Covid or No Covid. A Sale Is A Sale Amid Another Local Closing
Not to be glib, bu the hits just keep on coming.
Even before the global pandemic, brick and mortar stores, and more specifically, mall and strip-mall based stores were failing left and right, at the hands of a few online retailers, but with Covid-19, the story is more about a free-fall in the world of retailing.
Ascena Retail Group, which has been struggling well before the global pandemic, filed for bankruptcy protection this week. It announced it is closing all it's Catherine's stores, one of which is located in the Portage Crossings Shopping Center.
There are not many specifics yet on which Lane Bryant and Ann Taylor stores will be closed though USA Today's stories say only Lane Bryant's Lansing store is closing.. There's a Lane Bryant just up the street from Catherine's, on South Westnedge, in the Southland Shopping Center, and there's an Ann Taylor store in the Woodland Mall in Grand Rapids. At the moment, they appear to be staying open. But there's also a domino effect, in that Ascena says it owes quite a bit of money to some of the biggest mall property owners in the country.
While it does have the feel of vultures circling, the company has initiated big sales across their brands, especially in the stores that are closing. Ann Taylor is offering up to 70% off, under the guise of a "summer flash sale."