Posted by Sheila Shayon on November 4, 2011 02:57 PM
Filene's Basement, the American retailer famed for its "Running of the Brides" wedding dress sales, and sibling retailer Syms, known for its tagline "an educated consumer is our best customer," are now facing the ultimate markdown: chapter 11 bankruptcy.
Syms was founded in 1958 by Sy Syms, while Filene's dates back to 1909, when Edward Filene opened his first store (in Boston) to sell overstock from his family's department store located upstairs. Syms bought Filene's Basement out of bankruptcy in 2009.
"This has been a challenging time for Syms and Filene's Basement," said CEO Marcy Syms, Sy's daughter, in a statement explaining why the board approved filing for Chapter 11 bankruptcy protection with plans to liquidate and close the famed stores in the new year. "We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts."Continue reading...
Posted by Mark J. Miller on August 3, 2011 04:00 PM
Bookselling has been moving more and more online, causing the closure of brick-and-mortar booksellers across America. The latest big one, of course, is Borders.
With its stores now clearing out their inventory, YouTube is filled with so-called "haul videos" featuring fans (such as veterinary technician Erin, aka LilBlizzardChic, above) recounting their final shopping sprees at the now-defunct retailer.
But don’t fret! The brand name may live on.Continue reading...
Posted by Barry Silverstein on April 19, 2010 10:36 AM
Best Buy, already the largest electronics retailer in the United States, is opening 1500-square foot mobile stores in shopping malls in an attempt to grab a larger share of the mobile phone market. The chain has already opened 77 such stores and plans to open as many as 1,000.
The move creates an interesting challenge for the brand, which will now compete more directly with Walmart and Radio Shack (recently relabeled "The Shack"). Walmart has about a third and Radio Shack about a quarter of the U.S. mobile market.
But there's an added benefit to the new mobile store strategy: new customers. Brian Dunn, Best Buy's chief executive, tells the Financial Times that the typical customer of the mobile stores is "a mom with a couple of kids." Since the larger Best Buy stores appeal more to the male demographic, "these are incremental connections we are making," says Dunn.Continue reading...
Posted by Sara Zucker on January 8, 2010 01:50 PM
It is painful to watch a formerly strong brand go through an identity crisis, especially one as familiar as RadioShack. But times change, and if brands don't adjust, they disappear. Last year the electronics chain rebranded itself as “The Shack” in an effort to make the brand more contemporary.
Sounds desperate, right? Well, it may be working.
Goldman Sachs has added the store to its “buy” and “conviction buy” lists, causing its shares to rise from $21 to $25. This type of positive news will certainly boost the brand's image and, RadioShack hopes, sales. According to analyst Matthew J. Fassler, RadioShack “tends to do best as new technologies proliferate to the mass channel.” In particular, Fassler noted the rising popularity of smartphones.Continue reading...