Men’s apparel chains to shutter up to 500 stores nationwide - Danbury News Times |
- Men’s apparel chains to shutter up to 500 stores nationwide - Danbury News Times
- Men's Wearhouse owner Tailored Brands plans to shut 500 stores, cut 20% of corporate workforce - CNBC
- Italic Marketplace Makes Clothes at the Same Factories as Prada and Burberry—For a Fraction of the Price - menshealth.com
- If you have things to sell, new resale shops are eager to buy - Tennessean
| Men’s apparel chains to shutter up to 500 stores nationwide - Danbury News Times Posted: 21 Jul 2020 12:53 PM PDT 
A file photo of a Jos. A. Bank location in Danbury, Conn. A file photo of a Jos. A. Bank location in Danbury, Conn. The parent company of Men's Wearhouse and Jos. A. Bank announced Monday it has identified 500 stores for potential closure in the coming years as a result of lost revenue during the coronavirus pandemic. Tailored Brands is cutting 20 percent of its corporate workforce as well, with the Fremont, Calif.-based company also owning Moores Clothing for Men and K&G. The company did not identify immediately what locations it has targeted for closure. Men's Wearhouse has 11 locations in Connecticut in Danbury, Stamford, Westport, Milford, Hamden, Enfield, Meriden, South Windsor, Waterford, West Hartford and West Simsbury. Jos. A. Bank has stores in Greenwich, Danbury, Fairfield, Milford, Southbury, Glastonbury, West Hartford, Canton and Waterford. Earlier this summer, Brooks Brothers shuttered its Stamford Town Center store while filing for bankruptcy protection from creditors, with other recent bankruptcies including New York & Co. and Lucky Brand. Includes prior reporting by Paul Schott. Alex.Soule@scni.com; 203-842-2545; @casoulman  |
| Posted: 21 Jul 2020 06:21 AM PDT  A Jos. A. Bank store window Source: Getty Images The parent company of Men's Wearhouse announced a round of layoffs and hundreds of looming store closures Tuesday, as its business suffers a blow from the coronavirus pandemic. Tailored Brands said it is eliminating roughly 20% of its corporate workforce by the end of its fiscal second quarter. It also said it has selected up to 500 stores that it could close "over time." It did not disclose locations. It also announced that CFO Jack Calandra will depart the company on July 31. In the near term, it said Calandra's responsibilities will be divided between its CEO and Holly Etlin, a managing director at AlixPartners, who has been appointed to a new chief restructuring role for Tailored Brands. "Unfortunately, due to the COVID-19 pandemic and its significant impact on our business, further actions are needed to help us strengthen our financial position so we can navigate our current realities," said Tailored Brands President and CEO Dinesh Lathi. "While today's announcement is a difficult one, we are confident these are the right next steps to protect our business and position us to more effectively compete in today's environment," he said. Earlier this month, Tailored Brands skipped a $6.1 million payment to bondholders, triggering a 30-day grace period. With the layoffs, Tailored Brands said it expects to record a pretax charge of roughly $6 million in the second quarter for severance payments and other termination costs, all of which are cash expenses. It said it has not yet quantified how much it will save from the store closures. In addition to Men's Wearhouse, Tailored Brands operates Jos. A. Bank, Moores Clothing for Men and K&G. As of Feb. 1, the company had 1,450 U.S. stores. Tailored Brands shares, which trade under $1, were up 4.3%. The stock has fallen more than 83% this year. The company has a market cap of $34.1 million. Correction: An earlier version misspelled Wearhouse.  |
| Posted: 21 Jul 2020 07:35 AM PDT Shopping luxury products direct from manufacturers with zero mark-ups sounds too good to be true, doesn't it? That's because it was—until now. The retail supply chain was in upheaval long before the pandemic. Now it's exacerbated, and savvy shoppers have caught on to how it works: brands buy product from a manufacturer, sell that product to a retailer, and retailers sell that product to them. That point-of-sale price is often quadruple the cost of producing the product itself. Jeremy Cai, founder of Italic Marketplace, says that there is a new way. "Luxury without markups is something that a lot of brands promise," says Cai. "The difference with Italic is that we sell our product at cost. It's about democratizing luxury." Modern direct-to-consumer brands have disrupted things a little, but they haven't upended the supply chain. They cut retailers out, but still put their brand name on products and sell them to customers for more than they paid. Cai (and shoppers) are finding that direct-to-consumer brands underdeliver on their promise to lower prices by cutting out the middleman. "Italic is reinventing the category," said Cai. "This is a radical value proposition." And that it is. Italic is a "horizontal marketplace," not a brand. They design their 800+ products in-house, spanning apparel, accessories and home goods. Then, they tap the top manufacturers in those categories to spin out brandless versions. Their leather jacket is made by the same hands that make Alexander Wang's. Their ceramic cookware comes from the same factory as All-Clad. Both products are made with craftsmanship comparable to their luxury brand counterparts, but sold at a fraction of the cost.  "Our team comes from big brands, allowing us to deliver on both the quality promise and the manufacturing promise," said Cai. "We partner with manufacturers, buy product from them, and pass the entire cost, including shipping, to customers. Our job is to develop quality products with great manufacturers." To shop Italic's catalogue, you must enroll in their annual membership to the tune of $100 (click here to bypass the lengthy membership waitlist). It's worth noting that 93% of members break even on their first order, according to Italic. Their business stays afloat using the membership fees only, so all money from the product sale goes back to the hands that made it. Soon, their product offering will expand beyond apparel and home to categories like travel, pet and jewelry, to make the membership even more compelling. Italic's apparel is timeless but incorporates contemporary design elements, making their pieces trend-neutral wardrobe staples. Cai says that "it's all about the concept of value and smart customers who want quality product, but don't care about the logo." Style, quality and function—that's a trio we can get behind. Shop Our Favorite Items From Italic Marketplace:    This content is created and maintained by a third party, and imported onto this page to help users provide their email addresses. You may be able to find more information about this and similar content at piano.io  |
| If you have things to sell, new resale shops are eager to buy - Tennessean Posted: 21 Jul 2020 11:59 AM PDT CLOSE  With so many people cleaning out closets and garages and uncovering items they are ready to part with and make a little money from, the timing is good for resale shops to acquire inventory. Two new franchise stores — one buying clothing and accessories, and the other focusing on sporting goods — are preparing to open in the next few weeks and are buying inventory as fast as they can. Uptown Cheapskate in MurfreesboroIf you have men's or women's clothing and accessories that you want to sell, a new franchise resale shop called Uptown Cheapskate is buying gently used current styles in anticipation of a fall opening of the store at 1960 Old Fort Parkway in Murfreesboro. Owner Lynn Ferguson, who also owns Kid to Kid children's resale shop in Brentwood — which is also a franchise through Basecamp Franchising — says her new store is about 45% full of inventory and will open once she has reached 100%, hopefully in early fall. The spacious store, which targets the "18 to 40-ish" age group, is accepting all season apparel, accessories, shoes, handbags, sunglasses, jewelry, belts, athletic wear, etc. for men and women. If you want to sell, you can drop your items by the store between 10 a.m. and 6 p.m. Monday through Friday and 10 a.m. and 5 p.m. on Saturdays. No appointment is necessary, but Ferguson asks that sellable items be laid flat in a bin or box, and not brought in on hangers or in bags. The average price of an item in the 75 Upscale Cheapskate stores is $10, with the pricing set at about 30% of the original retail price. Ferguson said prices to sellers are determined by several variables but that the seller can expect to receive about one-third of whatever the expected sale price is. Sellers have a choice of cash or store credit, which is 25% higher than the cash offer. Details: Go to uptowncheapskate.com/location/murfreesboro or call 615-809-2324 Play it Again Sports in BellevuePlay It Again Sports, which buys and sells used sporting goods, has started buying inventory from the public to get ready for an early August store opening in Bellevue. "We buy just about anything that is sports, but no hunting or fishing," said franchise owner Robert McAlhany. He said some of the most sought-after items are bicycles, fitness equipment and high-end golf items. The inventory also includes equipment for tennis, water sports like kayaking and paddleboarding, baseball, basketball, hockey, yoga, lacrosse, disc golf and skating. The 3,500-square-foot store's inventory will be about half used items and half new. McAlhany, who said he had shopped at other Play It Again Sports stores since college, said the general pricing rule is to sell items at about half of the original retail price and give the seller 30%-40% of selling price in cash, or a little more in store credit. The inventory ranges from assorted bikes (from Huffy to higher end, with most kids bikes $40 or less) and scratch and dent (new) kayaks for $149 to $299, to smaller items like baseball bats for $9.99 and baseball helmets for $4.99. If you have items to sell, you can just stop by the store and the staff will work up a quote based on the condition, style and demand. If it is a larger hard-to-transport item, you can email a picture along with the model number and other details, and someone will make a house call to check it out and pick it up if everyone is in agreement. The new store is in the Staples shopping center next to Baskin-Robbins on Highway 70 S. in Bellevue. Details: 615-747-6767 Other independently owned Play It Again Sports franchise stores are in the Cool Springs area, Murfreesboro, Hendersonville and Clarksville. Used books, tooAnd if you have books to sell, Half Price Books used bookstore opened earlier this month at 21 White Bridge Road after stocking up on books purchased from locals. More: Half Price Books making its Nashville debut with a store on White Bridge Road Ten Thousand Villages saleTen Thousand Villages, the nonprofit store at 3900 Hillsboro Pike, is having a sale with markdowns on about 30% of its inventory, as well as some good discounts on "scratch and dent" items. Store manager Jo Brummitt said that being closed for 2½ months due to the pandemic meant almost no sales and, therefore, no new orders for the artisans the store supports in at-risk areas of the world. The sale, which includes fair trade jewelry, clothing, home goods and giftware from around the world, is designed to clean out existing inventory so the store can buy more new creations from the artisans. Hours are 10 a.m. to 4 p.m. Wednesday-Friday and 10 a.m. to 5 p.m. Saturday. Details: 615-385-5814 or https://www.tenthousandvillages.com/nashville#fndtn-home Reach Ms. Cheap at 615-259-8282 or mscheap@tennessean.com. Follow her on Facebook at facebook.com/mscheap, and at Tennessean.com/mscheap, and on Twitter @Ms_Cheap, and catch her every Thursday at 11 a.m. on WTVF-Channel 5's "Talk of the Town." Read or Share this story: https://www.tennessean.com/story/news/2020/07/21/resale-shops-nashville-uptown-cheapskate-murfreesboro/5478228002/  |
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