#retail-restructuring

#retail-restructuring

The operator of roughly 180 Eddie Bauer stores across the U.S. and Canada has filed for Chapter 11 bankruptcy protection, blaming declining sales and a litany of other industry headwinds. The bankruptcy filing marks the third time in a little over two decades for the storied-but-now-tired brand that began as a Seattle fishing shop, later outfitted the first American to climb Mount Everest and made thousands of newfangled down jackets and sleeping bags for the military during World War II.

Stepping into the role as interim CEO 10 weeks ago, I set out with a clear agenda to establish a firm grip on the issues facing our retail business, while maintaining the positive results we're seeing in areas such as vets, Burke said. For over 30 years, Pets at Home has been a business with a clear purpose, an established market and loyal customer base, but it's clear that urgent and necessary action is needed to return the retail business to growth

"Our first priority is clear. We need to clean out the garage of underperforming assets," executive chairman Ed Stack told investors during Dick's third-quarter earnings call. "This means clearing out unproductive inventory, closing underperforming stores, and rightsizing assets that don't align with our go-forward vision for the Foot Locker business." Stack said that while the business shows significant promise, Foot Locker's prior leadership did not respond appropriately to market changes, including Nike's decision to shift a greater portion of its business to direct-to-consumer sales.