J C Penney announces plans to close 33 stores, including 2 in Illinois

J. C. Penney Company, Inc. (NYSE:JCP) today announced that as part of its turnaround efforts, the Company will be closing 33 underperforming stores across the country in order to focus its resources on the Company's highest potential growth opportunities.  Among the stores slated to close are 2 stores in Illinois: in Bloomingdale at the Stratford Square Mall and in Forsyth at the Hickory Point Mall.

In a press release issued after the markets closed, the Company stated that these actions are expected to result in an annual cost savings of approximately $65 million, beginning in 2014. In connection with this initiative, the Company expects to incur estimated pre-tax charges of approximately $26 million in the fourth quarter of fiscal 2013 and approximately $17 million in future periods.

Remaining inventory in the affected stores will be sold over the next several months, with final closings expected to be complete by early May. The closings will result in the elimination of approximately 2,000 positions. Eligible associates who do not remain with the Company will receive separation benefits packages. Meanwhile, the Company announced it is continuing its plans to open a new store location later this year at the Gateway II development in Brooklyn, N.Y.

"As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly," said Myron E. (Mike) Ullman, III, chief executive officer of JCPenney.  "While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success."

Chicago Retailer Mark Shale Files For Chapter 11 Bankruptcy

CHICAGO, Aug. 21, 2012 /PRNewswire/ -- Mark Shale, the Chicago-area high-end fashion retailer, announced today that it has filed a voluntary petition for Chapter 11 business reorganization in the U.S. Bankruptcy Court of the Northern District of Illinois.

Mark Shale's President Rich Myers said: "We have tried since Mark Shale was acquired to ensure the lasting success of this 83-year-old Chicago icon. The company has always sought to bring quality and outstanding service to high-end fashion. We are proud to have some of the most experienced and loyal employees in the business, from sales associates, to tailors, to warehouse staff, to buyers and managers.

"Unfortunately, in the current economic environment and despite our significant efforts over the past few years, we have concluded that a Chapter 11 filing was the Company's best alternative. We continue to seek a strategic partner to fortify the business. In the meantime, all three of our stores – at 900 N. Michigan Avenue, Oakbrook Center and Northbrook Court – will, as always, provide the highest level of service to our customers."

Founded in 1929, Mark Shale has been one of Chicago's premier providers of men's and women's clothing. Known for its extraordinary customer service and timeless clothing collections, Mark Shale has consistently been named one of the best stores in the United States by Esquire Magazine.

Best Buy Closing 6 Chicago-area Stores

Best Buy has confirmed that six Chicago-area Best Buy stores will be among the 50 U.S. stores the company is closing this year as part of its previously announced initiatives for this year. The six Illinois Best Buy stores closing this year are 1038,N. Rohlwing Rd. in Addison; 8900 S. Lafayette Ave. in Chicago; 200 S. Waukegan Rd. in Deerfield; 4707 Lincoln Mall Dr. in Matteson; 1100 N. Route 83 in Mundelein; and 979 W. Main St. in West Dundee.


Best Buy stated in its announcement; "This was not an easy decision to make. We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business."


"We will be working to help these employees find other positions inside Best Buy. If they don’t find new positions, or if they choose not to work at a different location, a transition including severance packages will be available."

According to a story in the Chicago Tribune, the Chicago store's is now closed and the stores in Matteson, Mundelein and West Dundee will close by May 12.  No specific dates have been set for closing the stores in Addison or Deerfield.

Bloomingdale's to Close Store in Oak Brook

Macy's Inc. has announced that it will close five Macy's and four Bloomingdale's stores that are underperforming, including a Bloomingdale's store in Oak Brook. The Macy's stores being closed are in Topeka, Kansas; Laurel, Maryland; Parma, Ohio; Antioch, Tennessee; and Texas City, Texas. The other Bloomingdale's stores closing are are in Atlanta; North Bethesda, Maryland; and in the Mall of America in Bloomington, Minnesota.

The 93,000 square foot Bloomingdale's store in Oak Brook opened in 2003 and currently employs 50 associates. Macy's says that employees displaced by store closings may be offered positions in nearby stores where possible. Regular full-time and part-time employees who are laid off due to the store closings will be provided severance benefits.

The company previously announced that it will open a new Macy's store in Gurnee. The 140,000 square feet store is slated to open in spring 2013 and will employ approximately 200 associates.

"We continue to be committed to maintaining a healthy portfolio of stores that allows us to focus on growth from our best and most productive locations," said Terry J. Lundgren, Macy's chairman, president and chief executive officer. "This requires us to make some difficult decisions to close stores that no longer meet our performance requirements, as well as to open stores where we see opportunity."

Clearance sales will begin at the stores Sunday, January 8 and run for approximately 10 weeks.

Filenes Basement and Syms to Liquidate

Discount clothing retailer Syms Corp., known for its slogan "An Educated Consumer is our Best Customer," and its Filene's Basement chain, famous for its "Running of the Brides" events, filed for bankruptcy Wednesday in Delaware. Both chains plan to go out of business. In the Chicago area, Syms has one store, in Addison, and Filene's Basement has 2 stores in Chicago, at One North State Street and at 830 N. Michigan Avenue on Chicago's Magnificent Mile.

Syms and Filene's Basement will be jointly administered during the bankruptcy. The liquidation of stores is expected to run through approximately January 2012. The schedule for store closings is to be determined as the liquidation of merchandise is completed.

Chief Executive Marcy Syms said, in a prepared statement, "This has been a challenging time for Syms and Filene's Basement. We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts."

Syms Corp was founded by Sy Syms in 1959. Filene's Basement traces its roots back to 1909 and founder William Filene. Syms acquired assets of Filene’s Basement, Inc., which had filed for bankruptcy, in a bankruptcy auction in 2009. Syms Corp and Filene's Basement, LLC collectively own and operate 46 "off-price" apparel stores located predominantly on the east coast of the United States under the "Syms" name (which, together with co-branded Syms/Filene's Basement stores, are owned and operated by Syms Corp) and the "Filene's Basement" name (which are owned and operated by Filene’s Basement, LLC).

With the end of Filene's Basement goes its "Running of the Brides" events (pictured above). Brides-to-be from acrosss the Midwest traveled to Chicago to find bargain wedding gowns. The dresses, often discontinued lines from major wedding gown manufacturers, appealed to both bargain hunters and simply adventurous brides and their friends and family, who often came as a team. While there are plenty of bridal boutiques in Chicago, there was only one Filene's Basement. Photo credit: Dimonika Studio/Flickr

Discount Chain Five Below Bursts on the Scene with 10 New Stores in Chicagoland

Five Below, a leading retailer of extreme-value merchandise for teens and pre-teens, stormed into the Chicago market with the grand opening of its first 10 stores in the region on Friday, May 6, 2011. The simultaneous debut of these 10 Chicago area stores represents the biggest one-day push into a new market in company history.

Five Below offers thousands of brand-name items and all the latest trends for teens, preteens and everyone in between at ultra low prices. All merchandise, including fashion accessories, DVDs and video games, sports equipment, home décor, toys, games and more, is priced at $5 or less.
Five Below has announced plans to open an additional 10 stores in Greater Chicago later this summer, bringing its total in the Chicagoland area to as many as 20 by year-end. Over the next few years, Five Below intends expand its presence in the Chicago area to include as many as 75 stores.

Five Below’s 10 new stores opening on May 6 are located in Chicago, Bradley, Crystal Lake, Countryside, Geneva, Joliet, Orland Hills, Rockford, and Vernon Hills, Illinois and in Merrillville, Indiana. To celebrate the grand openings, each store is giving free Five Below t-shirts with any purchase to the first 300 customers each day during opening weekend, five-cent hot dogs, and other prizes, including a $100 Five Below shopping spree.

The Oprah Store to Close Up Shop in Chicago

As the filming of the final segment of The Oprah Winfrey Show brings to a close an era in Chicago, another symbol of Oprah Winfrey’s presence in Chicago will also soon be history. The Oprah Store, across the street from the West Loop studio where Oprah tapes her talk show, will close at the end of May.

The Oprah Winfrey Show is ending May 25 after 25 years in Chicago.  The Oprah Store, which opened in January 2008, sells souvenirs and boutique items.  According to the Chicago Tribune, “Fans have bought everything from "O" apparel and umbrellas to coffee mugs, baby bibs and pet collars.”  The store also is the location for "Oprah's Closet," an armoire filled with clothes and shoes that once belonged to Oprah, the proceeds from which go to charity.

A smaller Oprah Store in Chicago's Water Tower Place also will close.

Wal-Mart finds site for first small-box store in Chicago

According to an article on ChicagoRealEstateDaily.com, Wal-Mart Stores Inc. has found a site for its first small-box store in Chicago, with a deal to lease about 30,000 square feet in a three-level retail center in the Lakeview neighborhood.

The article reports that Wal-Mart has signed a letter of intent to lease space in a retail building known as Broadway at Surf, at 2840 N. Broadway. The building is 12 years old and currently houses a T. J. Maxx, a Bed Bath & Beyond and a Cost plus World Market.

The North Side store, which would be a Neighborhood Market focusing on groceries, also would be Wal-Mart's first in an affluent neighborhood in the city. It also would be among the several dozen outlets Wal-Mart has said it plans to open in Chicago over the next five years after emerging from a bruising battle with local unions and Chicago aldermen over employee wages.

Read more: http://www.chicagorealestatedaily.com/article/20101209/CRED03/101209867/wal-mart-finds-site-for-first-north-side-store#ixzz17dgn8cWT