It seems like every week this year, a big retailer has announced plans to deal with the financial challenges facing them. For some, like Sears, Pizza Hut, CVS, Walgreens and Boston Market, that has meant closing some locations, but for others, like Bed, Bath & Beyond, Tuesday Morning and Christmas Tree Shops, it has meant shuttered all of their locations after declaring bankruptcy, Now, another national chain will join the list of companies closing all of their stores amid bankruptcy.
Soft Surroundings, the women's clothing and home goods store, has filed for Chapter 11 bankruptcy. Court documents show the company has just $50,000 in assets and less than $750,000 in cash on hand but they carry between $50 million and $100 million in liabilities. Unable to stay afloat, they will be selling their online presence to women's clothing brand Coldwater Creek and they will be closing all of their retail locations throughout the country.
Soft Surroundings founded as a catalog-based company in 1999 before expanding their footprint with brick and mortar stores in 2005, starting with their flagship location in the company's home, St. Louis, Missouri. The retailer went on to grow to 70 stores, but a couple years ago began closing many that were underperforming. Today, 44 remain but those will be shuttering in the coming months.