The Limited Stores will close its seven South Florida locations on Jan. 7 as the 53-year-old retailer of women’s apparel reportedly prepares to file for bankruptcy.
The Sun-Sentinel also reported that the Ohio-based company plans to terminate its online retailing operation. The Limited advertised discounts of 50 percent to 80 percent for online purchases on its website Friday and warned shoppers that all sales are final.
The Limited has three locations in Miami: Dadeland Mall, Miami International Mall and The Falls. The other four locations are the Aventura Mall in Aventura, the Coral Square Mall in Coral Springs, the Pembroke Lakes Mall in Pembroke Pines and Sawgrass Mills in Sunrise.
The company operates its seven South Florida stores under three brands: The Limited, The Limited Outlet and Backroom by The Limited.
The Limited also will close its remaining locations across the county by Saturday, the Sun-Sentinel reported. The company closed some stores outside South Florida this month immediately after the peak of the holiday shopping season.
Founded in Columbus, Ohio, in 1963, The Limited has 243 stores across the nation, according to the website of Boca Raton-based Sun Capital Partners Inc., a private equity firm that acquired the retailer in 2007. The Limited had 773 stores in 1990.
The Columbus Dispatch daily newspaper reported this month that The Limited has battled poor cash flow, citing a letter to employees from Larry Fultz, executive vice president and chief operating officer of The Limited.
John Buell, named interim CEO of The Limited in October, resigned this month. His predecessor in the CEO position, Diane Ellis, departed the company in November.
Bloomberg News recently reported that The Limited plans to file for bankruptcy and may be liquidated. The company has retained law firm Kirkland & Ellis for bankruptcy guidance and Guggenheim Securities and RAS Management Advisors for advice on debt restructuring and asset sales, according to Bloomberg.
A spokesman for Sun Capital declined to comment in response to questions from the Sun-Sentinel about The Limited’s future.
Sun Capital’s portfolio of companies includes Bar Louie, Boston Market, Friendly’s, Johnny Rockets, and Smokey Bones Bar & Fire Grill. [Sun-Sentinel] – Mike Seemuth