As fewer customers venture out to stores to make purchases, many retailers are experiencing significant financial hardships. A number of well-known chains, including Express, Bob’s Stores, Rue21, Ted Baker, Soft Surroundings, and Outdoor Voices, have recently declared bankruptcy. Unfortunately, this has led to the closure of numerous locations.
Adding to the list of struggling retailers, another beloved clothing brand is set to close all its stores due to bankruptcy. All of the nation’s Salt Life stores, known for their beach clothing, fishing shirts, board shorts, decals, and other apparel, will be shutting down in the coming weeks. This decision comes after the parent company, Delta Apparel Inc., declared bankruptcy in late June.
Financial woes this store has
In a court filing, Delta Apparel Inc. explained the factors contributing to their financial woes: “A combination of reduced demand and difficulties obtaining raw materials have resulted in declining liquidity that Delta’s Board has been unable to counteract, despite their best efforts.
“The company acquired the Salt Life brand in 2013 for $37 million, a brand that was originally founded in 2003. Over the years, they expanded from a single flagship shop in Jacksonville to 28 locations across 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
As the retail landscape continues to evolve, it remains to be seen how other brands will adapt to these challenging times.