to close reside in shopping malls, Charlotte Russe will keep its website fully operating. Find which stores will be closing here.
FOOTLOCKER INVESTS Foot Locker is adamant in mapping its retail destiny this year. The retailer has been bolder with store concepts in recent months, and this week announced that it made a "strategic investment" of $100 million in sneaker marketplace GOAT Group, which also owns consignment retailer Flight Club. Foot Locker and GOAT Group will be creating "exclusive customer experiences" through their partnership. Read More |
TARGET EXPANDS LOYALTY PROGRAM Target will expand its Target Circle loyalty program pilot from Dallas to five additional markets this month. The retailer will determine which rewards category is most relevant to the shopper, with choices from clothes, DVDs. or groceries. It's standout features include personalization, 1% back on all Target purchases and birthday rewards. Read More |
J.C. PENNEY DISCONTINUES APPLIANCES
J.C. Penney is no longer in the appliance business, a major change initiated by new CEO Jill Soltau since she joined the struggling department store chain late last year.
The company's former CEO, Marvin Ellison, (now chief executive of Lowe's), reintroduced appliances in 2016 to compete with Sears, after the retailer had spent more than three decades focusing primarily on soft goods.
Starting next month all major appliances will be removed from U.S. stores, "in order to better meet customer expectations, improve financial performance and drive profitable growth." The company notes that furniture will soon be available only online and in select stores in Puerto Rico.
SHOES: THE NEXT SPLURGE ITEM
According to NPD, footwear is now the most powerful category in the online luxury market. Consumers are spending more money on expensive footwear than on handbags, and nearly half of online luxury fashion dollar sales stem from this category. Footwear accounts for the highest average annual spend per buyer and purchase frequency, with customers spending as much as $794 on a pair of shoes on average
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THIS WEEK'S BRIGHT SPOT
In the latest streetwear and luxury collaboration, Versace is launching a massive exciting collection with KITH. Featuring 100 pieces for men and women including ready-to-wear, lingerie, and swimwear — it even features a re-issue of the Amico trainer, (a Versace sneaker from the ’90s). As if all that weren’t enough, they got Bella Hadid to model it all.
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