Today In Retail: L’Occitane’s US Division Files For Chapter 11; AutoFi Rolls Out Division For Corporate Clients
In today’s top retail news, the U.S. division of L’Occitane has filed for Chapter 11 bankruptcy, while AutoFi is shifting into high gear with the debut of its “lending as a service” division. Plus, a new Federal Reserve Bank of New York study finds that individuals anticipate that the economy will rebound by next year.
L’Occitane’s U.S. division has filed for Chapter 11 bankruptcy in New Jersey. The retailer said the move is part of a plan to execute a “store footprint optimization plan, including the contemplated exit of unprofitable locations.” L’Occitane said the case does not include its Europe-based parent company or any other of its subsidiaries.
California’s AutoFi is shifting into high gear with the rollout of its “lending as a service” arm targeted toward corporate clients. “In the pursuit of a better car buying experience, our industry has been on a trajectory of incremental improvements to streamline and complete vehicle sales online,” AutoFi CEO and Co-founder Kevin Singerman said in a release.
A new Federal Reserve Bank of New York study indicates that individuals foresee the economy will rebound by 2022. Moreover, the study discovered that 54.6 percent of households reported last month that they had made a minimum of one large purchase. The number, however, is still under the 62.5 percent seen in December 2019.
The National Retail Federation’s yearly convention may have come and gone but the sentiments, approaches and lessons learned from encountering almost a year of pandemic-led changes by some of the biggest retailers in the world are going nowhere fast — particularly regarding their embrace of heightened digitization. The overarching impact of the pandemic was a dominant theme.