With fewer customers heading out to stores to buy products, retailers are getting hit hard, and quite a few have had to declare bankruptcy because of it. Express, Bob’s Stores, Rue21, Ted Baker, Soft Surroundings and Outdoor Voices are just some of the many chains that recently went bankrupt, with many needing to close all of their locations. Now, another popular clothing retailer will also be shuttering all stores amid bankruptcy.
All of the nation’s Salt Life stores, the beach clothing shops with fishing shirts, board shorts, decals, apparel and more, will be shut down in the weeks to come. The news follows the retailer’s parent company, Delta Apparel Inc., declaring bankruptcy in late June. In a court filing, the company explained what caused their troubles, saying, “A combination of reduced demand and difficulties obtaining raw materials have resulted in declining liquidity that Delta’s Board has been unable to counteract, despite their best efforts.” In 2013, Delta acquired the brand, founded in 2003, paying $37 million for it. Over the years, they expanded it from its flagship Jacksonville store to its current 28 locations in ten states.