As online shopping continues to be a favorite way to shop for consumers, brick-and-mortar retailers continue to struggle. Two more retailers have said they will close stores.
Bebe Stores Inc
Bebe Stores Inc. a women’s clothing store has announced a sudden closure of all locations with a focus on e-commerce. They currently operate 170 stores with one located in Nashville at the Green Hills Mall. Bloomberg reported that Bebe is in the process of closing all locations to avoid filing for bankruptcy. Over the last four years, Bebe has lost $200 million.
Payless announced they are filing for Chapter 11 bankruptcy. As part of the agreement, they will be closing 400 stores across the nation.Payless operates 4,400 stores in 30 countries.
CNBC reports Payless will attempt to reduce their debt by 50 percent.
“This is a difficult, but necessary decision driven by the continued challenges of the retail environment, which will only intensify,” W. Paul Jones, Payless chief executive officer, said in a statement.
There are eight Payless locations in the greater Nashville area with one in the CoolSprings Galleria. At this time, we do not know if the CoolSprings Galleria store will be affected. Stay with Williamson Source as we keep you updated on this story.
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