Rutherford, NJ
Business
Report: American Dream Developer Misses Payments On $1.4B Mortgage For Mall Of America Report: American Dream Developer Misses Payments On $1.4B Mortgage For Mall Of America
Report: American Dream Developer Misses Payments On $1.4B Mortgage For Mall Of America The developer of the American Dream Mall in East Rutherford has missed two monthly payments on its $1.4 billion mortgage for the Mall of America in Minnesota, media reports say. Triple Five put up 49 percent interest in the Minnesota mall along with a second mall in Canada as collateral to obtain a $1.67 billion loan for the construction of the American Dream, the Wall Street Journal reports. Mortgage services Wells Fargo & Co. reportedly confirmed the missed payments with NorthJersey.com Tuesday. Citing the ongoing turmoil following the death of George Floyd, the Minnesota mall has po…

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by Valerie Musson
Parsippany-Troy Hills, NJ
Business
Pier 1 Imports Closing All Stores, Going Out Of Business Pier 1 Imports Closing All Stores, Going Out Of Business
Pier 1 Imports Closing All Stores, Going Out Of Business Pier 1 imports, with 16 New Jersey stores, is going out of business and closing all stores including e-commerce operations, the company said in a statement. The company announced plans to run liquidation sales through the end of October once stores can reopen in compliance with COVID-19 restrictions, officials said in a statement. Intellectual property will also be sold in the bankruptcy, officials said. “This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1,” said Robert Riesbeck, Pier 1’s Chief Executive Offic…

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by Valerie Musson
Brentwood, NY
Business
Victoria's Secret, Bath & Body Permanently Closing Stores Nationwide Victoria's Secret, Bath & Body Permanently Closing Stores Nationwide
Victoria's Secret, Bath & Body Permanently Closing Stores Nationwide Victoria’s Secret will permanently close about 250 stores in the United States and Canada this year, parent company L Brands announced.  Ohio-based L Brands did not detail the closure locations, but there are 1,635 stores nationwide.  L Brands also announced that 51 Bath & Body Works stores in the U.S. and Canada will close this year.  The popular retail chain joins others in announcing permanent store closures in recent weeks including J.Crew, Neiman Marcus, JC Penney, Macy's and Pier 1, accelerated by the coronavirus pandemic.  L Brands said it is evaluating all …

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by Jon Craig
Hamilton Township, NJ
Business
Victoria's Secret, Bath & Body Permanently Closing Stores Nationwide Victoria's Secret, Bath & Body Permanently Closing Stores Nationwide
Victoria's Secret, Bath & Body Permanently Closing Stores Nationwide Victoria’s Secret will permanently close about 250 stores in the U.S. and Canada this year, parent company L Brands announced.  Ohio-based L Brands did not detail the closure locations, but there are 42 Victoria's Secret stores in New Jersey and 1,000 nationwide.  L Brands also announced that 51 Bath & Body Works stores in the U.S. and Canada will close this year. There are 10 Bath & Body stores in New Jersey and 1,635 stores nationwide. The popular retail chain joins others in announcing permanent store closures in recent weeks including J.Crew, Neiman Marcus, JC Pe…

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by Jon Craig
Torrington, CT
Business
COVID-19: JCPenney Plans To Permanently Close More Than 240 Stores COVID-19: JCPenney Plans To Permanently Close More Than 240 Stores
Covid-19: JCPenney Plans To Permanently Close More Than 240 Stores JCPenney, which filed for bankruptcy last week, now says it plans to close nearly one-third of its stores amid the novel coronavirus (COVID-19) pandemic. JCPenny will be left with about 600 stores after the planned 242 closures. Earlier report - COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic The retailer also says it is aiming to double its e-commerce business, which currently accounts for about 14 percent of its revenue. “The coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communitie…

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by Joe Lombardi
Torrington, CT
Business
COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic
Covid-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic In the largest retail casualty of the novel coronavirus (COVID-19) pandemic, JCPenney has filed for bankruptcy. Founded in 1902, JCPenny has about 800 stores in the United States. “The coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country," said Jill Soltau, chief executive officer of JCPenney, in a statement released on Friday, May 15. "As a result, the American retail industry has experienced a profoundly different new reality, requiring JCPenney to make difficult decisions in running our business to pr…

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by Joe Lombardi
Torrington, CT
Business
COVID-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic COVID-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic
Covid-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic High-end retailer Neiman Marcus became the first department store to file for bankruptcy amid the novel coronavirus (COVID-19) pandemic. The outbreak temporarily forced the closure of all 43 Neiman Marcus stores, as well as the company's Bergdorf Goodman stores and Last Call outlets, in late March. On Thursday, May 7, the company said in a statement that it has entered into a restructuring agreement with creditors that will allow it to "substantially reduce debt and position the company for long-term growth." No specific store closures have been announced. Neiman Marcus, whose headq…

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by Joe Lombardi
Torrington, CT
Business
COVID-19: Nordstrom Permanently Closing 16 Stores COVID-19: Nordstrom Permanently Closing 16 Stores
Covid-19: Nordstrom Permanently Closing 16 Stores Nordstrom has announced it plans to close 16 of its luxury department stores as it makes adjustments to its business model amid the novel coronavirus (COVID-19) pandemic. The company is also planning phased reopenings of its other 100 stores. Nordstrom did not list what locations are closing but said it will start contacting employees who are affected. It will also implement curbside pickup and returns and speed up digital services, CEO Erik Nordstrom said in a statement. Earlier story - COVID-19: Retailer J.Crew, With 450 Stores Throughout Nation, Files For Bankruptcy Nordstrom, ba…

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by Joe Lombardi
Massapequa, NY
Business
COVID-19: Here's How Much Online Grocery Sales Are Increasing Amid Pandemic COVID-19: Here's How Much Online Grocery Sales Are Increasing Amid Pandemic
Covid-19: Here's How Much Online Grocery Sales Are Increasing Amid Pandemic The demand for home delivery and online store pickup grocery sales have skyrocketed during the novel coronavirus (COVID-19) pandemic, according to a new report. Home delivery and store pickup online grocery sales reached a new 30-day record for April, hitting $5.3 billion and marking a 37-percent increase from $4 billion in March, according to the latest Brick Meets Click and Symphony RetailAI Online Grocery Survey. The report found the month-to-month sales growth represents a 33 percent increase in the monthly number of online orders, from 46.9 million to 62.5 million. There was also a 3 p…

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by Zak Failla
Torrington, CT
Lifestyle
COVID-19: Here's One Bright Spot In Record March Retail Sales Decline COVID-19: Here's One Bright Spot In Record March Retail Sales Decline
Covid-19: Here's One Bright Spot In Record March Retail Sales Decline Though the novel coronavirus (COVID-19) pandemic has wreaked havoc on retail stores in the entire nation, grocery and beverage store sales skyrocketed to new heights, according to newly released data. While retailers have seen businesses plummet, grocery stores and beverage depots have seen sales increase by more than 25 percent since the outbreak began in early March, according to a new report from the National Retail Federation. According to the U.S. Census Bureau, the overall retail business was down 8.7 percent from February to March, and down 6.2 percent at the same point last year. Th…

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by Zak Failla
Mount Pleasant, NY
Business
COVID-19: DeCicco & Sons' Eight Area Stores Schedules Some Sunday Closures To Give Staff Rest COVID-19: DeCicco & Sons' Eight Area Stores Schedules Some Sunday Closures To Give Staff Rest
Covid-19: DeCicco & Sons' Eight Area Stores Schedules Some Sunday Closures To Give Staff Rest A popular grocery store chain is going to begin closing its eight stores in Westchester and Putnam counties on Sundays amid the novel coronavirus (COVID-19) pandemic in order to give their staff time off to rest and spend time with their families. All DeCicco & Sons stores, including locally in Brewster, Ardsley, Armonk, Harrison, Larchmont, Millwood, Pelham, and Somers, will begin the Sunday closures on Sunday, April 19 and again on Sunday, April 26, when they will reconsider the practice. A lot of behind the scenes efforts take place every day to make sure the stores are extra clean a…

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by Kathy Reakes
Middletown, NJ
Business
Walmart In Freehold, North Bergen Closed Friday Walmart In Freehold, North Bergen Closed Friday
Walmart In Freehold, North Bergen Closed Friday Walmart closed its Freehold and North Bergen stores Friday for sanitization and restocking, reports say. The stores will reopen Saturday, April 18 with associate health screenings and temperature checks, NorthJersey.com reports. All workers will be given face masks and gloves, too. Earlier this month, Garfield's Walmart closed for the same reason. Walmart didn't say whether the closure was in response to a positive case among employees.

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by Cecilia Levine