Page 6 - Florida Sentinel 1-2-18

FYI
Biggest Names In Retail Closed Over 5,000 Stores In 2017
Some of the biggest names in traditional retail closed more than 5,000 stores in 2017 with more coming in 2018 amid slumping sales and increased competition from online sellers like Amazon.
Macy’s, J.C. Penney, Sears and Kmart are among the re- tailers that closed stores in 2017 — and the list goes on.
2017 retail closings: Why you don’t want to buy gift cards
Money expert Clark Howard is repeating his warning about gift cards, which become worthless if a store or restaurant suddenly goes out of business.
Here’s our list of the major retailers that closed stores in 2017:
Charming Charlie – 97 stores
During the middle of the hol- iday season, Charming Charlie has filed for Chapter 11 bank- ruptcy protection.
The Houston-based spe- cialty retailer focused on fash- ion jewelry, handbags, apparel, gifts and beauty prod- ucts currently has about 375 stores — but that’s about to change.
Court documents indicate that 97 locations will be shut down by the end of the year.
Sears & Kmart – 358 stores in 2017, 63 in January 2018
Employees at 45 Kmart stores and 18 Sears stores just got word that this holiday sea- son will be their last with the company because the stores are shutting down.
In a news release, Sears Holdings said liquidation sales will begin as early as Novem- ber 9, 2017 and the locations will close in late January 2018. The retailer closed more than 350 stores in 2017. 63 stores are closing in January:
Sears Holdings said eligible associates impacted by these store closures will receive sev- erance and can apply for open positions at its remaining stores.
J.C. Penney – 138 stores More than 100 J.C. Pen- ney department store locations
closed forever in late July. The struggling retailer said it planned to close 138 stores back in March, but it post- poned liquidation sales until May due to increased foot traf- fic after the closing announce-
ment.
Nearly all of the stores shut
down July 31, except for a few that stayed open until Septem- ber.
Macy’s – 68 stores
Macy’s isn’t finished
shrinking its retail footprint quite yet.
The department store chain confirmed in February that it will close about 34 stores “over the next few years” after shutting down nearly 70 locations in 2017.
The company has not yet re- vealed which locations may soon be on the chopping block.
Other retailers J. Crew – 50 stores
After reporting a sales drop of 12% for its third quarter, J. Crew will close dozens of stores by the end of January, CNN Money reported.
In a news release, J.Crew said it expects to close 50 stores during fiscal 2017, 39 of them in the fourth quarter.
Payless ShoeSource – 800-900 stores
Payless ShoeSource an- nounced in August that it has successfully emerged from its Chapter 11 restructuring.
Vitamin World – 51 stores Vitamin World has filed for Chapter 11 bankruptcy protec- tion and plans to close dozens of underperforming stores.
Gap – 200 stores
Gap Inc. plans to close 200
Gap and Banana Republic lo- cations over the next three years, the company announced September 6. No list of the stores was released, but they are all “underperforming.”
At the same time, Gap Inc. will open 270 locations for its growing brands, Old Navy and Athleta.
Perfumania – 64 stores Discount perfume retailer Per- fumania filed for Chapter 11 bankruptcy protection in late August and planned to close 64 of its 226 stores, CNN Money reported.
In a news release, the retailer said it will emerge as a pri- vately held company after the restructuring.
Teavana – 379 stores
Bad news for tea lovers! Starbucks is closing every sin- gle one of its Teavana retail stores after a strategic review
of the business.
Many of the 379 Teavana
stores, which are primarily mall-based, have been under- performing. Starbucks said it tried to improve sales through creative merchandising and new store designs, but it just wasn’t working.
The stores will close over the coming year, with the majority shutting down by next spring, according to a news release.
Gymboree – 350 stores The Gymboree Corpora- tion announced in late Sep- tember that it has successfully completed its financial re- structuring and emerged from Chapter 11 as a new corpora- tion under the name Gym-
boree Group Inc.
In June, the children’s clothing retailer said it would close ap- proximately 350 stores, mostly across its Gymboree and Crazy 8 brands.
Ascena Retail Group – At least 268 stores
Ascena Retail Group, the women’s clothing retailer that operates the brands Ann Tay- lor, Loft, Dress Barn, Lane Bryant, Justice and several others, is planning to close hundreds of stores.
During a recent earnings call, company executives an- nounced that 667 stores are part of its fleet optimization program.
At least 268 of those stores will definitely be closed by July
2019. The remaining 399 stores will be shut down if rent concessions aren’t obtained through negotiations with landlords.
Bebe Stores – 180 stores Women’s clothing retailer Bebe Stores shut down all of its roughly 180 locations nation-
wide.
In a filing with the Securities
and Exchange Commission dated April 21, the company said it expected to close all stores by the end of May after liquidation sales.
The retailer’s future remains unclear, though some specu- late it will continue as an on- line-only merchant.
RadioShack – 1,000 stores
After 96 years in business, consumer electronics retailer RadioShack will have just 70 corporate and 500 dealer stores nationwide — down from 7,300 at its peak.
Over the Memorial Day holi- day, RadioShack closed more than 1,000 stores across the country.
Abercrombie & Fitch – 60 stores
You can add Abercrombie & Fitch to the growing list of re- tailers that will be closing stores this year.
Crocs – 160 stores
Crocs announced in a March 1 press release that the brand will be trimming some 160 stores from its 558-store port- folio by the end of 2018.
The Limited – 250 stores
After more than 50 years in business, The Limited closed all of its nearly 250 stores across the country on January 8. The retailer indi- cated that its website would live on, but no merchandise is for sale.
Wet Seal – 171 stores Bankrupt clothing store Wet
Seal shut down all of its 171 stores, according to the Wall Street Journal. A message on the retailer’s website read, “Thanks babe, it’s been real.”
American Apparel – 110 stores
Made in the USA clothing manufacturer American Ap- parel has closed its remaining 110 stores.
BCBG – 120 stores High-end women’s clothing chain BCBG has closed about 120 stores, mostly in the U.S., according to the Minneapolis Star Tribune.
The company’s mini-shops within Macy’s will remain open.
hhgregg – 220 stores After more than six decades, electronics retailer hhgregg went out of business this year. The news came after hh- gregg failed to find a buyer by
its April 7 deadline.
GameStop – 150+ stores After reporting a drop in fourth quarter sales, GameStop announced March 24 that it would close between 2% to 3% of its global store footprint, which means at least 150 stores.
GameStop has struggled due to weak sales of certain video games and “aggressive console promotions” from its competi- tors.
Staples – 70 stores Staples said in March that it
will close 70 locations throughout North America by the end of 2017.
Family Christian – 240 stores
Family Christian, the biggest seller of Christian books and merchandise in the nation, an- nounced February 23 that 240 stores in 36 states would be permanently closed by May 13.
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