A popular retailer now closes all stores after an unexpected bankruptcy, affecting all of its locations and employees, sources report.
As of January 13, the remaining Showfields retail stores have closed for good.
Showfields, co-founded by Tal Zvi Nathanial, attempted to highlight products that were generally only sold online.
Armed with $9 million in venture capital, the retailer offered a rotating mix of merchandise designed to live up to the chain’s description of itself as “the most interesting store in the world,” reports TheStreet.
“We are a lifestyle discovery store. We feature a curation of mission-driven products, art, and events that can be found ‘IRL’ for the first time.
We amplify the mission of creatively stimulating partners, artists, and customers to create change and evoke new feelings,” the company wrote on its website.
After closing its Miami and Manhattan locations in the summer of 2023, the company still operated stores in Brooklyn, N.Y., Washington, D.C. and Los Angeles
The chain’s abrupt closure leaves many of its vendors in a difficult spot.
Companies paid the chain for shelf space and sent it merchandise to sell.
Cowbell Plant founder Jeanna Liu, an unsecured creditor, shared the bankruptcy news on her X, formerly known as Twitter, page.
“Not optimistic I’ll get my deposit back as an unsecured creditor, but I feel worse for other small brands who already have inventory with them,” she wrote.
The Showfields website does not mention the bankruptcy, and it looks like it has not been updated since early December.
It still shows events that have already passed and as of the morning of Jan. 14, does not mention the closure.
In the memo, which Liu partially shared in her Tweet, the company cited the “tough decision” to close and thanked its partners for trying to help the retailer get through the bankruptcy process.
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Also Read: SNAP Benefits Will Now Increase For The Year 2024
Other Economy News Today
A major grocery store in Texas now makes an unexpected closure, resulting in filing a WARN notice advising of upcoming layoffs.
The Tom Thumb grocery store located at 4000 William D. Tate Ave. in Grapevine is set to permanently close by the end of February.
And unfortunately for the grocery stores employees, they are all scheduled to be laid off.
It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
These must be filed with the Texas Workforce Commission.
A notice was filed last week advising that a total of 71 staff at the store will lose their jobs on February 17.
The choice to close the store was influenced by the timing of its lease renewal and the presence of other nearby stores under the same corporate umbrella, according to the company.
The company also said that it remains committed to the North Texas market.
In fall of 2022, Kroger announced plans to acquire Albertsons for a whopping $24.6 billion.
If approved, the merger could mean divesting 30 Texas grocery stores.
Last year, 224 companies filed WARN notices, resulting in over 24,000 people in Texas losing their jobs.
However, the Federal Reserve Bank of Dallas says, “WARN layoffs account for only 2.2 percent of the total Texas layoffs reported by the Bureau of Labor Statistics Job Openings and Labor Turnover Survey.”
According to the survey, about 155,000 workers per month were laid off in Texas.
Experts weigh in stating layoffs may continue this year.
A recent survey of 906 business leaders nationwide by ResumeBuilder found that 38% expect layoffs to continue in 2024.
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
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