Columbia’s announcement follows underwhelming third quarter earnings that showed that the company’s revenues had dropped by 23 percent, falling more than $65 million short of its $767 million forecast. Tim Boyle, president and chief executive officer of Columbia, attributed the drop in earnings to a dramatic fall in numbers of in-person shoppers with the ongoing restrictions around COVID-19. “While September was our strongest month of the quarter in our U.S. direct-to-consumer business, we have not seen a sustained improvement in brick-and-mortar store traffic to date,” Boyle said in a statement. “We anticipated traffic in these markets to remain depressed until tourism resumes.” “We continue to evaluate portfolio and anticipate closing additional underperforming stores,” he added. “To enhance store profitability, we’re focused on improving store labor efficiency, and lease negotiations are ongoing.” There is no news yet which stores will close and how many. Columbia announced in April that Boyle had reduced his salary to $10,000 until January 2021 “to reflect leadership’s commitment to focus available funds on business needs and employees.” Based in Portland, Oregon, Columbia Sportswear has always focused on outdoor apparel, footwear, and accessories that “reflect our Pacific Northwest heritage and indomitable spirit.” Founder Gert Boyle was the daughter of Germans who had fled the Nazi regime in 1937, and originally founded the Columbia Hat Company. When Gert took it over in 1970, it became Columbia Sportswear and expanded into a full range of outdoor gear. In 1986, the famous “Bugaboo” parka was released, a benchmark in alpine skiwear; 1996 saw their Performance Fishing Gear range introduced for anglers; and in 2016, they created the innovative Outdry Extreme Eco range, with jackets made from recycled plastic bottles and dye-free fabrics for minimal environmental impact. Already, Columbia Sportswear had closed eight store locations across the U.S. and shut down its European stores “until further notice” back in March, with these new permanent closures of other stores to follow. Read on for more stores that are shutting down, and for the latest news from the retail world, check out why These 2 Major Mall Chains Just Filed For Bankruptcy. Read the original article on Best Life. Beloved children’s brand Carter’s, which also owns OshKosh B’Gosh, announced in late October that it would be shuttering 200 stores. Carter’s CEO and chairman Michael Casey said approximately 60 percent of the closures would be complete by the end of 2020. And for another constant in your life that’s in danger, check out Your Starbucks Could Be One of the 800 Closing for Good. It’s become clear that the weak link at Gap Inc. is Banana Republic, which accounted for just 15 percent of the brand’s total sales last year. As a result, Gap Inc.—which also includes Gap, Old Navy, and Athleta stores—announced that it would be shuttering 130 Banana Republic stores by the end of 2023. And for another beloved brand that’s disappearing, check out This Cult Favorite Store Is Closing All U.S. Locations. Gap Inc.’s namesake, which accounted for 28 percent of the company’s 2019 sales, also isn’t safe. The CEO announced that one-third of Gap locations in North America—which is 22o stores—will be closed by the end of 2023. And for another style staple that’s shutting down stores, check out This Popular Clothing Chain Just Announced It’s Closing 250 Stores.ae0fcc31ae342fd3a1346ebb1f342fcb The financial challenges for Lord & Taylor began long before COVID, but the pandemic was the nail in the coffin. In an effort to salvage Lord & Taylor, the chain was sold to Le Tote in 2019. However, that wasn’t enough to save the company, especially with the added economic hardships brought on by coronavirus lockdowns. The company announced they would be going out of business and shuttering all locations after filing for bankruptcy in August. And for more up-to-date retail news, sign up for our daily newsletter. In September, Century 21 co-CEO Raymond Gindi said that despite having survived other hardships, the New York-based chain would have to close as a result of COVID. The beloved company filed for bankruptcy and is in the process of shutting down all 13 locations in New York, New Jersey, and Pennsylvania. Its singular store in Florida has already permanently closed, along with two in New Jersey, and one in New York. And for more sad news about an iconic company, find out if Your Dunkin’ Donuts Could Be Closing for Good by the End of the Year.
