Fewer people are going to shops to buy things, which is making a lot of stores really struggling financially. A lot of well-known stores have recently gone bankrupt. These include Express, Bob’s Stores, Rue21, Ted Baker, Soft Surroundings, and Outdoor Voices. There are a lot of places that had to close because of this.
To add to the list of shops that are having a hard time, a well-known clothing brand is going bankrupt and will have to close all of its stores. In the next few weeks, all of the Salt Life shops across the country will close.
These stores were known for selling beach clothes, fishing shirts, board shorts, decals, and other clothes. Delta Apparel Inc., the parent company, filed for bankruptcy in late June, which led to this choice.
Financial woes this store has
Delta Apparel Inc. wrote in a court document that their financial problems were caused by a mix of lower demand and problems getting raw materials. These factors led to declining liquidity that Delta’s Board has been unable to stop, despite their best efforts.
“The business bought the Salt Life brand for $37 million in 2013. The Salt Life brand was started in 2003.” Over the years, they’ve grown from having one main store in Jacksonville to having 28 stores in 10 states.
- Retailer Struggles: Express, Bob’s Stores, Rue21, Ted Baker, Soft Surroundings, Outdoor Voices
- Recent Bankruptcy: Delta Apparel Inc.
- Impact: Closure of all Salt Life locations
- Expansion History: From Jacksonville to 28 locations in 10 states
The shopping world is always changing, and it’s hard to say how other brands will handle these tough times.
Also See:- Food Stamps worth up to $1,751 are coming to Texas through SNAP payouts