October 16, 2024
When True Value filed Chapter 11 in the U.S. Bankruptcy Court earlier this week, the Company announced plans to sell substantially all of its business operations to Do it Best Corp. During the proceedings, True Value will continue its day-to-day operations. Completion of the sale process is targeted by year-end.
True Value operates more than 2,500 stores nationwide, while Do it Best operates over 3,700 locations, as shown in the adjacent map. We note that True Value stores are independently owned and are not a part of the Chapter 11 proceedings, except for one Company-owned store in Palatine, IL.
Channel Control Merchants (dba Dirt Cheap and Treasure Hunt) filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court.
As shown in the adjacent map, Dirt Cheap operates 54 locations across Alabama, Louisiana and Mississippi, catering to bargain hunters. It provides private label and brand name merchandise at 30-90% off regular retail prices.
Treasure Hunt operates 13 retail stores in Canada under the same format.
H-E-B broke ground on a new 101,000 square-foot store in the Austin suburb of Manor, TX, due to open in late 2025.
It will also begin construction on a 140,000 square-foot store in the Dallas suburb of Forney later this month, to open in early 2026.
Last month H-E-B broke ground on a 112,000 square-foot store in Georgetown, TX, roughly 30 miles north of downtown Austin. In June, H-E-B opened a store in the Dallas suburb of Mansfield, which followed 2023 Dallas openigs in Allen, Frisco, Plano, and McKinney. The Company operates 435 stores in Texas and Mexico.
The adjacent Retail Openings & Closings map shows the concentration of openings in the Dallas and Houston market.
Nordstrom Rack plans to open a new 26,000 square-foot location in Prosper, TX in Fall 2025. In addition to this Dallas-area location, the Company will also open a location in Houston next spring. It currently operates eight full-line locations and 23 Nordstrom Rack stores in Texas.
The adjacent Retail Openings & Closings map shows locations opening this week in Fort Myers, FL and Noblesville, IN.
Orvis will lay off 112 employees (about 8% of its workforce), close a "limited number" of stores, discontinue its catalog, and reduce its product assortment.
The Company, which specializes in fishing and bird shooting gear as well as outdoor apparel, operates more than 80 U.S. locations and works with a network of more than 400 dealers globally. The changes will roll out over the next 18 months.
See the adjacent map for Orvis' U.S. locations.
7-Eleven will divest the bulk of its non-convenience business and refocus on its core convenience store operations. It will move peripheral businesses, including supermarkets and specialty chains focused on household and baby goods, to a new holding company which may be sold via a future IPO. The plan appears to be a defensive maneuver designed to fend off a takeover effort by Alimentation Couche-Tard. As shown in the below map on the left, 7-Eleven operates 9,000 locations in the U.S.
7-Eleven indicated plans to close 444 convenience stores across North America due to underperformance. As shown in the Retail Openings & Closings map below on the right, the Company also plans to open hundreds of stores across the U.S., including about 20 over the next several months.
The information contained in this newsletter is compiled from sources which RetailStat, LLC (“RetailStat”), does not control and unless indicated is not verified. Its contents are not to be divulged. RetailStat, its principals, and writers do not guarantee the accuracy, completeness or timeliness of the information provided nor do they assume responsibility for failure to report any matter omitted or withheld because of their negligence.
