Retail Roundup—Payless files Chapter 11, Ralph Lauren closes flagship

Payless is restructuring in an attempt to save the company.

Payless files for Chapter 11

Payless has filed for Chapter 11 bankruptcy protection in an effort to facilitate the financial and operational restructuring needed to fix its balance sheet. Along with restructuring, the retailer has entered into a Plan Support Agreement with parties who hold two-thirds of its lien in order to reduce its debt load by almost 50%. (PR Newswire)

Ralph Lauren to close NYC flagship

Ralph Lauren announced the closure of its two-year-old flagship on Fifth Avenue in New York as of April 15. The brand's popular Polo Bar, however, will remain open. The struggling brand will also cut more jobs at its headquarters as it narrows its focus on e-commerce. (New York Post)

Petco acquires pet advice site

Petco announced the acquisition of PetCoach, a digital services company that connects pet parents with vets for personalized answers, data and advice. As part of the move, Brock Weatherup, PetCoach co-founder and CEO, joins the national pet retailer as executive vice president of strategic innovation and digital experience. (PR Newswire)

JAB to acquire Panera for $7.5 billion

Panera and JAB have entered into an agreement for JAB to acquire the restaurant chain for $7.5 billion. The deal is expected to close in the third quarter of 2017. Panera's sales increased 5.3% in Q1 and over two years, bakery-cafe sales have gone up 11.5%. (PR Newswire)