As foreign based businesses flee the US; state side companies are coming out of bankruptcy stronger than ever.
By Yvette E
It is no secret that foreign companies enter and leave the US during times of uncertainty. So when Godiva left and closed thier stores and Flying Tiger dissolved; we assumed that US retail landscape would change as well.
Instead, alot of companies comeback from bankruptcy including NY & Co, Lord & Taylor, and Century21.
Lord & Taylor emerged as an online only retailer after a purchase from Saadia Group for just $12 million.
Macy’s used the stores they owned to finance their debt and keep the lights on.
Despite, closing many stores, Dillards actually posted a profit during the holiday season. Some attribute it to Macy’s closures.
Century21 plans to return in the next few weeks according to thier website.
New York & Co also became an online only company and was sold to Saadia Group as well.
Saks 5th Ave spin off thier online store to raise capital and rose $500 Million; preventing bankruptcy.
Neiman Marcus is also planning a comeback after closing all thier stores and getting 3 new owners, all equity firms. The biggest problem, rebuilding relationships with high end brands. They are likely facing the same problem as Century21.
The stores that seemed to be little to no effect during Corvid were speciality stores suggesting a niche is more important than ever right now.
What are your thoughts? Will you shop L&T online as a loyal customer?
Happy Hump Day,