Thread: Apocalypse for retail: 3,500 stores closing in 2017

Discount retailer Family Dollar closing 323 locations nationwide

"The retail industry shed 30,000 jobs as department stores and other physical retail outlets across the country shut their doors because of tougher competition from online platforms."

U.S. hiring slumped in March as employers added only 98,000 jobs

HHGregg to close all 220 stores by the end of May

POSTED 4:52 PM, APRIL 8, 2017, BY BEN BRICE



MIAMI, FL - MARCH 02: A hhgregg electronic and appliance retailer store is seen on March 2, 2017 in Miami, Florida. The company announced plans to close forty percent of their stores, eliminating 1500 jobs, as it goes through a restructuring process. (Photo by Joe Raedle/Getty Images)


HUNTSVILLE, Ala. – HHGregg has announced it will close all 220 of its stores by the end of May.

The appliance and electronic retailer failed to find a buyer, according to our news partner AL.com. In March, the company announced 88 closures as a part of a restructuring and hoped to reach a sale agreement with a company. The closures will result in 5,000 layoffs across the U.S., including six in Alabama.

Going-out-of-business sales will begin this weekend at all HHGregg stores. The mcompany has an agreement with Tiger Capital Group and Great American Group to sell its remaining merchandise, furniture, and equipment.

http://whnt.com/2017/04/08/hhgregg-t...he-end-of-may/

Mall stores Closing

Abercrombie & Fitch – 60 stores

You can add Abercrombie & Fitch to the growing list of retailers that will be closing stores this year.
According to a news release, the company plans to shut down about 60 U.S. locations during fiscal 2017 as leases expire. Fortune reports that A&F will have 670 remaining stores, down from 839 just five years ago.

Guess – 60 stores

Guess is planning to pull the plug on 60 of its stores this year.
CEO Victor Herrero told analysts of the decision during a Q4 earnings call on March 15. It’s expected that most of the closures will be among the flagship Guess brand stores and Marciano locations.
Guess brands operate 945 retail stores in the Americas, Europe and Asia. Some 400 of those stores are in the United States.

Crocs – 160 stores

Crocs announced in a March 1 press release that the brand will be trimming some 160 stores from its 558-store portfolio 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 indicated that its website would live on, but no merchandise is for sale.
Read more: Confirmed: The Limited is closing mall stores across the country

Wet Seal – 171 stores

Bankrupt clothing store Wet Seal has 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 Apparel is expected to close all of its remaining 110 stores very soon.
According to a news release from January 10, Canada-based Gildan Activewear’s $88 million bid at a bankruptcy auction won the rights to American Apparel’s brand and some assets.
However, retail store assets were not part of the purchase, according to Gildan.
Read more: American Apparel is expected to close all 110 stores soon

BCBG – 120 stores

High-end women’s clothing chain BCBG is closing about 120 stores, mostly in the U.S., according to the Minneapolis Star Tribune.
The Star Tribune reported in early February that liquidation sales have started and are expected to run eight to 10 weeks before the stores close for good.
The company’s mini-shops within Macy’s will remain open.

http://clark.com/shopping-retail/maj...-closing-2017/

American Retail Stores Closing At Faster Pace Than During 2008 Recession

Clothing brand Rue21 closing 400 locations across US

The Warrendale, Pennsylvania-based company has been struggling to pay its bills, according to sources earlier this month


| Updated: 1:11 PM CDT Apr 16, 2017

Abigail Elise
National Curator

WARRENDALE, Penn. —Clothing chain rue21 is shuttering nearly 400 stores across the country. The Warrendale, Pennsylvania-based company has been struggling to pay its bills, according to Debtwire earlier this month.

"It’s true – we are closing some stores," the brand posted on Facebook Saturday. "It was a difficult but necessary decision. We still have hundreds of locations across the country, and our website rue21.com, open for business."

In 2002, rue21 filed for Chapter 11 bankruptcy protection under its former name, Pennsylvania Fashions, Inc. At the time, annual sales were estimated to be between $180 to $200 million. There are nearly 1,200 rue21 stores in 48 US states.

The brand currently doesn't have a list of all of its store closures, but you can find its locations here and check if a specific store is shutting down.

2017 hasn't been a great year for retailers. Eighty percent of Americans are now shopping online, leaving brick-and-mortar stores struggling to keep up.

Last year, online retailer Amazon reported $136 billion in revenue, making it the eighth-largest US retailer based on annual sales.

JC Penney last month released a list of the 138 stores it planned to shutter as part of a campaign to reduce corporate costs and boost sales at a smaller number of locations. The closings have been delayed after a surge in sales.

Macy's and Sears also announced major closures this year, and RadioShack filed for Chapter 11 bankruptcy protection in early March, announcing plans to eliminate more than 500 stores across the nation. In 2015, the electronics retailer shuttered about 2,000 locations.

http://www.wvtm13.com/article/clothi...oss-us/9371466

While it will have an effect, I'm hoping what it is reflecting is that people are not wasting money as they have in the past.

Our economy for the last 40 years, anyway, has been built on excessive buying.

My fervent hope is that is changing and we are going to get back on a better footing.