2nd Time Around, a consignment chain with over 40 boutiques across the U.S. has announced it is closing all of its stores. The Massachusetts-based company also said that some people who consigned items at their boutiques may not get paid.
In a statement on its web site, 2nd Time Around said it is closing all of its stores, “because of a convergence of market forces hitting all brick and mortar stores — including increased competition from online retailers combined with skyrocketing rents.”
2nd Time Around opened its doors over 35 years ago, growing from a single store in Newton, Massachusetts to over 40 boutiques in locations such as Boston, Chicago, New York City, Philadelphia, and Coconut Grove.
The company specialized in selling pre-owned designer clothing and accessories. The company would sell the items at a discounted price and give the person who consigned the piece a cut of the profits.
Unfortunately, the company has not been paying those who consigned items and said it “cannot promise” to pay sellers whose items were sold this year. Once-loyal customers are not happy.
The corporate web site reads, “We remain committed to paying consignors for all sales made on or after May 1, 2017. Further information relative to consignor sales prior to May 1 will be forthcoming, pending the conclusion of remaining sale.”
For those customers who consigned their items before May 1, 2017, they may be left with nothing. Those who sold their consigned items before the deadline have been told they will not get paid, nor will anyone get to use their previously banked store credit. 2nd Time Around said it can’t honor store credit because, “it is under serious financial pressure.”
While 2nd Time Around says on its web site that sellers can come and pick up their items with 24-hour notice, not everyone is able to. The landlord at the company’s boutique on East Houston Street in New York City padlocked the site and 2nd Time Around is not able to access their property.
2nd Time Around’s going out of business sale will take place in the second half of June, with stores closing at the end of the month.
“Attention: Consignors at 53 East Houston Street,” 2nd Time Around, June 5, 2017.
“Locations,” 2nd Time Around, June 5, 2017.
“FAQ,” 2nd Time Around, June 5, 2017.