Consignment store 2nd Time Around announced recently that it would close its entire chain, and thousands of consignors could be left in the lurch.
“Because of a convergence of market forces hitting all brick and mortar stores – including increased competition from online retailers combined with skyrocketing rents – we have made the difficult decision to close our stores,” says an FAQ page explaining the closure.
Retail chains and independent businesses have struggled to maintain their physical presence in the current internet shopping environment.
The FAQ notes 2nd Time Around will continue to sell items prior to widespread closeout sales in June; items sold during the going-out-of-business sale will be paid to consignors before June 15.
What Does This Mean for Consignors with 2nd Time Around?
The store plans to pay consignors for items sold after May 1, but it’s unclear whether people will ever be paid for clothing and accessories that the chain’s locations sold prior to May.
Racked and the Boston Globe share stories about customers who say they are owed hundreds of dollars from previous items sold, and in some cases can’t get their remaining merchandise back from their local store.
The company’s closure FAQ also reminds consignors that they leave their merchandise at 2nd Time Around locations at their own risk, and the company is not responsible for “loss by theft, damages, negligence or other cause.”
A representative on the store-closure customer service line at 877-251-1455 told us the chain cannot commit to paying for sales made prior to May 1, but offered to take an email address for contacting with further information should it be released. The customer service line is available Monday through Friday between 8 a.m. and 5 p.m. CDT.
2nd Time Around’s main phone number was busy throughout the day Thursday. The company, which rebranded from Second Time Around in 2015, is concentrated along the East Coast.
If you’re feeling burned by this sudden closure, it may be time to investigate the online flea market options that have popped up over the past few years.
Lisa Rowan is a writer and producer at The Penny Hoarder.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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