Around Again Consignment Ny Closed or Open
2nd Fourth dimension Around Abruptly Closes All Stores Due to Online Competition, Fails to Pay Consigners
It's all a bit of a mess.
Alex McCord hosting a 2nd Time Around store opening in Chicago in 2009. Recall Alex McCord? Photo: Barry Brecheisen/Getty Images for Niche Media
It seems that offline assignment is starting to feel the pressure from its chop-chop growing online competitors. Congruent with the news that The RealReal raised a whopping $50 million, national brick-and-mortar apparel consignment chain 2nd Time Around has appear that it is closing every one of its locations. The bulk are in Massachusetts — 2nd Time Effectually was founded in Newton in the 1970s — but there were also several locations in New York in add-on to Pennsylvania, Illinois, Rhode Isle and Vermont.
"Because of a convergence of market forces hit all brick and mortar stores — including increased competition from online retailers combined with skyrocketing rents — we accept made the hard decision to shut our stores," the retailer said in a statement provided to Fashionista. "We share the disappointment that this announcement brings to our loyal and valued employees, consignors and customers."
In the electric current retail landscape, this news doesn't exactly come up as a surprise. Many brick-and-mortar retailers are dealing with similar issues, from insane rent to contest from more than innovative retail companies. And with online resale growing increasingly popular — especially amidst Millennials — information technology seemed only a matter of time before offline resale companies would suffer. As much as the KonMari method might take been a boon to secondhand stores, online alternatives are growing much faster. While offline resale has been growing at an 8 percent CAGR (compound annual growth rate), online resale has been growing at a 35 percent rate, per a recent Thredup report. Those competitors include sites similar The RealReal, Vestiaire and Thredup, too as OG secondhand east-commerce site Ebay.
That said, the news does come as a surprise given how successful the retailer made itself sound simply a twelvemonth ago, when it announced through a WWD article that it had launched due east-commerce. Gary Furst, the founder of Generation Equity Majuscule, which owns 2d Time Around, said at the time that the company was "growing very fast" and that its business organization model had "most no risk." Asked about potentially selling the visitor downwardly the line, Furst said, "We're not interested now. We're making too much money."
Things must've gone south fast. Stores are endmost so apace that some consigners are being left in the grit. Dozens of reviewers and commenters on Yelp, Facebook and Instagram have complained recently of getting the runaround from staff when asking for checks for items that had been sold. "Pay your consignors. THIEVES. FRAUD," writes @lisagarelick on Instagram. "They haven't paid me either and I was consigning at the Miami location which closed in Apr!!! I've been patient, but this is ridiculous. No one has responded to my emails!!" writes @vintedgelife. "No wonder this place is closing. I sold an item two months ago and take been getting the run around every bit I have not received payment. Today I finally said only said to them give me the store credit since you are endmost. I was told there is nil they tin can not do and in improver they could 'no longer aid farther,'" writes Yelper Mariejose D.
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According to the Boston Globe, some disgruntled sellers accept been waiting for reimbursement on sold items for months; some accept actually been told that they simply won't exist paid. ABC vii and Fob 5 also spoke to sellers who feel they've been stolen from. "We will continue to sell items as long as the shop remains in performance, and nosotros remain committed to paying consignors for all sales made on or after May 1, 2017," reads a statement from the retailer. "Further data relative to consignor sales prior to May i volition be forthcoming, pending the decision of remaining sales. Every bit always, consignors are welcome to pick up their goods by providing 24 hours find."
That is unless the store is padlocked due to non-payment of rent, which is obviously the case with the retailer'south East Houston Street location in New York City. An email from the location's landlord obtained by the newly created Facebook group, 2d Fourth dimension Around Needs to Pay, confirms this and that New York'southward Department of Consumer Affairs is handling the release of items still in the store. "2nd Time Around has not reached out individually to its consignors to selection up their unsold personal belongings at the store," one caption on the Facebook page reads. "Information technology refuses to take accountability for its poor management practices AND in the cease, it is not taking intendance of the consignors who supplied their inventory and kept them in business concern for so many years."
Unpaid consigners are beingness encouraged to file complaints with the Meliorate Business organisation Agency, which has given 2d Time Around an F rating, in addition to their local state attorney generals and small claims courts. As for the blazon of legal trouble second Fourth dimension Around and its owners could be in, that depends on what's stated in the contracts signed past consigners, individual country laws and whether or non the company files for defalcation. In some cases, if there is a bankruptcy, the store'due south creditors could take a consigner's belongings to pay the store's debts.
If you happen to live near a location that has not been padlocked, it is likely having a large going-out-of-business auction correct now. Allow's hope some of the money from that actually goes to the sellers. More information tin can be found here.
We are keeping an heart on this story and volition report back with any new developments.
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Source: https://fashionista.com/2017/06/2nd-time-around-closing
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