The COVID shutdown is affecting many Visalia businesses including well known chains, large and small. News of recent retail bankruptcies and closures have more outlets teetering on edge.Here is a list of recently announced business closures and/or bankruptcies.
Houston-based Francesca’s Holdings Corp. (Nasdaq: FRAN) women clothing and accessories boutique has a location at the Visalia Mall. The retailer has filed for bankruptcy protection and is closing a large number of their stores.No news if the Visalia location will be affected.The company has a store in San Luis Obispo and Bakersfield as well.
Guitar Center on South Mooney Blvd filed for bankruptcy in November but now looks to exit Chapter 11 approved by a court this past week.The chain is the largest retailer of music instruments. The store was hit by the pandemic ’s affect on customers and their budget for discretionary purchases.
The company says they hope less debt will allow them to move forward. The Visalia store remains open.
Game Stop: With three stores in Visalia and locations in Hanford and Tulare, Game Stop (GME) is one of the largest chains of video games and software in the US with over 5500 locations.The Texas company announced in a Dec. 8 presentation to investors that it will close more than 1,000 stores by the end of its fiscal year in March. They cut down more than 783 stores over the previous two years. In our reading area, the chain has multiple locations on the Central Coast as well.
In-Shape – The operator of 10 health clubs in Central California- In-Shape Health Clubs, filed for bankruptcy reorganization last week after lower revenue forced it to permanently close 20 locations during the pandemic. In a December 16 statement, the Stockton company said “As you know, California’s mandated shutdown of gyms has kept us closed for the better part of 2020,” the statement read, noting that the statewide shutdowns have “dramatically impaired [In-Shape] revenue.” So, the company decided to “take steps to restructure so we can focus our resources to ensure our long-term viability.”
The popular gym has two locations in Visalia, one in Porterville as well as six in Bakersfield. In-Shape Health Clubs operates over 64 full-service health clubs throughout California.In Visalia,the Mooney location is closed and the gym on Demaree is open for outdoor use by reservation.