Women’s fashion retailer Vanity has filed for bankruptcy, which will affect stores in the state of Wisconsin. The company began its going out of business sale back on March 3. All 137 of Vanity’s stores in 27 states will close with the bankruptcy filing. The company filed for Chapter 11 bankruptcy on March 1.
President and CEO of Vanity, Mickey Quinn, released the following statement:
“We have been experiencing the same down trend in traffic that every other retailer has been experiencing for the past several years. Mall traffic is down overall and the power of the consumer is speaking loudly that they are very happy to shop online and it is making it difficult for brick and mortar retail stores to survive in this new environment.”
A large portion of the Vanity stores that are closing are concentrated in the states of Wisconsin, Minnesota, Ohio and Iowa. Most of the company’s stores are located in malls in the 27 states in which they operate.
Vanity is not the only retailer affected by the surge to online shopping. JC Penney recently announced it would shut anywhere from 130 to 140 stores nationwide. Macy’s announced in January it would close 100 of its stores, while Sears announced it would shutter 150 stores. Kohl’s and Dillard’s made cuts to its store ranks in recent years.
RadioShack filed for bankruptcy a second time last week while announcing it would close 552 stores, good for 36 percent of its total store ranks.
Vanity expects to continue operating its 137 stores across 27 states through the end of March, but Quinn is not sure how long most of the stores will remain open through the end of the month.
Bankruptcy is a difficult subject for many to discuss for individuals and for businesses alike. An experienced bankruptcy attorney can answer all of your questions regarding Chapter 7 and Chapter 13 bankruptcy for either individuals or businesses in the Milwaukee, Wisconsin, area.
Source: East Idaho News, “VANITY FILES BANKRUPTCY, STORES IN POCATELLO AND IDAHO FALLS TO CLOSE,” Shelbie Harris, March 20, 2017
