[4/14/17] For the retail industry’s brick-and-mortar stores, the realities of online shopping and changing tastes have driven down sales, causing hundreds of locations to close their doors.
So what’s the status of the stores making headlines these days? Here’s a quick guide:
Abercrombie & Fitch: The preppy classic clothing store is closing 60 U.S. stores during the 2017 fiscal year as leases expire, CNBC reported. This follows the closing of 53 domestic shops last year and likely won’t be the end of it. The company has more than 700 locations, and half of them have leases that will be up for renewal by the end of fiscal 2018, lending the option to more closings.
Aeropostale: The teen clothing store filed for Chapter 11 bankruptcy in May 2016 after losing money for 13 consecutive quarters. They announced the closing of 154 of its approximately 800 locations, with 113 closings in the U.S. and all 41 Canadian locations closing. In a negotiating fight that lasted into fall 2016, the company was able to save 504 stores and keep them operating, saving 26 percent more stores than it had initially projected would stay open.
American Apparel: The signature “Made in the USA” California-based brand will be closing all 110 of its stores by the end of April, CNBC reported. On Jan. 10, a Canada-based company won the auction of rights to the brand but has indicated that it will not take on any of the 110 stores, causing American Apparel to begin shutting them down.
American Eagle Outfitters: American Eagle has been struggling as sales have been dropping in the last few years. In 2013, the company announced it would close 150 of its approximately 1,000 stores over a three-year period, Reuters reporter.
Barnes & Noble: The bookstore will close its Bethesda, Maryland location at the end of 2017. Barnes & Noble only closed eight stores in 2016 and currently has 640 locations as of 2016.
BCBG: BCBG Max Azria Group filed for bankruptcy protection in March. The company is closing about 120 stores, mostly in the U.S., CNBC reported. Liquidation sales started in February and will run eight to 10 weeks before the stores close for good.
Bebe Stores Inc.: The specialty women’s apparel chain will close 21 of its 172 locations, some 12 percent of its outlets, according to CNBC.
Casual Adventure: The outdoor equipment outfitter in Arlington, Virginia is closing its doors after 61 years of business. The family-owned store has been operated by four generations but can’t stay open any longer due to online competition and growing demand for the property.
Children’s Place: The children’;s clothing company plans to close up to 300 stores through 2020 to focus on online shopping and began the downsizing process in 2015, CNBC reported. However, a surge in profit during the first quarter of the fiscal 2017 year looks encouraging.
Crocs: The plastic clog company will close 160 of its 558 stores by the end of 2018, according to Forbes.
GameStop: The new and used video game retailer announced in March that it would be closing 2 to 3 percent of its global store footprint, which could mean as many as 190 stores, CNBC reported. GameStop currently has more than 6,600 stores globally, with 4,400 in the U.S.
HHGregg: The electronics retailer giant is going out of business after more than 60 years. The company announced in March it plans to begin closing 88 of its 132 stores and three distribution centers. Liquidation sales are currently underway and should be complete by mid-April.
J.C. Penney: The nearly 115-year-old department store announced in February that it will close 130 to 140 stores and two distribution centers over the next several months, but reversed course Thursday, announcing that it has postponed liquidation sales and closures of those stores. “The liquidation will now begin May 22 instead of April 17 as originally scheduled,” according to CNBC. The new closure date, July 31, is about six weeks later than originally planned, CNBC reported. J.C. Penney currently has 1,014 locations.
Kemp Mill Music: After more than 40 years selling music in 36 different locations in D.C., Maryland, Virginia and Delaware, Kemp Mill Records closed its last store in March, ending a music legacy to many local music lovers and musicians.
Kenneth Cole: The clothing store announced in November that it would close all of its 63 outlet stores in the U.S. over six months, CNBC reported. The company said it would instead focus on expanding their online and full-price retail footprint across the globe.
The Limited: After 50 years in business, The Limited filed for Chapter 11 bankruptcy protection after closing all 250 stores in January, CNBC reported. The store’s styles will now be available online only.
Macy’s: Macy’s announced in January that it will be shutting down 65 stores in 2017. The company announced in August 2016 a planned shutdown of about 100 stores out of its 730 locations.
Office Depot: The home goods store said it would close 300 more stores in the next three years to cut costs by the end of 2018, Time reported. The brand already closed 400 U.S. stores by the end of 2016. As of 2017, there are approximately 1,400 retail stores in North America, according to their website.
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