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Three Limited stores closed in Wisconsin

| Jan 4, 2017 | Business Bankruptcy |

It was announced late in December that The Limited, a clothing store for women, is expected to file for bankruptcy. Three stores in the state of Wisconsin were affected by the announcement, closing their doors before the New Year.

The three The Limited stores in Wisconsin are in the Regency Mall, the Mayfair Mall and Brookfield Square. The Limited was one of the Regency Mall’s original stores when it first opened in 1981.

The last day for the stores in Brookfield Square and at Mayfair Mall will be on Jan. 7. The company has been laying off employees at its headquarters in Ohio. Stores around the country have been holding blowout sales that advertise all sales are final, which is typically a sign of liquidation.

Prior to the holiday season, The Limited had 250 stores across the country.

Two of the company’s higher-ups, including chief executive officer and the chief financial officer both left the company abruptly last month, forcing The Limited to issue the following statement:

“The existing executive team is working collaboratively on management of the company’s operations, and senior financial team personnel are continuing to oversee finances.”

The stores in Wisconsin were telling customers that all sales were final and no refunds or exchanges would be issued on items purchased after Dec. 15, which is quite unorthodox for stores to do during the holiday shopping season.

The Limited is owned by Sun Capital Partners, which bought the chain of retail stores from L Brands in 2007. L Brands is the parent company of Bath & Body Works and Victoria’s Secret.

An outsider has been hired by the company to assist it in the selling off of assets during the bankruptcy phase.

The closure of the three The Limited stores in Wisconsin means hundreds of employees will be without jobs come Jan. 7. There are some 248 employees at the corporate office in Ohio.

An experienced business bankruptcy attorney can help you decipher the issues surrounding your company and help you work through potential bankruptcy.

Source: Mount Pleasant Patch, “The Limited Closing 3 Wisconsin Stores,” Scott Anderson, Jan. 01, 2017

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