Archive for the ‘Business Closures’ Category
Women’s retailer Coldwater Creek is liquidating, which means it will be closing all of its stores.
The company, which hasn’t posted a profit since 2007, said is will begin going-out-of-business sales at its nearly 400 stores by Mother’s Day, May 11.
Officials at The Mall at Barnes Crossing in Tupelo said they didn’t know when the Coldwater Creek location there – which opened in 2008 – would close.
The company listed assets of $278.5 million and debt of $361.3 million in Chapter 11 papers filed today in U.S. Bankruptcy Court in Wilmington, Del..
The chain said revenue peaked at $1.1 billion in 2006. It expanded from 198 stores in 2005 to 336 locations in 2007 before the global economic downturn stunted its financial success and triggered a series of management changes, according to court filings. Sales at stores open at least a year plunged 17 percent in the quarter ended Nov. 2.
The company joins women’s clothing chains Dots LLC and Ashley Stewart Holdings Inc. in bankruptcy. Dots, with 400 stores, shut down after filing in January. Ashley Stewart, with 168 stores in 24 states, sought Chapter 11 protection on March 10. A drop in mall traffic also has helped to drive pizza seller Sbarro LLC, toasted-sandwich chain Quiznos and the owner of Hot Dog on a Stick to seek court protection since February.
Office products superstore Staples is closing 225 of its North American locations by the end of 2015, the company said today.
Staples has two stores in Mississippi – Tupel0 and Pascagoula.
…. the largest U.S. office-supplies chain, will close as many as 12 percent of its North American stores and cut as much as $500 million in costs as online competition continues to hurt sales. The shares fell.
The annual pretax savings, which the company expects to achieve by the end of 2015, will come from areas including the supply chain, sales force, marketing and information-technology services, in addition to the store closings, the Framingham, Massachusetts-based company said in a statement today.
The retailer is facing increased threats from Internet-based rivals such as Amazon.com Inc., a challenge that spurred Office Depot Inc. to merge with OfficeMax Inc. last year. Staples said sales in its fiscal first quarter will fall from a year earlier, the fifth straight quarterly decline, and profit will be as much as 22 cents a share, trailing analysts’ 27-cent average estimate.
The shares fell 15 percent to $11.35 at the close in New York for the biggest one-day decline since May 18, 2011. The stock has slid 29 percent this year, compared with a 1.6 percent gain for the Standard & Poor’s 500 Index.
Savings Oil on North Gloster Street has stood for more than 60 years, and on Saturday, it will be demolished.
The iconic station, which was a Standard Oil station for years, is part of Dodge’s, the company famous for its fried-chicken-selling convenience stores.
Lindsey Cochran of Dodge’s said the store “doesn’t fit today’s business model.”
Few stores sell fuel only, and this is what Savings did. No prepared food, which is where the money is in most convenience stores. Making a few cents per gallon on gas is indeed an outdated business model.
So what’s next for the location?
“There are a lot of options,” he said. Building a Dodge’s store is certainly an option, he added.
The store was going to be closed at 2 p.m., today, but a fuel tanker truck arrived early and pumped out the remaining as. The store closed around 10 a.m. and it will be razed on Saturday.
J.C. Penney is cutting 2,000 jobs and closing 33 stores, the company said today.
Two stores in Mississippi are among the casualties; they’re located in the Singing River Mall in Gautier and Natchez Mall in Natchez. They were among the stores the company said were underperforming and would be shuttered by May.
The store at The Mall at Barnes Crossing in Tupelo remains open.
From the Associated Press:
Struggling department-store operator J.C. Penney announced it will cut 2,000 jobs and close 33 stores as it tries to get back on the path to profitability. The news raises concerns that Penney’s holiday season sales were not what the company hoped for and that the chain needs to do even more to recover from a turnaround plan that has had disastrous results.
J.C. Penney Co., based in Plano, Texas, said earlier this month said it was pleased with its holiday results but declined to give sales figures, raising worries among Wall Street analysts about how the season actually fared. Read the rest of this entry »
Ms. Ruth’s Diner in Verona is serving its final lunch buffet today.
Owner Ruth Bramlett, who opened her restaurant in Shannon 10 years ago, said she’s stepping away from running the business to concentrate on working more with her daughters. Specifically, she’ll be working with Johnette Bramlett, who has Ms. Ruth’s Express in the former Gloster Creek Village (which is in the process of being renamed Midtown Pointe) in Tupelo.
If you’ll remember, the Verona restaurant closed last November but reopened in January.
Earlier this year, Ms. Ruth’s added a buffet on Friday and Saturday nights.
Bramlett doesn’t own the building or the contents in the Verona location, which is open to holiday parties now. She said she’ll miss her customers, but added it’s only four miles from the Verona restaurant to the digital billboard in front of the Midtown Pointe building.
“Everybody can come see me there,” she said with a smile.
More photos after the jump: Read the rest of this entry »
We saw some chatter over the weekend that Romie’s BBQ closed.
Indeed, we drove by the building just a few minutes ago, and a sign posted on the front door said:
Thank you for your support
Romie’s BBQ is now closed
Come see us at Romie’s Grocery 804 W. Jackson St.”
We just spoke to owner Rob Lesley at Romie’s Grocery, who said that an expanding catering business led to the move.
“We might revisit it again one day (the BBQ restaurant) but it’s been good for us,” he said.
However, there’s only so much Lesley can do, and running two restaurants and a catering operation made for a hectic life.
“We had to look at what we could give up, and there’s only one of me to go around,” he said.
As for some of the favorite menu items from Romie’s BBQ, Lesley said, rest assured, some of the more popular items will be making their way to Romie’s Grocery, including the BBQ egg rolls, BBQ nachos, turkey BLT and the Cuban sandwich.
“Well be incorporating some of them into our plate lunch menu,” he said.
As for the building itself, Lesley said he’s already gotten interest from others interested in opening another restaurant.
“I think something will open up eventually,” he said.
Romie’s BBQ opened at the now-closed Troy Street location in 2011, after spending nearly two years on Green Street in what is now Simply Sweet by Margarete.
Last night was the last for the Waffle House on North Gloster Street near McCullough Boulevard.
Crews were emptying the location this morning, laying to rest what had been Tupelo’s oldest Waffle House, which was built in 1977.
A banner facing the street announced the store closing date for today, but it was closed last night, a Waffle House worker at the site said.
It likely didn’t help that a newer Waffle House opened earlier this summer near North Mississippi Medical Center, adjacent to Dossett Big 4 dealership and Walgreen’s.
The employees who worked at the location were shifted to that location and the other one near The Mall at Barnes Crossing.