A popular clothing store makes an unexpected closure in California after 60 years in business, sources report.
Popular clothing chain The North Face is set to leave the city of its birth nearly 60 years after it first appeared, reports The-Sun.
The outdoor clothing chain emerged in San Francisco, California, in the 1960s but its last store in the city will leave later this month.
The North Face store in Union Square is set to join a mass of other retailers abandoning the area including Macy’s.
A spokesperson for the brand confirmed to SF Gate on Thursday that the store will shutter on March 31st.
“The North Face was born in San Francisco, and we have cherished the time spent here, building roots, and creating lasting memories,” a company representative said in a statement.
Following the closure in three weeks, the North Face will be left with just a handful of stores across the Bay Area.
“Despite the closure, The North Face will continue to operate and thrive in these remaining communities,” the company said.
“We remain dedicated to providing quality gear and fostering exploration for our community members.”
The announcement by Macy’s last month that its flagship store from 1929 would be axed as part of its plans to close 150 stores by 2026, “spelled doom for the downtown area”, says the outlet.
“As well as the iconic department store’s announcement, the former Westfield downtown shopping mall is only 25% full as retailers go elsewhere.”
Retailers Madewell, Adidas, J. Crew, Lucky Brand, Hollister, and Aldo are just some of the stores that have closed or have announced their imminent closures in the mall.
Most retailers in the area cite a lack of patrons and safety concerns for employees as the primary reasons for closing.
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Also Read: A Massive Retailer Now Closes And Begins Liquidation Sale
Other Economy News Today
This famous fitness company now files for bankruptcy after fading demand and shifts in consumer behavior, sources report.
The at-home fitness company BowFlex filed for Chapter 11 bankruptcy protection, on Tuesday.
BowFlex has identified a bidder in Johnson Health Tech Retail, Inc., which will acquire “substantially all of the assets” of the company for $37.5 million in cash.
The company has also secured a bankruptcy loan of $25 million, consisting of a $9 million revolving credit commitment and $16 million term loan reflecting the roll-up of BowFlex’s pre-filing term loan, reports Retail Dive.
Founded in 1986 with a single strength training machine, BowFlex grew to be “a global leader in innovative home and connected fitness solutions,” selling through both its own channels as well as through wholesale partners.
Aside from its namesake brand, the company’s entities included Schwinn, JRNY and Nautilus.
However, the company faced challenges in recent years, including fading demand after the pandemic, shifts in consumer behavior, macro-economic trends, interest rate pressures and “retailer over-inventorying,” CFO Aina Konold said in court documents.
In the summer of 2021, the company began to explore strategic partnerships and sought out additional capital, but that process failed to result in an out-of-court transaction, Konold said.
As part of its strategic realignment, the company in November 2023 changed its name from Nautilus, Inc. to BowFlex Inc after it sold off the Nautilus brand trademark assets and related licenses.
The company at the end of last year sought out an in-court sale of its assets, which successfully resulted in a stalking horse bid from Johnson Health Tech Retail.
BowFlex employs about 330 individuals in the U.S. and 70 internationally.
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Also Read: Beloved Retailer With 850 Stores Will Now File Bankruptcy
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