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Clothing retailer Vanity to close all 140 store
More bad news for retail as Fargo based Vanity has announced they are closing all 140 stores and laying off thousands according tot his Tribune report.
A women’s clothing retailer with locations in the Northland will soon close all of its stores across the country after filing for bankruptcy protection.
Vanity Shop of Grand Forks Inc., which is headquartered in Fargo and operates its stores under the name Vanity, is seeking Chapter 11 protection, according to a voluntary petition for relief filed Wednesday in the District of North Dakota U.S. Bankruptcy Court.
All Vanity stores — about 140 in total — will be closed, which will affect 1,200 to 1,400 employees nationally, said CEO and President Mickey Quinn. She said stores will remain open to sell off remaining inventory, with most stores expected to close by late March.
There are Vanity stores at Miller Hill Mall in Duluth, and in Grand Rapids, according to the company website.
Chapter 11 allows businesses and consumers to reorganize through a court-approved plan. The move gives a company relief from the threat of creditors’ lawsuits as it reorganizes, but the plan must be accepted by a majority of creditors.
Board Chairman Jim Bennett said it’s a decision the privately held company came to in February.
“It’s been a very difficult retail sector in the last three to four years and it just isn’t sustainable for us,” he said.
http://www.thomasdishaw.com/store-closings/clothing-retailer-vanity-close-140-stores/
More bad news for retail as Fargo based Vanity has announced they are closing all 140 stores and laying off thousands according tot his Tribune report.
A women’s clothing retailer with locations in the Northland will soon close all of its stores across the country after filing for bankruptcy protection.
Vanity Shop of Grand Forks Inc., which is headquartered in Fargo and operates its stores under the name Vanity, is seeking Chapter 11 protection, according to a voluntary petition for relief filed Wednesday in the District of North Dakota U.S. Bankruptcy Court.
All Vanity stores — about 140 in total — will be closed, which will affect 1,200 to 1,400 employees nationally, said CEO and President Mickey Quinn. She said stores will remain open to sell off remaining inventory, with most stores expected to close by late March.
There are Vanity stores at Miller Hill Mall in Duluth, and in Grand Rapids, according to the company website.
Chapter 11 allows businesses and consumers to reorganize through a court-approved plan. The move gives a company relief from the threat of creditors’ lawsuits as it reorganizes, but the plan must be accepted by a majority of creditors.
Board Chairman Jim Bennett said it’s a decision the privately held company came to in February.
“It’s been a very difficult retail sector in the last three to four years and it just isn’t sustainable for us,” he said.
http://www.thomasdishaw.com/store-closings/clothing-retailer-vanity-close-140-stores/
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