The Limited To Shut Down HQ, Let 238 Employees Go
Things aren’t looking good for retailer The Limited—the company recently notified Ohio that it may close its HQ and lay off all 243 of its employees should it remain unable to find a buyer.
Known for its upscale women’s clothing, plummeting sales are behind this retailer’s fall, RetailDive reports, and as the company tumbles top execs are jumping ship, with former CEO Diane Ellis fleeing to become president of Chico’s last month. The retailer operates 235 locations throughout the country and is owned by private equity firm Sun Capital Partners.
E-commerce hasn’t made things easier for Limited Stores, especially since speciality retailers tend to be dependent on US malls, while malls are struggling to maintain foot traffic in the face of Amazon. [RD]