On April 2, 2025, it was reported, Quebec-based solid wood dining manufacturer Bermex has acquired Saloom Furniture, a Massachusetts-based furniture manufacturer that was looking for a buyer. Saloom, also a specialist in dining furniture, recently announced the retirement of its founders and that it was looking for a buyer. For 40 years, the company has operated its facility just outside of Boston. Bermex' motivation for the acquisition was three-fold: It meets the company's demand for more capacity, it saves Saloom from disappearing, and it enables the company to avoid tariffs by having a U.S. facility. . While each company will remain separate, logistics will change due to tariffs, Darveau said. Starting April 15, both Bermex and Saloom product purchased by American buyers will be produced and finished in the U.S., while product sold in Canada will be produced and finished in Canada. This enables the company to avoid potential tariffs. "We would have made this acquisition with or without tariffs, but tariffs did provide us with urgency to act," Darveau said. Darveau said the Saloom brand will remain distinct and in place. "We will absolutely continue the brand and honor it," Darveau said. "In a few days, we will announce to clients that there will be no price increases for both Bermex and Saloom." Darveau said further investments are coming. "We will invest in their marketing. We will also invest in the next two weeks in a new paint booth at the Saloom facility," he said. "The finishes at each brand are different, so the new booth is needed to finish Bermex product at the facility. That's a $200,000 investment right off the bat."
On March 17, 2025, it was reported, diminishing mall traffic and stiff competition from online retailers took a toll on Forever 21. Earlier in March, it said it would dismiss nearly 700 employees. And it planned to close stores as well. Forever 21 files for bankruptcy, plans liquidation Younger consumers who may have once been inclined to take a YOLO-inspired approach to shopping have changed their tune in recent years in the wake of inflation-related concerns. Wells Fargo reported earlier this year that 82% of Gen Z adults were cutting back on spending, as were 60% of teens. On March 16 Forever 21 filed for Chapter 11 bankruptcy for the second time in six years. Filing in U.S. Bankruptcy Court in Wilmington, Del., the company cited competition from foreign brands as a big driver. "While we have evaluated all options to best position the company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast-fashion companies," Chief Financial Officer Brad Sell in a statement. The company is planning an "orderly wind down of operations," including a liquidation of its roughly 350 U.S. stores. The company's trademark and intellectual property, which are held by Authentic Brands Group, may live on in a different form. Forever 21 has assets in the range of $100 million to $500 million and liabilities in the $1 billion to $5 billion range, according to its bankruptcy filing. Fans of the store should be on the lookout for liquidation sales in the coming weeks. Given Forever 21's already low price points, even cash-strapped customers may find deals they can comfortably swing.
On February 25, 2025, it was reported, soon after it announced a major restructuring effort and layoffs, RTA furniture specialist Dorel Inds. entered into a sale-leaseback transaction for its plant and warehouse in Columbus, Ind. The company says it's in "serious financial difficulty" and that this transaction will help it reduce debt, finance the growth of its Juvenile segment and turn around its furniture segment, which has seen steady quarterly losses for more than two years. Gross proceeds from the sale will be $30 million, of which $8 million will be used to pay down debt. As of last quarter, the company's debt amounts to around $400 million. The company's owners and directors Martin Schwartz, Jeffrey Schwartz, Jeff Segel and Alan Schwartz are named in the release as purchasers/lessors of the facility. The lease has an initial term of 10 years and may be renewed by Dorel for two renewal terms of five years each. The initial annual rent is $2.9 million, subject to annual increases. The obligations of the lessee, Dorel Juvenile, "are not guaranteed by parent company Dorel Inds.," the company wrote. Dorel said it will file a material change report with respect to the transaction on SEDAR+, a Canadian database for organizations to submit financial documents. The company said it will not file the material change report at least 21 days before the closing date of the transaction "as the terms and conditions of the transaction were only recently finalized." It believes a shorter period is necessary for the transaction to close more quickly.
On February 24, 2025, it was reported, Joann will shut down all of its stores, pending court approval, the company said in a Sunday statement. The move follows a bankruptcy auction in which the winners, GA Group and the retailer's lenders, said they will initiate going out of business sales at all locations. Court documents show GA Group and the lenders will offer cash consideration to pay Joann's lenders in full. The retailer reported $615.7 million in debt in January. The winning bidders will also offer an additional $105 million credit bid for most of the company's assets. Joann stores will likely disappear from the physical retail landscape after two bankruptcies in 10 months, bringing an end to 82 years of retail operations. A sale approval hearing is scheduled for Wednesday in U.S. bankruptcy court for the District of Delaware. The craft and sewing retailer first filed for Chapter 11 in March 2024 and concluded the process about a month later. Under that restructuring, the court allowed Joann to write off over $500 million of the company's nearly $1.1 billion in debt. The company kept all of its 800-plus stores open, retained the jobs of about 18,000 employees with the aid of $132 million from its lenders, and went private. Founded in 1943 by German immigrants, the Ohio-based company had grown to 500 stores by 1980. In 2024, Joann's net sales reached $2 billion, most of which was in the arts, crafts and home decor categories, with the balance in sewing and non-merchandise services.
