Tuesday, June 25, 2019

More than 7,100 stores are closing in 2019 as the retail apocalypse drags on

snowy deserted empty mall — Retailers are closing thousands of stores.

More than 7,100 stores are expected to close in 2019.
The discount chain Fred's said Friday that it plans to close 49 stores, bringing its total number of store closures this year to 312.
Charlotte Russe, Family Dollar, and Chico's recently announced more than 1,100 store closures in a span of 24 hours.
Payless has said it plans to close all of its 2,500 stores in what could be the largest retail liquidation in history.

The staggering rate of store closures that has rocked the retail industry over the past couple of years is expected to continue in 2019, with roughly the same level of closures expected this year.

Retailers closed a record 102 million square feet of store space in 2017, then smashed that record in 2018 by closing another 155 million square feet, according to estimates by the commercial real-estate firm CoStar Group.

"This year we are predicting more of the same in the retail space," CoStar senior consultant Drew Myers said.

Retailers have announced more than 7,100 store closures so far this year, according to an analysis by Business Insider.

Here's a list of all the stores closing this year:

Payless ShoeSource: 2,500 stores

Payless filed for bankruptcy in February and said it planned to close all of its 2,500 stores in what could be the largest retail liquidation in history.

Gymboree: 805 stores

Gymboree Group filed for Chapter 11 bankruptcy protection in January and said it planned to close more than 800 stores under its Gymboree and Crazy 8 banners.

Gymboree previously filed for bankruptcy as recently as June 2017 and closed nearly 400 stores.

Dress Barn: 650 stores

Dress Barn, which is owned by Ascena Retail Group, announced in May that it was shutting down all of its 650 stores.

"For more than 50 years, Dressbarn has served women's fashion needs, and we thank all of our dedicated associates for their commitment to Dressbarn and our valued customers," Dress Barn CFO Steven Taylor said. "This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today's retail environment."

Charlotte Russe: 520 stores

Charlotte Russe kicked off closing sales at 94 stores in February, after the company filed for Chapter 11 bankruptcy protection. In March, the company announced that it would liquidate its remaining 416 Charlotte Russe stores and 10 Peek Kids stores.

Family Dollar: 390 stores

Dollar Tree said in March that it plans to convert about 200 Family Dollar stores into Dollar Tree stores, and close up to 390 additional stores under the Family Dollar brand.

Shopko: 371 stores

Shopko filed for bankruptcy in January and said it would close 251 stores. The company said in March that it had failed to find a buyer for its business, and would liquidate its remaining 120 stores.

Fred's: 312 stores

Discount chain Fred's announced in April that it would close 159 stores by the end of May. In May, the company said it would closeanother 104 stores. In June, Fred's announced plans to close another 49 stores.

Chico's: 250 stores

The women's clothing retailer Chico's said in March that it would close 100 Chico's stores, 90 White House Black Market stores, and 60 Soma stores over the next three years.

Gap: 230 stores

Gap said Thursday that it would close 230 namesake stores over the next two years as it reported that the brand's same-store sales fell 7% during the holiday quarter. The company also said it would spin off its Old Navy brand.

LifeWay: 170 stores

LifeWay Christian Resources said in March that it planned to close all 170 of its stores. The Nashville-based company said it will continue to sell Bibles, books, children's products, church supplies, and Christian music and movies on its website.

Performance Bicycle: 102 stores

Performance Bicycle's parent company, Advanced Sports Enterprises, filed for bankruptcy protection in November and later announced that it would close all 102 of its stores.

Sears: 70 stores

Sears Holdings, which owns Sears and Kmart stores, emerged from bankruptcy in February after filing for Chapter 11 bankruptcy protection in October.

Destination Maternity: 42-67 stores

Destination Maternity plans to close between 42 and 67 stores this year.

Victoria's Secret: 53 stores

Victoria's Secret said it would close 53 stores this year, citing a "decline in performance."

NOW WATCH: Victoria's Secret is closing dozens of stores this year — here's why the brand has failed to keep up

Office Depot and OfficeMax: 50 stores

Office Depot is closing 50 stores under its namesake and OfficeMax banners in 2019, the company told Business Insider.

"Office Depot, Inc. continues to optimize its retail footprint as part of the three-year strategic plan announced in August 2016," said Shera Bishop, a spokeswoman for Office Depot. "We will continue to serve our customers at neighboring Office Depot and OfficeMax stores as well as online at officedepot.com."

Kmart: 50 stores

Sears Holdings, which owns Sears and Kmart stores, emerged from bankruptcy in February after filing for Chapter 11 bankruptcy protection in October.

CVS Health: 46 stores

CVS Health said it closed 46 underperforming stores in April.

Party City: 45 stores

Party City said in May that it planned to close 45 of its 870 stores this year.

The party supplies company typically closes up to 15 stores each year.

"This year, after careful consideration and evaluation of our store fleet, we've made the decision to close more stores than usual in order to help optimize our market level performance, focus on the most profitable locations and improve the overall health of our store portfolio," Party City CEO James Harrison said in a press release.

The Children's Place: 45 stores

The Children's Place said in May that it plans to close 40 to 45 stores in 2019, but the company is also planning to open 25 new stores over the next two years, including 10 new openings this year.

Pier 1 Imports: 45 stores

Pier 1 Imports said it plans to close up to 45 stores in fiscal 2020, but warned that number could increase to up to 15% of its total stores— or up to 145 locations — if the company is "unable to achieve its performance goals."

Abercrombie & Fitch: 40 stores

Abercrombie & Fitch said in March that it plans to close up to 40 stores this year. Abercrombie & Fitch also plans to open 40 new stores, including 20 Hollister stores, 15 Abercrombie Kids stores, and five Abercrombie stores.

The company announced the closings as it reported that its Abercrombie brands' same-store sales fell 2% during the fourth quarter. Most of the stores that Abercrombie & Fitch plans to close are located in the US, the company said.

Bed Bath & Beyond: 40 stores

Bed Bath & Beyond said in April that it plans to close at least 40 stores in 2019, and possibly more. The company also said it would open 15 new stores.

"We expect to open approximately 15 new stores in fiscal 2019. This will be offset by a minimum of approximately 40 stores we expect to close," Robyn D'Elia, chief financial officer and treasurer, said on an earnings call. "This number will grow unless we are able to negotiate more favorable lease terms with our landlords."

Christopher & Banks: 30-40 stores

JCPenney: 27 stores

JCPenney said it will close 27 stores in 2019, including 18 full-line department stores and 9 home and furniture stores. The department-store chain said same-store sales fell 4% during the fourth quarter.

Beauty Brands: 25 stores

Beauty Brands, a regional chain of salon and spa superstores, said in December that it planned to close 25 stores this year.

Henri Bendel: 23 stores

Henri Bendel closed all its stores in January after 123 years in business.

Lowe's: 20 stores

Lowe's is closing 20 stores across 13 states this year.

Z Gallerie: 17 stores

Z Gallerie, a home furnishings and decor retailer, filed for Chapter 11 bankruptcy in March. The company said it plans to close 17 of its 76 stores during the restructuring process, according to bankruptcy filings.

Walmart: 17 stores

Walmart is closing at least 17 stores across 11 US states and Canada.

The stores include Walmart Supercenters and Neighborhood Market stores in Texas, Louisiana, Indiana, Arizona, California, Kansas, South Carolina, New Hampshire, Tennessee, Virginia, and Washington.

Macy's: 9 stores

Macy's is closing stores in Wyoming, Washington, California, New York, Indiana, Massachusetts, Virginia, and West Virginia.

J.Crew: 7 stores

J.Crew is closing stores in Georgia, South Carolina, Tennessee, Louisiana, California,and Canada.

Kohl's: 4 stores

Kohl's is closing four stores this year. All the closing stores are located in or near a shopping mall.

Nordstrom: 3 stores

Nordstrom is closing stores in Florida, Virginia, and Rhode Island.

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