22 big retailers closing stores!
The rise of ecommerce outlets like Amazon (NASDAQ:AMZN) has made it harder for traditional retailers to attract customers to their stores and forced companies to change their sales strategies.
FOX Business continues to tally a list of some of the top retailers to close stores.
Abercrombie & Fitch
Facing declining sales, the once-prominent fashion brand announced last March that it would close 60 of its U.S. stores with expiring leases during its 2017 fiscal year. The chain has closed hundreds of store locations over the last few years while placing an increased emphasis on online sales.
The New Jersey-based women’s footwear company filed for bankruptcy last year and announced plans to move forward with a “significant reduction” of its retail locations. While it’s unclear how many of Aerosoles’ 88 locations will be affected, the chain said it plans to keep four flagship stores in New York and New Jersey operational, NJ.com Opens a New Window. reported.
A fashion brand known for its edgy offerings, American Apparel shuttered all of its 110 U.S. locations last year after filing for bankruptcy. The brand has since been acquired by Canada-based Gildan Activewear, which acquired its intellectual property in an $88 million deal.
The Los Angeles-based brand listed liabilities of more than $500 million when it filed for bankruptcy last February. The chain closed 118 store locations nationwide last year, though more than 300 remained in operation under a company-wide reorganization.
The women’s apparel chain closed all of its remaining 168 stores by last May, days after it said it was exploring “strategic alternatives for the company” amid plunging sales.
Bon-Ton Stores Inc.
The struggling department store filed for Chapter 11 bankruptcy, according to court papers filed in February. The chain, which operates 256 stores in 23 states, also announced it plans to close 42 stores in 2018 as part of a restructuring plan.
The Children’s Place
A fixture at shopping malls, the children’s clothing retail said it will close hundreds of store locations by 2020 as part of a shift toward digital commerce.
The pharmacy retailer said it would close 70 store locations in 2017 as part of a bid to cut costs and streamline its business. CVS still operates thousands of stores nationwide.
Guess announced plans to close 60 of its struggling U.S. store locations in 2017 as part of a plan to refocus on international markets.
The kids clothing retailer confirmed last July that it would close 350 of its more than 1,200 store locations to streamline its business and achieve “greater financial flexibility,” according to CEO Daniel Griesemer.
The electronics retailer said it would close all of its 220 stores and lay off thousands of employees when it failed to find a buyer after bankruptcy proceedings.
The preppy icon, which once thrived under the direction of retail guru Mickey Drexler, is thriving no more. During a November conference call, COO and CFO Mike Nicholson said the number of planned store closings will move to 50 up from the 20-30 originally announced. "We are committed to driving outsize growth with strong e-commerce capabilities complemented with a more appropriately sized real estate footprint” said Nicholson as reported by Fashionista.com. Opens a New Window.
The department store chain closed 138 stores last year while restructuring its business to meet shifting consumer tastes. The retailer also announced plans to open toy shops in all of its remaining brick-and-mortar locations.
After a brutal holiday season in 2016, the clothing chain closed all 250 of its physical stores last January as part of a bid to focus on ecommerce. The closures reportedly resulted in the loss of about 4,000 jobs.
The major retailer said this month it would shutter an additional seven stores that were previously undisclosed and lay off some 5,000 workers as part of an ongoing effort to streamline its business and adjust to a difficult sales environment.
Macy's says it has now revealed 81 of the 100 store closures it first revealed in an August 2016 announcement.
With same-store sales plunging, the upscale fashion retailer said it would close as many as 125 stores to adapt to a difficult, promotional sales environment.
The discount shoe retailer filed for bankruptcy last April and has moved to close about 800 stores this year.
The once-prominent electronics outlet shut down more than 1,000 store locations earlier this year. The brand now operates just 70 stores nationwide, down from a peak of several thousand.
The specialty teen clothing retailer confirmed last April that it would close up to 400 of its more than 1,100 locations and later filed for bankruptcy last May.
Sears Holdings is one of the most prominent traditional retailers to suffer in a challenged sales environment. The brand shuttered 35 Kmart locations and eight Sears stores last July and has closed more than 300 locations last year amid pressure from ecommerce outlets, USA Today Opens a New Window. reported.
Toys R Us
The venerable toy outlet filed for bankruptcy last September amid mounting debt and pressure from wary suppliers. For now, the company says its 1,600 store locations will remain open and operate "as usual," with no changes to organization structure or payroll. Following the 2017 holiday season, the future of the stores remains unclear.
The teen fashion brand shuttered its 171 stores last year after previously filing for bankruptcy in 2015. Declining foot traffic at malls and pressure from competitors like Zara and H&M contributed to Wet Seal’s demise.