More Retail Stores Are Expected To Close In 2019
Business Insider/Jessica Tyler
- Sears, Kmart, Party City, Walgreens, Barneys, and Avenue are among the retailers that have recently announced store closings.
- 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.
Retailers have announced more than 8,000 store closures so far this year, according to an analysis by Business Insider.
Here’s A List Of 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.
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
Family Dollar: 390 stores
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.
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. After all those closures, the company will have about 80 stores remaining.
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.
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.
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.
“As previously announced, we are undertaking a transformational cost management program to accelerate the ongoing transformation of our business, enable investments in key areas and to become a more efficient enterprise,” a Walgreens spokesperson wrote in a statement to Business Insider. “As part of this effort, we plan to close approximately 200 stores in the US.”
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: 91 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.
Pier 1 Imports: 57 stores
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.
“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 in May.
Sears Holdings, which owns Sears and Kmart stores, emerged from bankruptcy in February after filing for Chapter 11 bankruptcy protection in October.
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.
“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.”
CVS Health said it closed 46 underperforming stores in April.
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 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
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.
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
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
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.