Silke Jasso
The Limited is living up to its name, closing every store in the country as it struggles with accumulating debt and falling sales, according to the Wall Street Journal.
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Though they say “this isn’t goodbye,” their actions suggest that step is close.
In total, the company will close 250 stores, though they are still offering online sales. (Of note: A visit to their site today showed a 50 percent off everything sale, with all sales final.)
RELATED: Another day, another retailer closing several stores across the country
The New Albany, Ohio, company announced plans to begin laying off employees in December 2016. It’s expected that they will lose over 200 employees in total; the company is looking at restructuring, a sale or closing outright. In December, interim chief executive John Buell resigned to accept a management position at another women’s brand, Altar’d State. He’d been at The Limited just a month, replacing Diane Ellis, who stepped down in October 2016 after three years.
A letter to employees from Chief Financial Officer Larry Fultz obtained by WSJ says the company will need to be sold or closed entirely. He wrote that the company was in the process of reviewing bids from interested buyers and was “hopeful” they would stay open.
The company’s most recent Facebook post was an apology for a delay in shipping some Black Friday and Cyber Monday orders more than two weeks late. They wrote:
“This is not the kind of service we planned to deliver, and we sincerely apologize. Please know that you are our top priority, and we are working diligently to ship orders out as fast as we can. Thank you for your continued patience.”
Black Friday and Cyber Monday discounts were as high as 80 percent off retail.
