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More than 2,200 stores are closing in 2020 [so far] as the retail apocalypse drags on. Here's the full list.More than 2,200 stores are closing in 2020 as the retail apocalypse drags on. Here's the full list. Hayley Peterson Jan 24, 2020, 10:40 AM Retailers are expected to close more than 2,200 stores this year, following record-high rates of closings last year. More than 9,300 store closings were announced in the US in 2019, smashing the previous record of roughly 8,000 store closures in 2017, according to an analysis by Business Insider. The number of store closings this year could be even higher than previous records, according to estimates from the real estate firm Cushman & Wakefield. The firm estimated last year that as many as 12,000 major chain stores could close in 2020. Here's a list of the stores expected to close this year. Pier 1 Imports: 450 stores Pier 1 said in January that it plans to close 450 stores, representing about half of its total store count, as it struggles to stay afloat after years of falling sales. The closings could affect thousands of workers. Pier 1 had about 950 stores and roughly 4,000 employees at the time of the announcement. The company also said it planned to cut its corporate head count and shut down some distribution centers. Papyrus: 254 stores The stationary chain Papyrus filed for bankruptcy in January and said it plans to close its 254 stores in the US and Canada. Gap: 230 stores Gap is closing hundreds of Gap-branded stores as it opens stores under other brands including Old Navy and Athleta. The company said in February 2019 that it planned to close about 230 Gap stores over the next two years. More recently, Gap said about 130 locations will close in fiscal 2019 and the majority of those closings will happen in the fourth quarter, which extends into January 2020. The remaining closings are expected to happen in the coming year. Walgreens: 200 stores Walgreens announced in August that it planned to close 200 US locations under a multiyear cost-cutting program. The company has not revealed any further details about the timing or location of the closings. The new round of closings is in addition to a previously announced cut of 750 US stores, which Walgreens has said it expects to complete by the end of this year. Chico's: 200 stores The women's clothing retailer Chico's said last year that it planned to close about 250 stores, including 100 Chico's stores, 90 White House Black Market stores, and 60 Soma stores over three years. The company had closed 49 stores as of November 2, leaving about 200 more expected closures over the next two years. Forever 21: 178 stores Forever 21 said it expected to close 350 stores globally, including up to 178 locations in the US, after filing for Chapter 11 bankruptcy protection in September. Company filings reveal many of these closures will happen in early 2020. Destination Maternity: 183 stores Destination Maternity filed for bankruptcy protection in October and said it planned to shutter 183 stores in the US, Canada, and Puerto Rico. The company owns stores under its namesake brand, as well as under the Motherhood Maternity brand. A.C. Moore: 145 stores The craft-store chain A.C. Moore is shutting down all 145 of its stores in 2020. A.C. Moore's parent company, Nicole Crafts, announced the closings in November and said about 40 locations would be converted into Michaels stores. Bose: 119 stores The audio equipment retailer Bose said in January that it planned to close 119 stores globally, including all its stores in the US. Olympia Sports: 76 stores Olympia Sports said in October that it planned to close 76 stores after it was purchased by the sports retailer JackRabbit. The stores will close in 2020. Sears: 51 stores Sears said in November that it planned to close 96 stores in February, including 51 Sears stores and 45 Kmart stores. Sears parent company Transform Holdco will operate just 182 stores after the closings. Kmart: 45 stores Kmart parent company Transform Holdco plans to close 45 Kmart stores by February. Bed, Bath & Beyond: 44 stores Bed, Bath & Beyond plans to close about 44 stores in 2020. The company said in January that it planned to close 40 stores in its current fiscal year, which ends in April, and another 20 stores in fiscal 2020. By January, the company had executed about 16 of those planned closings. Bed, Bath & Beyond operates a number of stores including World Market, buybuy BABY, Christmas Tree Shops, and One Kings Lane. Lucky's Market: 32 stores The regional grocery chain Lucky's Market is closing most of its stores and laying off thousands of employees in February, the South Florida Sun Sentinel reported. Lucky's plans to close 32 stores by February 12 and lay off about 2,500 employees, according to the Sun Sentinel's report. Lucky's Market did not respond to requests for comment. Express: 31 stores Express said in January that it plans to close 100 stores, representing about one quarter of its total locations, by 2022. That number includes nine stores that closed last year and 21 that will close by the end of January. Another 35 stores will close by the end of January 2021, the company said. Macy's: 30 stores Macy's is closing at least 30 stores in early 2020, Business Insider's Mary Hanbury reports. JCPenney: 6 stores JCPenney said in January that it would close six stores by April 24. The closures affect stores in Montana, North Carolina, New York, Ohio, Oklahoma, and South Carolina. |
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Msg # | Subject | Author | Recs | Date Posted |
12844 | Re: More than 2,200 stores are closing in 2020 [so far] as the retail apocalypse drags on. Here's the full list. | hajohn08 | 1 | 1/26/2020 11:06:54 AM |