Wednesday, April 17, 2019

Diesel USA's Ch. 11 plan approved

Retail Dive
Diesel USA, which filed for Chapter 11 protection on Tuesday, attributed the filing to a decrease in wholesale orders, a "general downturn in the brick-and-mortar retail industry," expensive long-term leases, a decrease in net sales and multiple instances of theft and fraud, according to supplemental court documents. 

The company's reorganization plan includes relocating specific stores to locations with a smaller footprint, opening a temporary pop-up concept in Miami, launching new stores in strategic locations and a rebranding effort. It will also not pursue the renewal of leases for a number of underperforming locations, according to the documents.. . . more