After more than 50 years, youth-oriented women’s apparel retailer The Limited has announced that it is shutting all of its 255 stores and will focus on its online business going forward. Some experts, the retailer will be sold or shut in the not-so-distant future.
Click the image to see the sales now available online.
What happened? As reported by PYMNTS.com:
“According to Fortune, Sun Capital Partners sent a letter to investors explaining that it had invested 1.8 times its $50 million investment in Limited stores. The disclosure outlines how the private equity firm will still be able to garner a profit from the investment, despite the fact that the equity value of Limited has been written down to zero.”
“’We have worked very hard and made significant investments over nine years to improve operations and create a sustainable business at the Limited,’ Sun Capital told Reuters in an E-mailed statement. ‘In an increasingly challenging environment for mall-based retail and women’s apparel, we are very disappointed that the company has had to make the difficult decision to close its retail locations.’”
“All brick-and-mortar locations of the Limited were closed effective Jan. 8. The Limited’s web site continues to display deep discounts and a change in the return policy: ‘All sales are final.’ However, it’s not clear how long the retailer will continue to sell items online.”