Uncategorized

A’GACI announces closing of all stores, including 3 locations in P.R.

Some 18 months after filing for Chapter 11 bankruptcy, women’s fashion retailer A’GACI has announced the closing of the remaining 54 stores in its chain, including three in Puerto Rico.

Going-out-of-business sales are underway at the stores — including locations in Plaza del Norte, Plaza del Caribe and Plaza Las Américas. However, it remained unclear as of press time when the locations will close.

Founded in San Antonio, Texas in 1971, A’GACI is a fast-fashion retailer of women’s apparel and accessories. It attracts “young, fashion-driven consumers through its valuepricing and frequent introductions of new and trendy merchandise,” according to a document included in the bankruptcy petition.

When it filed for bankruptcy, A’GACI operated 76 stores mainly in Texas, Florida, California, Illinois and Puerto Rico. As of November 2017, its gross sales were $136.2 million, of which $12.8 million were attributed to its online business.

But the company took a blow from hurricanes that struck Texas, Florida and Puerto Rico in 2017, which forced the temporary closings of 24 stores, including four on the island.

The storms, coupled with unsuccessful expansion efforts and a shift in consume preferences toward online purchases, pushed A’GACI to filing for bankruptcy protection in January 2018, according to a declaration filed by company CFO Mark Butterbach.

Author Details
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

Comment here