Finances • 22.01.2018

A'GACI announces Chapter 11 restructuring update

The Fashion retailer which filed for Chapter 11 relief will begin discussions with landlords regarding 49 of its locations

screenshot-www.agacistore.com
Source: screenshot-www.agacistore.com

A'GACI, LLC, a leading fashion retailer in Texas, which filed for Chapter 11 relief on Tuesday, January 9th, will shortly begin discussions with landlords regarding 49 of its locations.

In a court filing on Tuesday, A'GACI sought court approval to close up to 49 of its 76 operating stores, but noted the Company's management team and its advisors continue to evaluate whether certain of these stores should remain open.

"The actual number of store closings will depend on our ability to work with landlords for many of our locations to negotiate more favorable lease terms and rent reductions," said David Won, A'GACI's Chief Merchandising Officer.

Store evaluation and landlord negotiations are an important step forward in the Company's plan to restructure its costs. The Company and its advisors estimate that lease costs at approximately 2/3 of its locations are unfavorably high.

"Although we are operating – like many retailers – in a challenging environment, we have excellent employee teams in our stores, a loyal customer base and very strong relationships with our vendors. We are especially excited about next season's fashion which we have begun to roll out at a number of stores. If we can meaningfully improve our rent costs, it is possible that we will keep a large number of stores open," said Mr. Won.

A'GACI has been an innovator in the fast fashion apparel industry for a number of years. "By filing for Chapter 11 and entering into negotiations with landlords, we believe we will be able to address our overall cost structure which is not sustainable given the current retail environment. The results of this action, combined with our strong store base and online presence, will allow A'GACI to emerge as a more competitive player in the fashion industry," noted John Won, the Company's Chief Executive Officer.

"We greatly appreciate our customers, our vendors and, especially, our employee family, who have shown overwhelming support for our reorganization."

Source: A’GACI, LLC

related articles:

popular articles:

Thumbnail-Photo: Footwear market expected to grow rapidly
15.03.2019   #trend research #brand management

Footwear market expected to grow rapidly

Application insights, latest trends, developments, and forecasts to 2021

Global Footwear Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are rising enormously across the globe. Footwear is a garment worn on the feet to protect and comfort against adversities of the ...

Thumbnail-Photo: U.S. prestige beauty industry sales grow six percent in 2018...
07.02.2019   #brick and mortar retail

U.S. prestige beauty industry sales grow six percent in 2018

Artisanal fragrance was the fastest growing aspect of the market

The U.S. prestige beauty industry reached 18.8 billion dollar in 2018, a six percent sales increase over 2017, according to The NPD Group. The skincare category grew by 13 percent and contributed 60 percent of the industry’s total gains; ...

Thumbnail-Photo: Holistic POS solutions in visual communication...
12.02.2019   #digital signage #Trade fair special EuroCIS 2019

Holistic POS solutions in visual communication

Product presentation and brand presence through signage

The effective placement of products at the POS is becoming increasingly difficult today due to the broad diversity of brands and the struggle for presentation area that goes along with it. Striking POS solutions are thus all the more important. ...

Thumbnail-Photo: 2nd World Retail Forum, Amsterdam
07.03.2019   #event #artificial intelligence

2nd World Retail Forum, Amsterdam

The latest developments in the industry

World Retail Forum is a platform for retail professionals from across the globe to come together, share experiences and learn from top industry leaders and retail gurus. ...

Thumbnail-Photo: The new power of the consumer
20.03.2019   #customer satisfaction #trend research

The new power of the consumer

Trend Radar Study 2019: why shoppers love product ratings

A global study on the “rating economy” shows that product ratings are growing in importance, impacting shopping behavior and brand loyalty.Customers are relying less on marketing messages, and the balance of power is shifting toward the ...

Thumbnail-Photo: PANORAMA Berlin January 15-17, 2019
19.12.2018   #event #fashion

PANORAMA Berlin January 15-17, 2019

The largest fashion marketplace in Europe

True to the meaning of the word panorama, PANORAMA BERLIN offers a broad overview of national and international mens and womenswear collections. Thereby, it enriches the international trade fair landscape consistently with strong and relevant new ...

Thumbnail-Photo: Brand  Marketing Summit
19.03.2019   #event #marketing

Brand Marketing Summit

Map your customers journey and engage at the right time

The Brand Marketing Summit (25th-26th June, London) is the must attend event for those looking to reinvent their marketing and engage their customers. Knowing your customer and their journey has become essential to delivering customer engagement. ...

Thumbnail-Photo: Digital Marketing Forum
22.02.2019   #software developement #event

Digital Marketing Forum

Comprehensive, neutral, scientifically accompanied, critical

At the Digital Marketing Forum (DMF) on 06. and 07.03.2019 at the Stuttgart Media University, 18 proven experts from science and practice will explain the current status of methods, techniques and tools in digital marketing.With its program the DMF ...

Thumbnail-Photo: Achieving goals with the right attitude
12.12.2018   #personnel management #security management

Achieving goals with the right attitude

Corporate health management is a process, not a one-time event

Employee satisfaction/engagement is critical to the success of any business, big or small. Customers notice if employees are dissatisfied with their jobs.Customer satisfaction, employee recruitment and hiring, employee retention and increasing sales ...

Thumbnail-Photo: Digital Sales Summit in Hannover
08.01.2019   #e-commerce #digitization

Digital Sales Summit in Hannover

The E-Commerce Event

The Digital Sales Summit will be held for the first time in Hanover on 21 February.An extraordinary location and a LineUp which you have never seen before in the eCommerce industry, this is the easiest way to describe the Digital Sales Summit.In his ...

Supplier

Westiform GmbH & Co. KG
Westiform GmbH & Co. KG
Kinzigtalstrasse 2
77799 Ortenberg