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.
Hello Michelle,
It’s really unfortunate that such an age-old retailer had to go for bankruptcy! Natural calamities, like the hurricanes that A’GACI faced in 2017, are still unpredictable and often remind us how vulnerable we humans are, like what we are facing now globally due to the deadly virus. What about Puerto Rico? I have read one of your recent posts on how COVID-19 is affecting Puerto Rico’s economy. I am curious to know how it is affecting the fashion retailers, and how the retailers and the administration are planning to cope up with it?