After over 25 years in business, Dots, LLC, an Ohio-based women’s fashion discount retailer, is closing its doors. The company filed for Chapter 11 protection on January 20, 2014. On February 27th, Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, was awarded the store closing process for all locations by the bankruptcy court. Dots currently operates approximately 360 retail locations across the United States. Store closing sales will begin on March 1st and will involve significant discounts on all merchandise, as well as store furniture, fixtures and equipment in order to wind down company operations.
Dots, known for its affordable women’s fashion, has struggled against competition from both online retailers and other brick and mortar discount retailers that have greater resources and wider brand recognition. The retail chain has experienced trouble throughout the economic downturn with a significant decline in store traffic. Dots' financial difficulties have been exacerbated by a number of largely unsuccessful changes in product pricing and marketing, as well as a burdensome lease portfolio.
“Our employees continue to do a tremendous job maintaining high quality standards and they are dedicated to fully serving our customers during this transition. We appreciate the continued support of our valued customers over the years and hope they take advantage of the significant savings during these sales events,” said David Minnix, President of Dots.
“This discount retailer is already known for its affordable pricing and we encourage customers to visit their local stores to find even greater discounts while the selection lasts,” Rick Edwards, Co-President of Gordon Brothers Group’s Retail Division, stated.
Gordon Brothers Group’s Retail Division will oversee the going-out-of-business sales on behalf of Dots in all locations. Store locations will remain open until all merchandise has been sold. All inventory will be on sale and discounts will begin at 20%.
Founded in 1987 in Glenwillow, Ohio by Bob Glick, Dots is a discount retail chain that sells women’s fashion and accessories. Dots operates approximately 360 retail stores across 28 states. The brand caters to women ages 25 to 35 who are both fashion and price conscious. Dots stores are primarily located in high traffic power centers, regional and community shopping centers. Dots is currently owned by Irving Place Capital, a middle-market private equity firm.
Founded in 1903, Gordon Brothers Group is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, and operating businesses for extended periods. Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually.