Bankruptcy and new stores: 7 things we learned about retail this week

  • Kara Driscoll
  • Staff Writer
8:29 a.m. Thursday, Feb. 8, 2018 Business
KARA DRISCOLL/STAFF

Disruption continued to shake up the retail industry in the first month of 2018.

Kroger sold of its convenience store business while Toys “R” Us announced a slew of stores will close this year. These are seven things we learned about retail this week:

1. Toys ‘R’ Us going-out-of-business sales start this week

The nation’s largest toy store retailer received court approval to move forward with its plans to shutter approximately 180 stores across its Toys “R” Us and Babies “R” Us stores nationwide. Liquidation sales at some of the locations started on Wednesday. LEARN MORE

2. With more store closures, online shopping to grow 16 percent in 2018

That means e-commerce sales will account for approximately 10 percent of U.S. retail sales in 2018, according to a report by eMarketer. U.S. e-commerce sales will reach $526.09 billion, representing 10 percent of total retail sales. READ MORE

3. Best Buy will stop selling CDs at all stores

The consumer electronics store recently announced it will pull CDs from its stores by July due to a major drop in sales, Billboard reported. Target could also make a similar move as consumers gravitate toward music streaming services like Spotify and Apple Music. READ MORE

4. At Home doesn’t sell products online. How is the retailer succeeding?

At Home Group Inc. opened its newest location at 4480 Indian Ripple Road in Beavercreek on Wednesday, and the company will host an open house on Feb. 17 for the community. This is the seventh location in the state and the 150th store opening nationwide. READ MORE

5. Bon-Ton, parent company of Elder-Beerman, files for bankruptcy

The company and its subsidiaries have filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. READ MORE

6. Kroger sells off convenience store business for $2.15B

Kroger has sold off its convenience store business unite to EG Group for approximately $2.15 billion. EG Group, a privately-held petrol forecourt convenience store retailer in the United Kingdom, agreed to purchase the chain form Kroger. The companies expect to close the transaction during the first quarter of Kroger’s fiscal year. READ MORE

7. Arby’s closes deal on Buffalo Wild wings, makes new company

Arby’s completed its deal to buy Buffalo Wild Wings on Monday and created a new company named Inspire Brands that will run the chains. READ MORE

FIVE FAST BUSINESS READS

Kroger sells off convenience store business for $2.15B

Toys ‘R’ Us going-out-of-business sales start this week

Move over, bitcoin. GE researching blockchain technology

Elder-Beerman parent company says 60+ stores could close under plan

German grocery chain Lidl halts plans to open local store