Yet another fashion brand becomes a victim of the rapid changes in consumers’ buying habits and an increasing inclination towards e-shopping… The US-based menswear chain Bachrach Clothing Stores has now announced to close its remaining 14 stores after filing for Chapter 11 in February this year in California Central Bankruptcy Court.
The stores are located in Texas, Virginia, New Jersey, Tennessee, Michigan, Wisconsin, Indiana and Illinois. Bachrach will also close its e-store.
The retailer, markedly, noted the growth in e-commerce sales from US $ 1 million in 2015 to US $ 1.2 million in 2016 but, guess, that was not enough to make up for the number of less profitable stores based primarily in shopping malls.
Liquidations are now being conducted by the Great American Group and Tiger Group on behalf of the retailer’s creditors.
According to Scott Carpenter, President of GA Retail Solutions, the liquidator’s retail division, the Bachrach failed to perform against the mounting pressure from e-commerce retailers and the significant shift in consumer spending patterns. Alongside, the shift in menswear preferences also impacted its business adversely.
Bachrach came into existence in 1877 and used to operate 32 retail locations across the nation at one point in time. The company used to sell suits, dress shirts, tops, pants, shoes and accessories for men.
