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In light of the challenging context nowadays, no industry - from clothing retail giants to discount department stores - can escape the prospect of downsizing or even demise. 2021 has seen the record-high rate of closures for brick-and-mortar stores. Read on to find out if your favorite stores are to take a curtain call.
The discount shoe store goliath has filed for bankruptcy again, and announced its plan to close all 2,100 locations in the US and Puerto Rico, leaving almost 1,400 franchised stores open. Feel free to fish out a pair of shoes in its liquidation sales.
The clothing retailer intends to shutter nearly half of its stores by early 2021 in the wake of a dismal 2018 holiday season. Meanwhile, it will downsize all its remaining stores. However, its sister company, Old Navy, is expected to be separated from the whole business in terms of sales performance.
The fast fashion giant has signaled the end for 160 of its stores nationwide this year, while its business abroad grows steadily. Furthermore, H&M plans to open 355 physical stores with its focus being shifted to foreign markets.
e.l.f. Cosmetics shares similar struggles in their sales. Thus, the beauty line has projected shifting gears from brick-and-mortar stores to a predominantly online business. There's no need to fear, and you'll still be able to buy their cosmetics either online or in drugstores.
Nearly 150 of Starbucks' underperforming cafés are going out of business for good. The corporation has announced that the closures will take place in big cities where the markets are oversaturated.
The discount department store has recently been striking a better balance between its sales and its digital revenue. It has been recovering from a $23.4 million bottom-line loss, which may serve to bolster confidence among shoppers.
The iconic chain which innovated the mail-order catalog has announced that 89 of its locations will fold. Though the company emerged from bankruptcy in 2019, it is not as strong as it used to be. Recent months have seen one round of store closures complete.
Having seen its sales dip and greater potential in its B2B services, the office supplies retailer has decided to shut down 90 locations by 2021, not including the 55 that have already fallen by the wayside. Next time you buy ink cartridges and mailing envelopes, it's likely that you will have to drive a bit farther.
Kohl's is going to close four stores to avoid the same pitfalls that other mall-centered companies have failed to recognize. Instead, the retailer is planning to open four smaller locations in order to maintain its overall store count.
Having struggled to compete against online retailers, Destination Maternity plans to prune its physical locations and expands its digital operations. After all, it will be easier for expectant moms to shop from the comfort of their own homes.
J.C. Penney has long been a familiar name to shoppers and is a staple store in malls. In response to poor performance during the last holiday shopping season, the brand had planned to close six stores early in 2021, before doubling the count. It's really hard to battle against Amazon and off-price retailers.
The gross sales of Fred's Pharmacy has dropped 4.3 percent and its bottom-line loss now sits at $139 million. Facing such a dismal situation, Fred sold its specialty neighborhood pharmacy to CVS for 40 million, leaving its remaining stores at around 1,000.
With aims to provide local women with high fashion at affordable prices, the chain has expanded to 500 stores at a fast pace. Given the headwinds facing many stores, the company plans to wind down by cutting back on 30 to 40 locations by the end of 2021.
Lord & Taylor has thrown in the towel after having survived for more than a century. The original store has been shrinking and shut down its flagship store on Fifth Avenue last year. However, that's not the end of the story, since the closures of another ten locations are getting underway.
Boasting low prices and rapidly changing stylish fashions, Forever 21 has been a major go-to for teens. However, the fast fashion behemoth has been caught off guard and as a result was forced to file for bankruptcy. It has wound up with around 350 stores open worldwide. It's hard to say whether the new owners will be able to turn the tide.
It's really sad to bid adieu to Papyrus, the upscale stationery and greeting card chain. In January, its parent company announced a move to shutter down all of its 254 locations after filing for bankruptcy. The artistic greeting cards are meeting their demise, yet the memorable moments stay.
The upscale home furniture chain has been on the rocks recently. The number of stores on the chopping block has reached 17 to date, nearly a fifth of its total locations nationwide. For now, it is waiting for new buyers to take the reins.
These days are difficult for Victoria's Secret, too. The retailer specializing in lingerie and womenswear has had to close 30 locations, with more closures on the cards. Moreover, its parent company has decided to shutter 53 more stores earlier than planned, putting the closure rate close to 4 percent.
Vera Bradley is seemingly realigning its focus to licensing instead of its physical stores. Other retailers like Macy's will sell home products of Vera Bradley and the brand plans to shutter half of its overall stores by 2021. Nevertheless, customers can still shop at the remaining 52 factory outlets.
Here comes a headline for cyclists. You'll have to say goodbye to the nation's biggest bike retailer. Performance Bicycle has scheduled to go dark for good since its parent company Advanced Sports Enterprises filed for bankruptcy last fall. As chains became things of the past, hope there's always an option for you.
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