Following the news of major store closing by fellow retailers Sears, Kmart, and Macy’s, the retail carnage continues with The Limited. After weeks of having liquidation and store-closing sales without admitting its demise, the retailer has finally confirmed it will shutter all of its remaining physical stores on Sunday, Jan. 8, and exist henceforth as an online-only merchant.
The Ohio-based company says that is has already ceased operations at several stores in the last few weeks, and that it will be offering “highly discounted prices” on merchandise through the weekend, the Associated Press reports.
“We’re sad to say that all The Limited stores nationwide have officially closed their doors,” the brand’s customer service page for stores reads. “But this isn’t goodbye. The styles you love are still available online – We’re just a quick click away 24 hours a day.”
This is far from unexpected: We noted last week that all signs were pointing to a shutdown amid widespread reports of store-closing liquidation sales around the country.
The company — which is run by Sun Capital Partners — began layoffs at its headquarters at the beginning of December, saying at the time that “the combination of sales misses and the level of existing financial obligations will require that the company be sold or we will have to wind down our operations due to an anticipated lack of operating capital.”
The Limited has yet to file for bankruptcy, although previous reports indicated that it is planning to do so early in 2017. If it does, it could reorganize and survive as a smaller version of itself, or liquidate and go out of business entirely.