This bankrupt clothing retailer is now having a massive sale of up to 90% off as it sets to close a major location.
Soft Surroundings, a women’s clothing retailer, is officially closing one of its stores in Kansas City, Kansas, reports The-Sun.
Located in the Country Club Plaza, the store has been in operation for 12 years.
An employee confirmed on Monday that the store’s last day of operation will be Sunday, February 25.
Shoppers will be able to score a whopping 70% to 90% off on inventory at the store through Sunday.
The clothing chain had over 40 stores across the US before it filed for bankruptcy last year.
All Soft Surroundings stores have either closed down or are in the process of getting shut down.
The company will still conduct direct-to-consumer business online via its website, which the apparel company Coldwater Creek acquired as part of the bankruptcy process.
Another popular fashion and clothing retailer, Rent the Runway, is also on the verge of filing for bankruptcy.
The clothing rental service has struggled with a variety of business operations, such as meeting customer demand and maintaining its active subscriber count, according to PYMNTS.
A report from CreditRiskMonitor revealed that the e-commerce platform has a 9.99% to 50% chance of filing for bankruptcy this year.
In an effort to revitalize the company, Rent the Runway executives formulated a restructuring plan that involves cutting 10% of its corporate roles, or 37 employees.
“With already strong unit economics and high margins, this new structure is designed to set the stage for the business to achieve free cash flow breakeven in fiscal 2024,” said the company.
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Also Read: A Cosmetics Company Now Makes Painful Store Closures
Other Economy News Today
Another popular restaurant now declares an unexpected bankruptcy after closing several chains in Chicago, Arizona, and California.
Etta Collective, a small chain that operates multiple concepts in Chicago, Arizona and Los Angeles has closed several restaurants and has filed for Chapter 11 bankruptcy, reports TheStreet.
The chain closed its namesake restaurant in Los Angeles last year and abruptly shut down a Chicago-area restaurant, Sophie’s, earlier this year.
Now, after defaulting on a $2.5 million loan, the company’s owner, restaurateur David Pisor, has officially made the bankruptcy filing.
Pisor’s Etta collective runs a number of different concepts including its namesake restaurants, a bakery cafe, Alston House, a high-end steakhouse, and Kari, an upscale sushi concept.
The chain also has Marilyn’s, a planned concept that has not opened.
Pisor has said that the bankruptcy filing was made in order to help the company continue to operate.
“We have made a proactive decision to commence this strategic reorganization process with the cooperation of our lender, who has agreed to work with us so that we can come out of this process even stronger than before,” Restaurant Business reported.
The bankruptcy process could include a sale of the brand as the investor John Leahy has emerged as a bidder for the company’s assets.
“Our aim is to best position the Etta brand for future success,” Pisor said in a statement.
“By filing for protection under Chapter 11, we will be able to restructure our financial position while continuing our daily operations and keeping our locations open.
As has already happened in our Scottsdale location, we predict that we will emerge stronger both operationally and financially.”
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
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