The more than 80-year-old restaurant has filed for bankruptcy again to approve a sale and refinancing plan. The East Coast restaurant chain Friendly’s, known for its ice cream, has filed for bankruptcy again. It comes as one of the restaurant industry’s latest companies to file for bankruptcy amidst the coronavirus pandemic.
Justice has announced they will close all 108 locations by early 2021. Ascena Retail Group, owner of the Justice brand, filed for bankruptcy earlier in 2020.
From now until the end of the year, retailers are usually pulling out all the stops for the holiday season. But with the threat of not only another coronavirus spike, but flu season and the continued fall-out from the recent election to consider, it’s easy to predict smaller than normal shopping crowds. Plus, holiday shopping got started earlier than ever in 2020 as many retailers began offering online Black Friday deals throughout November.
Retailsphere previously reported on Guitar Center’s missed interest payment in October, leading many to speculate that bankruptcy was on the horizon for the music center brand. It has now officially been announced the brand has entered into a Restructuring Support Agreement. The agreement will provide a repayment plan of the brand’s $1.3 Billion in debt to a variety of creditors.
The long honored tradition to splurge on the busiest shopping day of the year will continue, with substantial changes. Recall Black Friday of years past: Crowd-filled stores, doorbuster deals dawning in the wee hours, the occasional squabble over the last item on the shelf, and all of it “one day (or one weekend) only”. The Black Friday of 2020 will assuredly be the contrary: No crowds - all six feet apart, deals mostly online with even more available for curbside pickup or delivery, and “one day only” has turned into a season-long event spanning months.
The pandemic forced sweeping closures of daycare facilities across the country earlier this year, and while many have re-opened, it seems almost 40% of childcare centers and family childcare programs remain closed nationwide. Those that remain open are operating at very low capacity. But don’t count them out as potential tenants.
Making a bold move to continue brick and mortar expansion while having no e-commerce presence, Ross Stores successfully finished their expansion plans for 2020. Last month, the off-price apparel retailer opened 30 Ross Dress for Less and 9 dd’s Discounts stores over a span of 17 states, totaling 66 new doors this year.
The 2020 COVID pandemic has affected us all, but the convenience store market has arguably seen a unique set of issues. Where many retailers and outlets have to figure out the best way to reopen, convenience stores find themselves in the sticky Venn diagram center of “necessary fuel stop” and “high traffic risk spot.” Convenience stores have been experiencing higher in-store traffic and lower fuel sales as they adapt to the rapidly changing era of COVID-conscious sanitization and distancing.
Ulta Beauty and Target announced a partnership last Tuesday Nov 10. Starting in 2021, Ulta will start opening 1,000 square foot shops inside of Target stores around the country.
A judge approved Simon Property Group and Brookfield Asset Management on Monday Nov. 9 to buy JC Penny for $1.75 billion. It is estimated that the sale will save 60,000+ jobs that would have been lost if the brand had liquidated. The deal is set to close November 20.