Word has come down that Z Gallerie is closing their doors at Roosevelt Collection. The natural reaction that many in the neighborhood have is a sarcastic "why can't we have nice things?". While we may argue that Z Gallerie isn't really that nice, the reality is that a closing store isn't a good look for the neighborhood.
In this case, it appears the problem is with Z Gallerie and not our neighborhood as they're actually filing for bankruptcy (via retail dive):
Z GallerieFiling date: March 11
Outcome: The retailer is expected to close 17 stores and estimates that the Chapter 11 process will last four months, according to a company statement.
Z Gallerie is a home decor retailer headquartered in Los Angeles with 76 stores nationwide, operating in a space that’s sitting in the midst of disruption. Subject to court approval, the business will have $28 million debtor-in-possession financing from secured lender KeyBank National Association.
Outside of the announced 17 store closures, Z Gallerie is expected to keep physical locations and its website open and operational through the duration of bankruptcy processes, pending funding approval by the courts. Court documents state that the retailer estimates up to $500 million in assets.
Roosevelt Collection already has a decent amount of vacancies, so hopefully they can draw some new tenants.
(Hat tip: TE!)
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