Shares of Bed Bath & Beyond lost nearly a quarter of their value Wednesday after the struggling home goods retailer announced a restructuring that includes store closures, layoffs and a possible stock offering.
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Owner Tracy Gritter opened Gallery 116 at 8597 E. 116th St. in 2002 inside a bungalow-styled building that had recently served as the Fishers Town Hall.
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L. Fish, which has operated a furniture superstore on the east side of Indianapolis for decades, traces its roots to a now-defunct Chicago-based parent company that opened its first store in 1858.
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Between the pandemic, road construction and downtown safety concerns, the market has been dealing with a heavy load of challenges over the past year, and there’s no consensus on its recovery prospects.
Read MoreKmart’s demise is attributed to the rise of Walmart and Target and online behemoth Amazon. But retail expert Mark Cohen says the company also was dogged by poor management decisions and could have stayed viable.
Trust Hardware owner Adam Taylor says supply-chain and labor issues made it too tough to operate, so he closed two of his three stores last month. The landlord at his former Binford Shoppes store is suing Taylor for back rent.
The company said Thursday that it will close about 300 stores a year for the next three years, nearly a tenth of its roughly 10,000 retail locations as it reduces store count density in some places.
The Carmel store opened in City Center in 2017 as the first franchise for Indianapolis-based Books & Brews.
The company on Wednesday disclosed about 40 of the 60 stores that will cease operations. Among them is a store in Indianapolis.
Indiana has two Disney Store locations—one in Indianapolis at Castleton Square Mall and one in Merrillville.
The 180,000-square-foot Fishers store originally housed Incredible Universe, a media and electronics superstore owned by Radio Shack parent Tandy Corp. Fry’s took over the building in 2005.
The North Carolina-based retail chain opened its Circle Centre location in late 2019. The company’s other area stores will remain open.
Owners of the 64-year old business—which was founded as a discount jewelry store in 1957 by Robert and Rose Pallman—cited several reasons for the decision.
Sunglass Hut and GameStop have closed their Circle Centre stores. Both retail chains still have numerous other Indianapolis-area stores.
Godiva said the pandemic caused customer traffic to decline at its brick-and-mortar stores, though it will continue to sell its products both online and through third-party retail stores.
The publicly traded chain said in a statement that it expects to close “a significant portion, if not all” of its 449 physical stores. The retailer has three stores in the Indianapolis area.
The College Avenue store was the original location for the retailer, which was operated there since the 1950s. The family-owned company’s two other locations, in Nora and Carmel, remain in operation.
The closure is another hit to the struggling mall overseen by Simon Property Group. Last month, clothing retailer Express confirmed it also was closing its Circle Centre Location after 25 years there.
The struggling national fashion retailer—an original tenant in the downtown mall—has four other stores in the Indianapolis area.
Kroger said the store, which has nearly 40 employees, hasn’t operated profitably for several years and that a turnaround wasn’t realistic.
Bed Bath & Beyond Inc. on Tuesday revealed the first 63 closures of the 200 that are planned nationwide over the next two years. The stores on the initial list will close by end of this year.
At least three Victoria’s Secret stores at some of the area’s largest shopping malls have closed permanently as part of the parent firm’s plan to eliminate 251 stores in North America this year.
The struggling Canada-based retail chain is closing all 42 of its stores in the United States as it restructures its finances.
Kitchen goods retailer Sur La Table says it has reached a “stalking horse” agreement with New York-based Fortress Investment Group for a possible sale.
