In the big world of retail, many mid-priced brands are finding it hard to stay afloat. And the next victim of the retail apocalypse could be Things Remembered.
According to Reuters, the mall staple is allegedly preparing to file for bankruptcy protection and shutter the majority of its stores — roughly 400 across North America.
Known for its giftables and engraving services, Things Remembered restructured back in 2016, however, it looks like the retailer’s attempt was unsuccessful.
After 40 years of business, the consortium that owns Things Remembered is allegedly trying to find a buyer.
The retailer has had a rocky past few years. In 2012, Things Remembered was acquired by private equity firm Madison Dearborn. However, in 2017, Madison Dearborn backed out of the investment. The company is now owned by a group of different businesses.
During a debt restructuring in 2016, the company tried to boost its online presence in an attempt to gain shoppers who had shifted from physical stores. And just last September, Things Remembered launched on Amazon, offering online shoppers the ability to “engrave and embroider items in a matter of clicks.”
But despite an attempt to rejuvenate the brand and attract a more tech-savvy shopper, Things Remembered faces the same problem that many other struggling retailers do: it’s unable to compete in the ever-expanding retail landscape.
Things Remembered owes roughly $120 million in debt.
According to unnamed Reuters sources, the company is allegedly preparing for the worst by arranging outplacement services and severance payments for the employees it’s likely to lose when stores shutter.
Currently, Things Remembered has just over 20 stores across Canada, with a handful of locations in the greater Toronto area.
Things Remembered will join a number of other once-popular mall retailers that have filed for bankruptcy protection in recent years, including Gymboree, Jean Machine, Crabtree & Evelyn, and more.
Featured image: The Station Mall
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