The Covid 19 pandemic has been particularly tough on the fashion industry, with sales down across the board. Some, like J.Crew and Neiman Marcus, declared bankruptcy, or Chapter 11, which typically means they're hoping some financial restructuring or a new investor could ultimately help them stay in business if they're lucky.
True Religion, one of the first super trendy denim brands, filed for bankruptcy for the second time in three years on April 13. It hopes to explore a sale or restructuring.
Nordstrom Inc., which bought a majority stake in the luxury boutique Jeffrey in 2005, has decided to permanently close all Jeffrey locations, as well as 16 Nordstrom stores due to effects of the pandemic.
After 30 years in business, Los Angeles-based denim label Lucky Brand filed for Chapter 11 bankruptcy protection .
Brooks Brothers filed for bankruptcy, following months of financial troubles exacerbated by the coronavirus pandemic. They are in the process "of identifying the right owner, or owners, to lead our iconic Brooks Brothers brand into the future."
At the end of August, weeks after its parent company declared bankruptcy, Lord & Taylor announced it was going out of business.It was the first department store ever established in the U.S.
Ascena Retail Group, which owns Ann Taylor, Loft and Lane Bryant and Justice has filed Chapter 11 but anticipates coming out a "stronger company" after the pandemic.
Remaining optimistic they can weather the effects of Covid 19, Men's Warehouse and JoS A Bank still have filed Chapter 11.
Stein Mart has filed for bankruptcy protection and plans to close most, if not all their stores.
Rent the Runway will not be re-opening it's retail stores and will return to a strictly online presence.
Century 21 was able to come back after 9/11, but announced this month it will be going out of business and will close 13 stores across the US. The effects of Covid and the lack of support from their insurers made it impossible for them to move forward.
NY Fashion Week was very pared down and very virtual 2 weeks ago. There were very few shows and no celebrities in the front rows. Most designers and brands went digital- livestreams, videos and lookbooks rather than traditional runway shows. Designers will continue to release their Spring 2021 collections through October virtually. The Council of Fashion Designers of America (CFDA) launched RUNWAY360 earlier this month, a digital platform to support designers.
"In a year during which the American fashion industry is going through unprecedented challenges, the CFDA has developed this multimedia industry resource to support designers and further its mission of strengthening the impact of American fashion in the global economy."
Jason Wu and Rebecca Minkoff hosted live, outdoor shows, adapting to the new rules of social distancing. 60 other designers used the new RUNWAY360 platform to stream their shows. While some of the very big names opted not to show on the runway at all. The videos may have given designers a more personal way to express themselves and promote social causes.
You can create an account on the CFDA site to watch the videos from the different designers' streamed shows. https://cfda.com/programs/designers/nyfw or you can check out Vogue's report on Spring 2021 by clicking on the individual designers on the Fashion Week calendar-https://www.vogue.com/article/new-york-fashion-week-spring-2021-calendar. The takeaway for Spring 2021 clothes from the designers' videos is a trend for wearable, more comfortable, fun pieces found in vibrant colors, floral prints, volume, soft suiting and "cool" shapes.
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