16 popular retailers that can close forever

Most Americans have their favorite stores, where they want to come again and again. Unfortunately, some of them may soon be closed forever. Retailers do not compete with e-commerce, and this is painful not only for business owners and employees, but also for shoppers who like shopping in a particular store.

Фото: Depositphotos

The trend toward closing stores and entire chains likely won't change anytime soon, with several more familiar names disappearing from the market in 2019. GOBanking Rates invites you to pay attention to the 16 stores, which are worth a visit as soon as possible, until they finally closed.

Boys

In January, women's clothing store Chico announced that it would close 2021 stores by the end of 250, to cope with online competition. The company is experiencing a recession, its revenue is decreasing every year.

The Gap

In late November 2018, CEO Art Peck announced that the clothing chain was "urgently" closing underperforming locations. In February 2019, it was announced that 230 stores would be closing in the near future, while the Old Navy label would be spun off into a separate company.

JC Penney Co.

JC Penney Co. while working, but at the beginning of 2019, the closure of three stores was announced. Some analysts suggest that the network must also close 125 from 860 outlets to stay in business.

radio Shack

The company filed for bankruptcy twice in two years - a pretty clear sign that all is not well with the business. Last year, about 400 of the 1500 stores on the brink of bankruptcy were reopened, and the company now has plans to open another 100 RadioShack Express stores within HobbyTowns.

Sears / Kmart

Earlier this year, Sears was on the brink of permanent liquidation. But a deal struck by investor Edward Lampert and his hedge fund saved the remaining 223 Sears stores and 203 Kmart stores — for now. In January 2016, 1672 stores were opened; by the time bankruptcy proceedings began, only 687 remained.

Toys R Us

Another network that seeks to avoid total elimination. And while she somehow succeeds. When the network filed for bankruptcy, 800 stores were closed and 33 eliminated thousands of jobs. But hedge funds that have taken control of the company's debts have received approval for using the Toys R Us brand for pop-up-points, for example, in Krogers. But for now it’s not a fact that closed stores will open until next Christmas.

Victoria's Secret

L Brands, the company that owns Victoria's Secret and Bath & Body Works, announced in late February that it would close 53 Victoria's Secret stores within a year. This is about 4% of 1143 points of sale worldwide. The existing plan to close about 15 stores a year is clearly accelerating given the 3% decline in sales.

Payless shoes

Payless ShoeSource appears to be taking a "rip the Band-Aid" approach when it comes to bankruptcy and has no intention of dragging out the process for years. In 2019, the chain announced that it would close all 2100 locations in the United States and Puerto Rico. This does not mean complete liquidation: about 1500 retail outlets outside the country will continue to operate.

Family dollar

Many retailers are cutting prices in response to falling sales. But this option is not entirely suitable for Family Dollar - there is no room to reduce prices. The company announced in early March that it would close 390 stores in an effort to keep the business afloat.

J. Crew

J. Crew's struggles are nothing new. Back in early 2017, the chain closed about 50 stores after poor Christmas sales. An attempt was made to revitalize the brand with the launch of two new collections, Mercantile and Nevereven, but both were quickly discontinued following a deal with Amazon.

NCG

The nutritional supplement store announced it would close some 200 outlets due to falling sales. Difficult time for the vitamin industry: in 2017, bankruptcy was announced by rival company Vitamin World.

GameStop

The word “stop” is more relevant than ever. GameStop had to close 150 stores in 2017 after a staggering 13,6% drop in sales worldwide. And even now sales remain at the same level. As of November 2018, the company owed nearly $900 million.

Gymboree

Gymboree announced it was closing about 350 stores in July 2017 as part of a bankruptcy restructuring. But if the company had a “Plan B,” it clearly failed. After filing for a second bankruptcy in mid-January 2019, the retailer plans to close 800 Gymboree and Crazy 8 stores and refocus on online sales.

Charlotte russe

The company joined the “bankruptcy epidemic” in early February 2019. The announcement was accompanied by news that the chain was looking for a buyer and expected to close 94 stores.

Abercrombie & Fitch

A clothing retailer announced plans to close 40 stores in the 2019 fiscal year, adding this list to 29, which were closed in the 2018 year and bringing the total to 475 in the last eight years. But here, it seems, it’s too early to be upset: the network plans to update and open 85 new stores for the same period of time.

Shopko

ShopKo completes the list of major retailers that filed for bankruptcy in the first few months of 2019. The retailer announced it would close 251 stores - about 70% of its total - by mid-May.

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