Latest news with #LisaHarper
Miami Herald
17-06-2025
- Business
- Miami Herald
Huge retail chain suddenly closing 100s of stores, no bankruptcy
One of the most confounding life lessons many of us eventually learn is that you hardly ever know you're in the good times until they're over. Andy Bernard from "The Office" may have phrased it best when he said, "I wish there was a way to know you were in the good old days before you actually left them." Related: Another giant cosmetics brand closing store unexpectedly For many retailers, this sentiment rings true. Take a look at your local shopping mall, central plaza, or even Main Street downtown. There is a good chance that, 10 or so years ago, these centralized shopping hubs were bustling with customers and gleaming "Open" signs, signifying a thriving commercial culture. Now, however, those days might be largely behind us. There's a better chance that, today, your local shopping mall stands largely unoccupied or underutilized. Your central shopping plazas are filled with vacancy or for-rent advertisements, or are instead home to one or two large, national big-box stores. And your downtown Main Street may even be boarded up. But things are particularly dire in the indoor shopping area. It's estimated that just under 9% of total available mall space in the U.S. lies vacant or un-leased. This is expensive for mall operators, but it's also costly for the tenants that already operate in malls. More closings: Popular local Dairy Queen rival suddenly closing, no bankruptcyAnother big Mexican chain closing down restaurant, no bankruptcyUPS suddenly closing more stores amid chaotic new change, layoffsPopular fast-food burger chain closes all restaurants in key area That's because malls typically charge outsized rent to their tenants for the opportunity to get more exposure to foot traffic. The more foot traffic a mall gets, the more foot traffic mall stores get. And that activity typically converts into sales. But that's not the case when people stop coming. As malls decline in popularity and folks opt instead to shop online or at discounters closer to town, profits dwindle. Which makes it even harder to justify paying those high rents for diminishing returns. And now, the popular clothing store Torrid is closing up to 30% of its footprint as sales decline, particularly in shopping malls. Torrid mostly caters to plus-size women, specializing in sizes 10-30. About 65% of Torrid stores are located within shopping malls, and around 60% of its leases are coming up for renewal shortly. Meanwhile, current estimates say up to 70% of Torrid's new demand comes from online shoppers. Related: Amazon makes a harsh decision amid concerning customer trend This means that operating out of shopping malls is a decreasingly lucrative model for the company. So Torrid announced it would shutter roughly 180 stores as it works to renovate its shopping model. The brand currently operates over 630 stores. Despite the closures, Torrid CEO Lisa Harper maintained that the brand is in a "strong financial position." Torrid plans to refresh about 135 stores in an effort to attract and maintain remaining brick-and-mortar customers. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Time of India
13-06-2025
- Business
- Time of India
Plus-size clothing retailer to close nearly 180 stores across US this year
Plus-size clothing retailer Torrid says it may close up to 30 per cent of its retail locations--close up to 180 underperforming stores-- this year as the company aims to reduce fixed costs and reinvest in long-term growth. The announcement came during a recent earnings report issued June 5. Torrid CEO, Lisa Harper said 70 per cent of the company's total demand is now coming from online shopping. The brand is known for direct-to-consumer apparel, intimates, and accessories for women sizes 10 to 30. Torrid to shut multiple stores in US Founded in 2001, clothing brand Torrid targets younger demographic of plus-size consumers and over the years, it has evolved into a standalone brand with more than 600 stores across the United States, the brand's website reveals. Torrid offers trendy and professional clothing designed exclusively for plus-size women. The store closures are a part of Torrid's move to a more digital-forward approach, the June 5th report said. Torrid CEO Lisa Harper said in a news release the retailer experienced a nearly 5 per cent decrease in first quarter sales compared to 2024. Since January, Torrid has already closed two locations, making the chain's total store count 632. Torrid debuted its first New York Fashion Week collection in 2017. "We're accelerating our transformation to a more digitally led business, which includes optimizing our retail footprint," Harper said. As of June 10, Torrid has not shared which locations would be closing. Torrid did not immediately respond for comment about the closures when contacted by USA TODAY. Torrid posted a net sales decrease of 4.9 percent in its first-quarter earnings report and it fell from USD 279 million for the first quarter of last year to USD 266 million this year. The company also reported a net loss of USD 7.3 million, compared to a USD 11.8 million profit during the same period in 2024. The closures "better align our current demand and sales channels," the report said. "We remain in a strong financial position and are executing with clarity and focus," Harper said. "I'm incredibly proud of our team's commitment to delivering innovative product, deepening customer connections, and building a more agile, resilient business for the future." Christine Murphy, who has advocated online for the plus-size clothing industry since 2016, told USA TODAY that she was "devastated" to learn of the store closures. She said "a good chunk" of her closet is from Torrid, not out of choice, but because it's one of the only remaining brick-and-mortars that offers her size. Despite the closures, the company reported first-quarter results that met expectations. Torrid reaffirmed its full-year 2025 outlook, anticipating net sales between USD 1.030 billion and USD 1.055 billion. While store closures are planned for the year, the timeline for winding down operations remains uncertain.
San Francisco Chronicle
12-06-2025
- Business
- San Francisco Chronicle
Popular clothing chain closing 180 stores — Bay Area locations could be among them
Torrid, a popular fashion retailer specializing in plus-size apparel, announced plans to shutter up to 180 stores nationwide before the end of the year, including locations across the Bay Area, as the company shifts focus toward its digital operations following a drop in sales. The decision comes as the California-based company reported a 4.9% year-over-year decline in net sales for the first quarter of 2025, down to $266 million from $279.8 million in the same period last year. Gross profit margins also fell, from 41.3% to 38.1%. 'We're accelerating our transformation to a more digitally led business, which includes optimizing our retail footprint,' said Lisa Harper, CEO of Torrid, in a statement. 'We now plan to close up to 180 underperforming stores this year — allowing us to reduce fixed costs and reinvest in areas that drive long-term growth, including customer acquisition and omnichannel enhancements.' It did not list specific locations targeted for closure. Founded in 2001, Torrid gained prominence in the 2010s through endorsements and collaborations with celebrities like Ashley Graham, Rebel Wilson and Gabourey Sidibe. The company currently operates 632 stores, down from 658 last May. Bay Area stores affected by the restructuring may include locations in Santa Rosa, Novato, Hayward, San Jose, Pleasant Hill and several others. Despite the downturn, Harper expressed confidence in the brand's trajectory. 'We remain in a strong financial position and are executing with clarity and focus,' she said. 'I'm incredibly proud of our team's commitment to delivering innovative product, deepening customer connections, and building a more agile, resilient business for the future.' Digital sales now make up nearly 70% of Torrid's total demand, according to the report, prompting the company's strategy to meet customers where they shop most.
Miami Herald
12-06-2025
- Business
- Miami Herald
Plus-Size Fashion Retailer Torrid To Close Up to 180 Locations This Year
Torrid Holdings Inc., the plus-size fashion retailer known for catering to women sizes 10 through 30, is closing multiple retail locations across the United States. The closures span malls and standalone stores. According to Torrid's official first-quarter earnings report, released June 5, the company plans to close 180 underperforming stores. The closures, Chief Executive Officer Lisa Harper said in the report, will allow the company to "reduce fixed costs and reinvest in areas that drive long-term growth, including customer acquisition and omnichannel enhancements." Newsweek contacted Torrid's media relations team for comment on Wednesday morning. Clothing brand Torrid was founded in 2001, targeting a younger demographic of plus-size consumers. Over the years, it evolved into a standalone brand with more than 600 stores across the U.S. and Canada, according to the brand's website, offering trendy and professional clothing designed exclusively for plus-size women. Torrid debuted its first New York Fashion Week collection in 2017. The brand has a dedicated online presence. In the report, Harper said that "digital continues to be our customer's preferred channel," with nearly 70 percent of Torrid customers using the online site. The closures come after the retailer experienced a nearly 5 percent drop in first-quarter sales compared to 2024. "We're accelerating our transformation to a more digitally led business, which includes optimizing our retail footprint," Harper said. Newsweek reached out to Torrid for a list of closing locations. A full list of operating Torrid locations is available on the company website. In its first-quarter earnings report, Torrid posted a net sales decrease of 4.9 percent, falling from $279 million for the first quarter of last year to $266 million this year. The company also reported a net loss of $7.3 million, compared to a $11.8 million profit during the same period in 2024. In the company's first quarter, two Torrid stores closed. As of early June, the company was operating 632 store locations, per the report. The closures "better align our current demand and sales channels," the report said. "We remain in a strong financial position and are executing with clarity and focus," Harper said. "I'm incredibly proud of our team's commitment to delivering innovative product, deepening customer connections, and building a more agile, resilient business for the future." Despite the closures, the company delivered results in line with expectations for its first quarter. Torrid maintained its full-year outlook for 2025, projecting net sales between $1.030 billion and $1.055 billion. Store closures are expected throughout the year, though it's unclear when operations will begin winding down. Related Articles Torrid Slammed for Campaign That Doesn't Include 'A Single Plus-Sized Body' 2025 NEWSWEEK DIGITAL LLC.
Time of India
12-06-2025
- Business
- Time of India
Plus-size clothing retailer to close nearly 180 stores across US this year
Plus-size clothing retailer Torrid says it may close up to 30% of its retail locations--close up to 180 underperforming stores-- this year as the company aims to reduce fixed costs and reinvest in long-term growth. The announcement came during a recent earnings report issued June 5. Torrid CEO, Lisa Harper said 70% of the company's total demand is now coming from online shopping. The brand is known for direct-to-consumer apparel, intimates, and accessories for women sizes 10 to 30. Torrid to shut multiple stores in US Founded in 2001, clothing brand Torrid targets younger demographic of plus-size consumers and over the years, it has evolved into a standalone brand with more than 600 stores across the United States, the brand's website reveals. Torrid offers trendy and professional clothing designed exclusively for plus-size women. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo ALSO READ: Trump's $45 million birthday parade set for weather hell and not even 'Golden Dome' could save it The store closures are a part of Torrid's move to a more digital-forward approach, the June 5th report said. Torrid CEO Lisa Harper said in a news release the retailer experienced a nearly 5% decrease in first quarter sales compared to 2024. Since January, Torrid has already closed two locations, making the chain's total store count 632. Live Events Torrid debuted its first New York Fashion Week collection in 2017. "We're accelerating our transformation to a more digitally led business, which includes optimizing our retail footprint," Harper said. As of June 10, Torrid has not shared which locations would be closing. Torrid did not immediately respond for comment about the closures when contacted by USA TODAY. Torrid posted a net sales decrease of 4.9 percent in its first-quarter earnings report and it fell from $279 million for the first quarter of last year to $266 million this year. The company also reported a net loss of $7.3 million, compared to a $11.8 million profit during the same period in 2024. ALSO READ: US Open 2025: Where to watch golf coverage online for free, live schedule, coverage and other details The closures "better align our current demand and sales channels," the report said. "We remain in a strong financial position and are executing with clarity and focus," Harper said. "I'm incredibly proud of our team's commitment to delivering innovative product, deepening customer connections, and building a more agile, resilient business for the future." Christine Murphy, who has advocated online for the plus-size clothing industry since 2016, told USA TODAY that she was "devastated" to learn of the store closures. She said "a good chunk" of her closet is from Torrid, not out of choice, but because it's one of the only remaining brick-and-mortars that offers her size. ALSO READ: Kamala Harris vote dispute: Trump's 2024 election win is under lens. Will it overturn his presidency? Despite the closures, the company reported first-quarter results that met expectations. Torrid reaffirmed its full-year 2025 outlook, anticipating net sales between $1.030 billion and $1.055 billion. While store closures are planned for the year, the timeline for winding down operations remains uncertain.
