News

Michael Kors to Close Up to 125 Stores as Sales Collapse

Store Closed

Michael Kors Holdings Ltd (NYSE:KORS)—the luxury brand known for its handbags, footwear, jewelry, and clothing—announced it will close up to 125 stores due to plunging sales. Management said the company’s restructuring will help it improve profitability. The retailer expects the store closings to result in a $125.0-million expense, but they will help the company save (more…)

Cereal Giant Kellogg’s Guts Headcount by 400+ in Texas

Cereal giant Kellogg Company continues with its latest round of massive layoffs. The company announced that more than 400 employees will be looking for work after it closes two distribution centers in Texas. The Michigan-based cereal and breakfast food maker said it plans to close the distribution centers in Fort Worth between July 29 and (more…)

Famous Teen Fashion Retailer Files for Bankruptcy

Bankruptcy

Rue21 Files for Bankruptcy Protection, Closes 400 Stores Pennsylvania-based teen fashion specialty retailer Rue21 has filed for Chapter 11 bankruptcy after facing deteriorating sales and difficulties in servicing its debt. Following the bankruptcy, the company is closing 400 of its stores, with a warning that more store closings might follow.