The CM Graveyard: First Sartoria Partenopea... next J. Crew?

[smittycl]

Men’s Wearhouse Owner Files for Bankruptcy (Published 2020)

Tailored Brands, known for its clothing chains Men’s Wearhouse and JoS. A. Bank, struggled as the pandemic shut stores and consumer demand for office attire dropped.

www.nytimes.com

 

[Aquafortis]

Out here in San Francisco, we have both Kiton and Isaia boutiques in the high-rent Union Square shopping core. The downtown has been a ghost town for months. Can't imagine how these will remain operating with the normal workforce working remotely, and tourism being essentially dead. I don't know how commercial lease terms are typically structured, but maybe they are in the midst of trying to get out of their leases...or just bleeding money?

 

[bry2000]

They probably received PPP loans to cover some of their costs. Whatever they manage to sell covers or offsets some of their rent expenses, utilities, and taxes.

Perhaps they have reached an agreement on rent or maybe they are only paying what they deem they can.

 

[Thin White Duke]

Out here in San Francisco, we have both Kiton and Isaia boutiques in the high-rent Union Square shopping core. The downtown has been a ghost town for months. Can't imagine how these will remain operating with the normal workforce working remotely, and tourism being essentially dead. I don't know how commercial lease terms are typically structured, but maybe they are in the midst of trying to get out of their leases...or just bleeding money?

Yeah I’m no expert either but it seems to me that as retail was on a long slow decline anyway which has recently been exponentially exacerbated, the astronomical rents charged in places like SF, NYC and London are unsustainable. Landlords must surely have the choice of either sticking to their terms and seeing their tenants go under and be unable to pay, or else restructuring their rentals to be more manageable and realistic to tenants. I wonder how this will go in the short to mid term future?

My uncle used to own a furniture shop in the centre of my home town. His only son was a journalist in London who wasn’t in the business. When my uncle retired I think a partner kept the business going and paid rent to my uncle. Eventually that business ended and my uncle died so the shop was empty for a long time. It’s now reopened as a computer game shop. His son is in his eighties and still collects rent but who knows what will happen in the future as retail is almost dead in that area.

 

[coolarrow]

Gitman plant in PA closing.

 

[comrade]

I have no idea of the economics of retail real estate. But it seems to me that
in places like SanFrancisco's Union Square area, landlords are willing to let
their retail properties stand vacant for years after tenants depart. This long
predates the Covid crisis. For example, the fashion discounter Lohmann's location on
Sutter St. has been empty for at least five years.

 

[Proleet]

I have no idea of the economics of retail real estate. But it seems to me that
in places like SanFrancisco's Union Square area, landlords are willing to let
their retail properties stand vacant for years after tenants depart. This long
predates the Covid crisis. For example, the fashion discounter Lohmann's location on
Sutter St. has been empty for at least five years.

I understood that in some cases they can’t lower the rent as it’s tied to the property’s valuation and therefore to loans tied to it. Pretty depressing though to see a lot of empty store fronts

 

[Aquafortis]

I understood that in some cases they can’t lower the rent as it’s tied to the property’s valuation and therefore to loans tied to it. Pretty depressing though to see a lot of empty store fronts

Yes, possibly. And nothing is going to change for the foreseeable future. There will be additional fall and winter Covid spikes, few to no tourists, and locals telecommuting are not up for $5,000-$10,000 suits with no where to go to wear them.

 

[comrade]

Yes, possibly. And nothing is going to change for the foreseeable future. There will be additional fall and winter Covid spikes, few to no tourists, and locals telecommuting are not up for $5,000-$10,000 suits with no where to go to wear them.

Or, as the Italian literary giant Boccaccio put it, referring to the Black Death (1348), Bummer.

 

[Shahhx]

https://fashionunited.ca/news/busin...es-loan-from-italian-government/2020072414503

Apologies if this has been mentioned earlier, apparently the Italian Government is stepping in to help keep Corneliani afloat. The article mentions they were struggling pre covid with a temporary plant closure and a turn around plan put in place. Covid probably accelerated those problems. As some one who remains fond of their suits hopefully they can recover from this.

 

[sftiger]

Lord & Taylor is closing all of its stores after 194 years in business

 

[comrade]

Lord & Taylor is closing all of its stores after 194 years in business

Sad. I grew up in New York City. L & T was an institution that catered to the
"carriage trade" and its' aspirants. It seems the Schumpeters "creative
destruction" has taken another victim.

 

[comrade]

Out here in San Francisco, we have both Kiton and Isaia boutiques in the high-rent Union Square shopping core. The downtown has been a ghost town for months. Can't imagine how these will remain operating with the normal workforce working remotely, and tourism being essentially dead. I don't know how commercial lease terms are typically structured, but maybe they are in the midst of trying to get out of their leases...or just bleeding money?

I've visited both several times. They seem sell cartoonish versions of
'"Italian for the American Market", eg. mostly bold patterns.

 

[Aquafortis]

I've visited both several times. They seem sell cartoonish versions of
'"Italian for the American Market", eg. mostly bold patterns.

Agreed, especially Isaia. I've wondered how Kiton and Isaia are regarded within Italy? I would think they are not hyped and promoted as they are for the international market.

 

[Nobilis Animus]

Men’s Wearhouse Owner Files for Bankruptcy (Published 2020)

Tailored Brands, known for its clothing chains Men’s Wearhouse and JoS. A. Bank, struggled as the pandemic shut stores and consumer demand for office attire dropped.

www.nytimes.com

A glimmer of good news.