The Limited Stores closed for good. All 250 stores closed Sunday. The chain will continue its online operations.
Before The Limited stores closed, the chain operated physical stores. The chain located the stores at malls and shopping centers across the United States.
But trouble brewed in recent months. Several signs pointed to The Limited closing its stores. The first sign was Chico’s poaching of The Limited’s chief executive Diane Ellis. Ellis became president of Chico’s brand. Now she oversees all business activities for Chico’s. She reports to the company’s CEO Shelley Broader.
Ellis praised her new employer in a press release announcing her appointment.
“I am thrilled to join Chico’s, an iconic brand that I’ve long admired,” Ms. Ellis said. “The Company has made great strides with its strategic initiatives, and as the retail landscape and customer behavior evolves, I’m excited to lead and support the team as we continue to strengthen Chico’s brand position and find new ways to innovate and delight our customers.”
Broader commented on Ellis’ experience in retail including before The Limited.
“Diane is a seasoned leader who has proven time and again that she is one of the most strategic business and brand builders in retail. She brings merchandising, marketing and operational expertise as well as a strong passion for our customers,” said Ms. Broader. “As we continue to position our Company to win in the future, I am proud to welcome Diane to Chico’s.”
The company submitted a Worker Adjustment and Restraining Notification Act notice on November 28, 2016. The WARN notice informed employees of its very poor third quarter sales results and debt. Furthermore, the company explained that mass layoffs would occur. These included personnel at company headquarters. The home office may close altogether.
Also, the statement mentioned The Limited was exploring a sale to stay in business. Yet the company’s past actions set it on an unavoidable path.
More trouble appeared the next month. Interim CEO John Buell left for a job at Altar’d State. No offers of a buyout emerged. Therefore, the retail stores marked 80 percent off its products. Plus, the chain refused product returns.
Then individual stores closed in recent days. Stores in Pentagon City, Indianapolis, Albany, New York and Illinois closed.
The Limited Stores Closed with a Goodbye
According to The Limited’s website:
“This isn’t goodbye…
Source: Washington Post