News and Events
Bankruptcies Leave Trail of Retail Casualties
SiteTalk speaks with RCS President and CEO Ivan L. Friedman.
Apr 24, 2008 Chain Store Age SiteTalk
At least eight retailers have declared bankruptcy since last fall, according to a New York Times report published last week. Retailers mentioned in the Times article were The Bombay Co., Domain Home, Fortunoff, Harvey Electronics, Levitz, Lillian Vernon, Sharper Image and Wickes.
"There have been more retail bankruptcies in the last seven months than in the past three years," Ivan L. Friedman, president and CEO of RCS Real Estate Advisors in New York City, told SiteTalk. "It is carnage in the retail arena."
RCS Real Estate Advisors is handling the disposition of stores for several of the bankrupt companies, including Domain, Sharper Image and Wickes. The firm is also helping healthy retailers dispose of underperforming stores. "Sales are off, and they want to preserve cash, so retailers are paying a lot of attention to the bottom 10% to 15% of stores," said Friedman.