With more and more expectant and new mothers heading online to buy their clothes, it seems as though there’s no real reason for this company to have proper storefronts any more. In 2017, they announced that their sales had gone down drastically and that they would be bringing in new people to help them shake things up and bring back the business. However, it seems as though the online shopping boom has hit them hard in terms of sales. And this caused the company to rack up a debt of around $1.5 billion. Fewer and fewer people decided to make their way to the stores, and they were considered to be one of the most at-risk stores in the United States in 2018. As well as buying mattresses online, people are also buying cheaper mattresses from other stores – such as larger department stores. Guitar Center and Joann, for example, had relatively high levels of debt heading into the health crisis, credit analysts say. The company confirmed in 2018 that 2017 had been one of the worst years for them and that their sales had decreased a whopping 10.9%. We want to hear from you! Yet, that doesn’t mean that store closures couldn’t be in the pipeline this year. While it has since emerged from bankruptcy, it seems as though there are still plans on the table to get rid of some of their stores to help pay back some of their debts. However, Bebe has found itself in a sticky situation over the years, and many people put this down to one particular event that took place in 2007. But the months of loss-making are a serious gut punch when a company’s been dealing with debts over a decade old. There’s a high chance that you have bought something from this store before, because there was once a time where it could be found everywhere. “They were actually showing profitability consistently over about 10 quarters prior to Covid,” Pasternak points out. While they have brought in new CEOs and advice from Berkeley Research Group to help them get back in business, it seems as though they will be shutting up shop in multiple locations in 2020. The discounted shoe store was once a hugely popular company, but it seems as though the online revolution has left people buying their shoes online rather than in the store. As the owners of stores such as Blair, Fingerhut, Appleseed’s, and more, many would think that they would still be doing well in the current market. That’s why they have started their own subscription service, and this seems to be helping things. While this company has been in business for over five decades, it seems as though physical guitar sales are plummeting as the years go by. Hopefully, we won’t be able to notice this change too much, though. Guitar Center, Inc. operates a chain of guitars, amplifiers, percussion instruments, pro-audio and recording equipment stores. And this led them to file for Chapter 11 bankruptcy back in September 2019. It’s no secret that Sears Holdings has been in trouble for around 10 years now. However, it seems as though they may have to find somewhere else to shop soon because J.Crew is closing a huge number of its stores. General views of the Hollywood Rock Walk at the Guitar Center on the Sunset Strip after the announcement of rock legend Eddie Van Halen's death on October 06, 2020 in … Unlikely. The company filed for bankruptcy on May 10 and said it … In 2018, they merged with PacSun, and this seems to have helped slightly. Mark Hoppus of blink-182 performs onstage at the 2020 iHeartRadio ALTer EGO at The Forum on Jan. 18, 2020 in Inglewood, Calif. Fulltone received heavy backlash after the guitar … Musical instrument retailer Guitar Center recently filed bankruptcy, but plans to continue operating its nearly 300 stores, including one in Lancaster Township’s Manor Shopping Center. In a letter obtained by Music Trades dated 31 March 2020, Guitar Center’s CEO Ron Japinga confirms that more than 9,000 of the company’s estimated 11,000 staff across both Guitar Center and Music & Arts stores will be furloughed. Most Clearance Sale are eligible for free shipping. It's hard for regional discount department stores to hold their own against national giants Walmart, Target and Kohl's. Do you have a pet? While some of the companies on this list seem to be going downhill without any chance of survival, there is certainly a glimmer of hope on the horizon for Stein Mart. While you can still buy the shoes online and in stores in other countries, there are rumors that these international stores may also close. Because of this, David’s Bridal has seen some serious losses over the year. America’s largest retailer of musical instruments and gear filed for Chapter 11 bankruptcy over the weekend, in a plan to drastically reduce its current debt of approximately $1.3 billion by $800 million, Reuters reported. And now, the industry's standstill is putting one of the most iconic music stores in jeopardy: Guitar Center, the largest retailer of musical instruments and equipment in the country, is filing for bankruptcy. However, they are still finding that their online sales are rising, while their in-store sales are decreasing. They have tried everything to get them back on the straight and narrow, but even laying off staff and cutting costs hasn’t helped them. While you may shop at these stores regularly, it may surprise you to know that this umbrella company is actually in a dire situation. Want more Rolling Stone? Considering Kohl’s is one of the largest department stores in the United States, you may be surprised to see it on this list. If you’ve never been to 99 Cents Only, then you probably don’t need us to tell you what this store is all about. Forever 21 is a hugely popular store, but it seems as though that quick success has also led to a quick decline. After all, many people in Jacksonville love to head to this discount department store. The rumor of Guitar Center closing has been heavy the last 2 years while their debt stacks up and credit rating drops. In fact, their revenue dived by 3.4% in 2017, and while that may not seem like a huge amount in terms of percentage, that equates to around $2.5 billion. As you can tell by the name, Vitamin Shoppe is all about providing the best and high-quality vitamins to its customers. Although it has been sold to a new company and been taken over by a new CEO, 99 Cents Only is due to close down even more stores this year. That’s because, despite the fact that Stein Mart experienced a net loss of a whopping $23.4 million for 2017, they are now doing everything they can to ensure that they won’t go out of business. However, it seems as though this outdoor adventure company is still dealing with some problems. 2020-11-22T18:39:23Z ... View of a Guitar Center store in Hollywood, California. Because of this, store closures are expected. Starting in the 1980s, it grew into a national chain that nurtured the aspirations of generations of would-be guitar heroes, but the company struggled in recent years with debt left … Alongside this, Forever 21 is planning to cease trading in 40 other countries this year. People just didn’t seem to resonate with the styles and the clothes, though, and they found that it pushed people away further. JCPenney is a huge name in the department store world, and it’s always been the case that they have the biggest stores in the mall. This shoe retailer was once one of the biggest companies to reside in malls, but it seems as though it has fallen on hard times over the years. “The company has been burdened in carrying too much debt on its books, but then Covid knocked out the profitability, which led them to a cash crunch and an inability to make their debt service payments.”, He says Guitar Center has actually done considerably well despite the downturn in retail in the last couple years, thanks in large part to a strong e-commerce infrastructure; it just wasn’t doing well enough to squash their huge debt. In an attempt to recoup their losses, Abercrombie & Fitch are approaching 2019 with an intriguing plan. Great prices, selection and customer service. With more and more people choosing to buy online, it seems as though their business is struggling. By the time 2018 came along, they decided to cut costs by laying off 1,000 members of staff and close down one of their large distribution centers. Guitar Center has fulfilled debt payments it skipped last month, ensuring it will stave off a default, Bloomberg reported. Trader Joe’s has announced closing down some of their stores across the country due to possible virus contamination. If you’re familiar with the business history of Payless, you’ll know that they have been in some serious danger over the years. Because of this, companies with storefronts have been suffering over the past few years. Music-lovers rejoice, because when you shop at Guitar Center this Black Friday, you can land the hottest accessories or even a … The company is expected to close even more of its stores this year. Instead, they have just seen their numbers fall every single year, and it seems as though the introduction of new CEOs hasn’t been able to help. However, in today’s financial climate, these stores may not stay open for long. Other stores such as Walmart, Dollar Tree, and Dollar General have all tried to make their own mark…. Guitar Center and Joann, for example, had relatively high levels of debt heading into the health crisis, credit analysts say. Affected staff will receive benefits until the end of April, as well as pay extensions, while Japinga himself has opted to forgo his salary entirely, … The bankruptcy filing allows the largest musical instrument retailer to reduce debt by nearly $800 million and get access to $165 million in cash. That’s because there’s currently only one store open, as Bon-Ton had to scrap all of their stores when they declared bankruptcy and entered liquidation in 2018. Things have eased up recently, with stores opening back up and only five to 10 percent of Guitar Center’s employees still furloughed. Have you ever shopped at Pier 1 Imports? J.Crew is a hugely famous store, and there’s no doubt about the fact that some of the biggest names in the world have outwardly spoken out about the fact that they favor this store. 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