A retailer makes an unexpected closure and launches a liquidation sale with a whopping 80% off items, sources now report.
The chain, B2 Outlets, became a staple retailer in Michigan, opening 29 stores across the state and one location in Ohio.
The outlet store, started by a father and son duo, began in 2013.
Within a decade, the store grew to a regional chain.
Specializing in bargains and resale, the store is now in its final days after shutting most of its locations already, The-Sun reports.
The final location, in Hudsonville, will shut its doors by the end of the month, MLive reported.
Shoppers have a limited time to take advantage of sales worth over 80% discounts on the store’s already low prices.
The location had already had major sales up to 75% and 80% off in recent months, but now the store appears to be pricing items even higher.
The store’s Facebook page details some final sales, but does not state a percentage.
All apparel at the store is selling for just $1.
“All other items” are just $2, according to one post.
More recent pictures from the store show some higher-priced items.
Facebook posts by the location show low stock, with many of the store’s shelves now for sale.
The location is also selling its shopping carts for just $30.
While B2 has had a sharp decline in the past year, it’s among many retailers closing down locations.
Mega-retailer JCPenney, for example, has plans to close at least six locations so far this year.
The recently-bankrupt company has struggled to maintain a nationwide footprint.
Sears has decayed even further – closing one of its final locations on March 3.
The chain, which is over a century old, will soon have only 12 stores open nationwide.
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Also Read: A Famous Restaurant Chain Now Closes 4 Locations in Florida
Other Economy News Today
A cosmetics company now makes painful store closures, affecting nearly 50% of all locations, while simultaneously cutting jobs.
The Body Shop’s administrators have announced a restructuring plan for the retailer’s UK business.
Seven of the retailer’s 198 UK stores will close immediately, and future closures will leave “more than half” the current count operating.
Additionally, the Joint Administrators plan to cut headquarters staff by approximately 40%, aiming for a future headcount of more than 400 full-time employees.
According to a press release, “Stabilizing and strengthening the central core will also support The Body Shop’s international strategy, with Global Head Franchise Partners and wholesale partners in Asia, Middle East and Europe a cornerstone of future success.”
The UK arm of the The Body Shop has entered administration, the British version of bankruptcy protection, according to Reuters and other media reports, but it will continue to operate online and via its 199 UK brick-and-mortar stores for the time being.
Private equity firm Aurelius Group purchased the retailer from Natura &Co in November 2023 for nearly $258 million.
Now, FRP Advisory has been brought in to manage the restructuring process, per Retail Touch Points.
Originally founded in 1976 by Dame Anita Roddick, The Body Shop was known for its ethically sourced natural ingredients and refillable packaging.
Founder Roddick also was a vocal activist for environmental causes, beginning in 1986 with her support for Greenpeace’s Save the Whales campaign.
In 2006 Roddick sold the company to cosmetics giant L’Oréal, which sold it again to Natura &Co in 2017.
Worldwide, the company operates approximately 3,000 stores in 70 countries.
“The Body Shop has faced an extended period of financial challenges under past owners, coinciding with a difficult trading environment for the wider retail sector,” according to a quote from FRP in the Reuters article.
FRP also noted that “the Joint Administrators will now consider all options to find a way forward for the business and will update creditors and employees in due course.”
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Also Read: Another Popular Restaurant Now Declares An Unexpected Bankruptcy
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