Later, a few more shut down. Chief Financial Officer Paula Price told analysts during a conference call that a total of four stores had closed by mid-May. Analyst Neil Sauders with Global Data Retail says Macy's needs to keep losing locations "where the return on investment is not viable. Even popular and trendy Target finds itself with money-losing stores that it wants to shake loose. The company said it would close a half-dozen by February, in what has become an annual event.
The chain shuttered 13 in February , and a dozen a year earlier. But don't worry, Target fans — you'll still have plenty of places to use your REDcard credit card. The discount retailer was planning to open roughly 20 new locations this year, primarily smaller stores. Kohl's has been in better shape than those department stores you find at the big enclosed malls. Experts say shoppers think Kohl's stores in strip shopping centers are less of hassle than going to the mall.
Even so, the holiday shopping at Kohl's wasn't quite as good as expected, leading the company to shut down four money-losing stores early this year. But the chain says the closings will be balanced out by the opening of four new stores, though they'll be smaller than the typical Kohl's. America's oldest department store company dating back to closed its iconic flagship store on New York's Fifth Ave.
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The New York store had stood for more than a centurty and was the first to put animated displays in its store windows at Christmas time. The chain's other locations are mostly found in malls. The British fast-fashion chain Topshop got a star-studded welcome when it invaded America in , with celebrities including rapper Jay-Z and supermodel Kate Moss celebrating the opening of the first U.
Now, after just 10 years, Topshop is already making an exit. It plans to wind down all 11 of its Topshop and Topman stores in the U. The chain's parent company has filed for bankruptcy, blaming "challenging retail headwinds, changing consumer habits and ever-increasing online competition. The upscale furniture store Z Gallerie is one of several retailers to file for bankruptcy in , though the chain is hoping to find a buyer who can keep the company in business.
For now, it's closing about a fifth of its 76 stores in 28 states — and is blaming itself for its problems. In the bankruptcy filing, Z Gallerie says it bungled with e-commerce, an expansion and a pricey distribution center, according to Bloomberg. Here's a tip for additional savings when you hit a furniture liquidation sale: Use a cash-back credit card that offers bonus rewards for furniture purchases.
Many malls are dying off , which is a serious problem for chains that rely on them — like fading J. After quietly ending the run of a handful of U. Crews, including outlet stores. Recent closings have included "Liquor Store," a man cave-ish men's store that the company operated for more than 10 years in New York's lower Manhattan. You may not know the Southeastern Grocers name, though if you live in the Southern U. Winn-Dixie, Bi-Lo and Harveys are institutions across the region, but grocery shoppers have been gravitating away to big-box stores such as Walmart and Costco — and to Amazon.
Southeastern Grocers is shutting down about two-dozen stores, less than a year after the company went through a bankruptcy and closed nearly of its locations. Penney has many things in common with Sears: Both were founded around the beginning of the 20th century, both are fixtures in U. More recently, the company said it would close 18 department stores in and nine of its separate furniture stores.
Executives say the company wound up with more spring and summer clothing than it could sell. Then, shipping delays made it tough to put new merchandise on the racks.
But the CEO tells analysts that the chain is making progress. With America's malls in trouble, Abercrombie — known for its ripped jeans and shredded models — has seen its business go from smokin' hot to ice cold in recent years. The fashion retailer for teens and young adults is hoping to make a comeback by downsizing, and in more ways than one. Executives have announced that as many as 40 Abercrombie stores will go out of business this year, including some of large-scale flagship stores.
New stores will be smallish, and existing locations will shrink in size. Francesca's is a women's clothing and accessories chain that's having trouble getting shoppers in the door. CEO Steve Lawrence has promised analysts more excitement! Francesca's wants to do more business online, but its e-commerce sales have been relatively modest so far. The popular home furnishings retailer plans to shut down 40 of its stores in — and executives say the number may grow if landlords are unwilling to offer the company better leases. If you're used to taking your kids to The Children's Place to get them clothes for back-to-school , be warned that your store might be gone by the next school-shopping season.
For the past few years the retailer has been working toward a goal of closing stores by Executives told Wall Street analysts in early March that 40 to 45 locations would be shuttered in , and another 45 would close next year. The Children's Place has been trying to get its arithmetic right. It's trimming its store count and giving its website more attention to boost its profits. Party City has announced it's closing about 45 of its roughly party supply stores. That's far more than the 10 to 15 locations that shut down in a typical year, but the company says it needs to scale back so it can keep the party going at its most profitable locations.
The company's financial results have been drooping a little bit because of a shortage of helium for its balloons. A deal signed with a new helium source should help lift the bottom line. Pharmacy giant CVS Health caught the store-closing bug and shut down nearly 50 of its locations in April. The company says the stores, in 16 states spread across the U. The cuts included the world's largest CVS, a 64,square-foot monster of a store in Springfield, Missouri. The typical CVS is under 13, square feet.
Target, Kmart and Walmart opened their first stores in the same year and were once known as the "big three" discount retailers. But soon, there might be only two left standing. Kmart appears to be spiraling toward its death. The chain's troubled parent company Sears Holdings closed more than Kmart stores in , and it plans to shut down nearly 50 more in Back in , Kmart was everywhere — some 2, stores dotted the U. As of August, just remained. Home improvement retailer Lowe's is taking a hacksaw to part of its business.
It planned to cut 20 stores in the U. Lowe's will still have more than 2, locations between the two countries. CEO Marvin Ellison said in a statement that the downsizing is just part of "building a stronger business. The company says most of the closings involve Lowe's stores that are operating within 10 miles of another location.
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It's Victoria's Not-So-Secret: Consumers no longer get all steamed up over the lingerie brand, so it has gone from hot to ice cold. The chain has failed to keep up changing tastes. Analysts say that instead of the skimpy styles at Victoria's Secret, women are more interested in underwear that's comfortable and made for all body types.
The retailer plans to close more than 50 of its stores. According to Bloomberg, that's more than three times the number that shut down in a more typical year.
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These days, Pam from The Office might very well go on Amazon to order Post-its, toner and other very important stuff for Dunder Mifflin, instead of heading off to the nearest office supply store in Scranton. And that's no joke for Office Depot. As it fights for customers and for its survival, the company has been forced to keep closing money-losing stores.
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