Showfields Files for Bankruptcy Protection
Showfields filed for Chapter 11 bankruptcy protection, just a few weeks after closing its Manhattan and Miami stores, reports Forbes. Designed as a lifestyle and discovery store to make the retail experience more interactive and engaging, the retailer positioned itself as “the most interesting store in the world” when it launched in 2019. Showfields has approximately $3,117.58 of cash on hand as of its petition date and has estimated liabilities between about $1 million and $10 million, according to court filings.
Total Retail's Take: Small business bankruptcy filings are on the rise in 2023, as companies still struggle to stay afloat following pandemic challenges. Showfields' launch in 2019 was focused on a unique, experiential in-store format, but its growth was stemmed by the COVID-19 pandemic. The leases of these stores highly contributed to expenses it could no longer cover, especially considering the muted return of post-pandemic in-store shopping and sales, according to Forbes.
Showfields' restructuring will allow it to “take control” of its finances and focus on growth, with the company noting that it's negotiating a potential expansion into Europe. The company closed its NoHo district store in New York City last month and shut down its Miami location in July. The company will focus on its existing Washington, D.C., and Brooklyn, New York, stores during the restructuring process. It hopes to prove that experiential retail has a place in the commerce landscape.
Kristina Stidham is the digital content director at Total Retail and sister brands Women in Retail Leadership Circle and Women Leading Travel & Hospitality at NAPCO Media. She is passionate about digital media and handles video, podcast and virtual event production for all brands. You can often find her at WIRLC, TR, WLT&H or industry events with her camera and podcasting equipment—or at home on Zoom—recording interviews with thought leaders and business executives.
Kristina holds a B.A. in Media Studies and Production from the Temple University Klein College of Media and Communication in Philadelphia. Go Owls! When she's not in the office, she loves to go on long walks, sing around the house, hangout with her family and two pet guinea pigs, and travel to new places.