No Relief On March Of Store Closures In Rockland And Nationally
RETAIL RECAP
What a year it was – more than 9,000 store closures and the pain isn’t over.
A.C. Moore, Sears, Kmart, Party City, Walgreens and Barneys are among the retailers that have recently announced store closings. Charlotte Russe, Family Dollar, and Chico’s announced more than 1,100 store closures. Payless plans to close all of its 2,500 stores, making it the largest retail liquidation in history.
Rockland County is feeling the brunt of the shifting retail sands. The Palisades Center, already without J.C. Penney, will see Lord & Taylor darken its lights in January, and Bed, Bath & Beyond is slated to shutter in June.
Worried retailer watchers have their eyes on Macy’s, where foot traffic is down and sales are slacking. Macy’s has said it stores have been suffering at weak malls. The company intends to announce its plans at an investor meeting in February.
Macy’s reported its first same-store sales decline in two years in late December, a drop of 3.5%. Its shares were last down about 3%, having fallen more than 51% since the start of this year.
“The mall is getting more toxic,” Jefferies analyst Randy Konik said. “We have noticed the trend remains the same. … Value-oriented and off-mall retailers continue to outpace industry trends and take share while on-mall and less value-oriented retailers like Macy’s are losing share. Mall traffic will likely continue to wane over the years ahead.”
The staggering rate of store closures that rocked the retail industry over the past couple of years continued in 2019, with retailers setting a new record for store closings over the last 12 months.
Retailers announced plans to close more than 9,300 stores in 2019, smashing the previous record of roughly 8,000 store closures in 2017, according to an analysis by Business Insider.
Here’s a list of all the stores closures:
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.
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.
Fred’s: 520 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 close another 104 stores. In June, Fred’s announced plans to close another 49 stores. In July, the company said it would close 129 stores. In September, the company filed for bankruptcy and said it would close all its remaining stores within 60 days.
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.
Charming Charlie: 261 stores
Charming Charlie, which sells jewelry and accessories, filed for Chapter 11 bankruptcy in July and said it plans to close all of its 261 stores in 38 states by the end of August.
Destination Maternity: 258 stores
Destination Maternity filed for bankruptcy protection in October, and said it plans to shutter 183 stores in the US, Canada, and Puerto Rico. The company has already closed 75 stores in 2019.
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 in February 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.
Avenue: 222 stores
The women’s clothing retailer Avenue said in August that it planned to close all of its 222 stores in 33 states.
Walgreens: 200 stores
Walgreens said in August that it plans to close 200 stores in the US.
GameStop: up to 200 stores
GameStop is closing 180 to 200 stores globally by the end of its fiscal year, the company said in September.
Forever 21: up to 178 stores
Forever 21 said it expects to close 350 stores globally, including up to 178 locations in the US, after filing for Chapter 11 bankruptcy protection.
Sears: 175 stores
Sears emerged from bankruptcy in February after filing for Chapter 11 bankruptcy protection in October. The company announced new rounds of store closures in August, September, and November.
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.
Kmart: 160 stores
Sears emerged from bankruptcy in February after filing for Chapter 11 bankruptcy protection in October.
The Kitchen Collection: 160 stores
Hamilton Beach Brands said in October that it planned to close all 160 of The Kitchen Collection’s physical stores. The Kitchen Collection is a subsidiary of Hamilton Beach Brands that sells cooking tools and small kitchen appliances.
A.C. Moore: 145 stores
The craft-store chain A.C. Moore is shutting down all 145 of its stores.
A.C. Moore’s parent company, Nicole Crafts, announced the closings in November and said about 40 locations would be converted into Michaels stores.
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.
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.
CVS Health: 68 stores
CVS Health said it closed 46 underperforming stores in April.
Bed Bath & Beyond: 60 stores
Bed Bath & Beyond said it expects to close 60 stores in 2019. The company also said it would open 15 new stores.
Pier 1 Imports: 57 stores
Pier 1 Imports said it plans to close 57 stores in fiscal 2020.
Party City: 55 stores
Party City said it plans to close 55 of its 870 stores this year.
The party supplies company typically closes up to 15 stores each year.
A’Gaci: 54 stores
A’gaci, a women’s clothing chain based in San Antonio, announced in August that it was going out of business and closing all its 54 stores.
Victoria’s Secret: 53 stores
Victoria’s Secret said it would close 53 stores this year, citing a “decline in performance.”
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.
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.
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.
Christopher & Banks: 30-40 stores
The women’s clothing retailer Christopher & Banks said in December that it planned to close 30-40 stores over the following two years.
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.
Barneys: 15 stores
Barneys New York filed for Chapter 11 bankruptcy in August and said it will close 15 of its 22 stores.
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.
Lord & Taylor: 4 stores
Lord & Taylor is closing stores in McLean, Virginia; Sterling, Virginia; West Nyack, New York; and Moorestown, New Jersey in 2019.
Source: Business Insider