AuthorTopic: Official Death of Retail Thread: Life Without Walmart  (Read 47158 times)

Offline RE

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🏗️ Sears and Kmart store closings: 51 Sears, 45 Kmart locations to shutter.
« Reply #285 on: November 09, 2019, 01:09:10 AM »
https://www.usatoday.com/story/money/2019/11/07/kmart-sears-store-closings-96-stores-set-shutter-february-2020/2521653001/

Sears and Kmart store closings: 51 Sears, 45 Kmart locations to shutter. See the list
Kelly Tyko
Nathan Bomey
USA TODAY


Days after revealing sparse Black Friday ads, the company that owns Sears and Kmart announced plans to close 96 additional stores.

Transformco, which acquired the retailers out of bankruptcy, is set to shutter 51 Sears stores and 45 Kmart locations in February.

The liquidation or going-out-of-business sales will begin Dec. 2 after the Thanksgiving and Black Friday sales. Previously announced closing stores will not participate in the holiday sale.

Sears and Kmart have closed more than 3,500 stores and cut about 250,000 jobs in the past 15 years.

After this new round of closings and previously announced closings, the company will have 182 stores.

The new closings do not affect the company's recently acquired Sears Hometown stores, which specialize in home appliances, equipment and tools.

Store closings list:These retailers are closing locations in 2019 and early 2020

Sears, Kmart to close a third of stores:96 locations closing, $250M in financing landed
Sears closings

Arkansas

    North Little Rock Sears: 3930 McCain Blvd.

Arizona

    Prescott Sears: 3400 Gateway Blvd.

California

    Buena Park Sears: 8150 La Palma Ave.
    Chula Vista Sears: 565 Broadway
    Fresno Sears: 3636 N Blackstone Ave.
    Los Angeles Sears: 3755 Santa Rosalia Drive
    Montclair Sears: 5080 Montclair Plz Lane
    Moreno Valley Sears: 22550 Town Circle
    N Hollywood Sears: 12121 Victory Blvd.
    Palm Desert Sears: 72-880 Hwy 111
    Riverside Sears: 5261 Arlington Ave.
    San Bernadino Sears: 100 Inland Ctr
    San Bruno Sears: 1178 El Camino Real
    San Jose Sears: 2180 Tully Road
    Santa Maria Sears: 200 Town Ctr E
    Temecula Sears: 40710 Winchester Road
    Tracy Sears: 3350 Naglee Road
    Ventura Sears: 3295 E Main St.
    Victorville Sears: 14420 Bear Valley Road
    Visalia Sears: 3501 S Mooney Blvd.
    West Covina Sears: 1209 Plaza Drive

Florida

    Fort Myers Sears: 4125 Cleveland Ave.
    Hialeah Sears: 1625 W 49th St.
    Miami Sears: 20701 SW 112th Ave.

Georgia

    Douglasville Sears: 6580 Douglas Blvd.

Illinois

    Peoria Sears: 2200 W War Memorial Drive
    West Dundee Sears: 5000 Spring Hill Mall

Maryland

    Cumberland Sears: 1262 Vocke Road

Massachusetts

    Auburn Sears: 385 Southbridge St.
    Leominster Sears: 100 Commercial Road

Michigan

    Lansing Sears: 3131 E Michigan Ave.

Missouri

    Joplin Sears: 101 N Rangeline Road

Nevada

    Las Vegas Sears: 4000 Meadow Lane

New Hampshire

    Nashua Sears: 310 Daniel Webster Highway
    Concord Sears: 270 Loudon Road

New Mexico

    Farmington Sears: 4601 E Main St.

New York

    Buffalo Sears: S 3701 McKinley Parkway

North Carolina

    Greenville Sears: 3600 South Memorial Drive

Pennsylvania

    Whitehall Sears: 1259 Whitehall Mall
    North Wales Sears: 600 Montgomery Mall

Puerto Rico

    FajaRoado Sears: State Road 3
    Guayama Sears: Gpo Box 1050
    Ponce Sears: Pob 7426 Sears Plaza Del Caribe 2050 Road 2 Ponce By Pass Ste 135

Texas

    San Antonio Sears: 2310 SW Military Drive

Vermont

    South Burlington Sears: 155 Dorset St.

Virginia

    Richmond Sears: 11500 Midlothian Turnpike
    Manassas Sears: 8200 Sudley Road
    Fredericksburg Sears: 100 Spotsylvania Mall
    Winchester Sears: 1850 Apple Blossom Drive

Washington

    Spokane Sears: 14720 E Indiana Ave.
    Lacey Sears: 651 Sleater Kinney Road SE

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Kmart closings

Arizona

    Lake Havasu City Kmart: 1870 McCulloch Blvd.

California

    Atascadero Kmart: 3980 El Camino Real
    Bishop Kmart: 1200 N Main St.
    Chico Kmart: 2155 Pillsbury Road
    Concord Kmart: 5100 Clayton Road
    Hollister Kmart: 491 Tres Pinos Road
    Petaluma Kmart: 261 N Mc Dowell Blvd.
    Riverside Kmart: 7840 Limonite Ave.
    Santa Paula Kmart: 895 Faulkner Road
    Scotts Valley Kmart: 270 Mt Hermon Road

Delaware

    Rehoboth Beach Kmart: 19563 Coastal Highway

Florida

    Bradenton Kmart: 7350 Manatee Ave. West
    Hollywood Kmart: 3800 Oakwood Blvd.
    Lantana Kmart: 1201 S Dixie Highway

Iowa

    Algona Kmart: 1501 Hwy 169 N
    Charles City Kmart: 1405 S Grand

Maryland

    Frederick Kmart: 1003 W Patrick St.
    Hagerstown Kmart: 1713 Massey Blvd.
    Hyattsville Kmart: 6411 Riggs Road

Massachusetts

    Acton Kmart: 252 Main St.
    Billerica Kmart: 484 Boston Road

Michigan

    Waterford Kmart: 5100 Dixie Highway

New Hampshire

    Hooksett Kmart: 1267 Hooksett Road
    Salem Kmart: 161 S Broadway

New Jersey

    West Orange Kmart: 235 Prospect Ave

New York

    Bohemia Kmart: 5151 Sunrise Highway
    Sidney Kmart: 171 Delaware Ave.

North Dakota

    Bismarck Kmart: 2625 State St.

Ohio

    Marietta Kmart: 502 Pike St.
    North Canton Kmart: 1447 N Main St.
    Tallmadge Kmart: 555 South Ave.

Oregon

    The Dalles Kmart: 2640 West 6th St.

Pennsylvania

    Berwick Kmart: 1520 W Front St.
    Ephrata Kmart: 1127 S State St.
    Lebanon Kmart: 1745 Quentin
    Wilkes Barre Kmart: 910 Wilkes Barre Twp Blvd.
    Williamsport Kmart: 1915 E Third St.

Puerto Rico

    Arecibo Kmart: 1400 Ave. Miramar
    Bayamon Kmart: Plaza Rio Hondo
    FajaRoado Kmart: Eastern Shopping Ctr S.R. 3
    Juana Diaz Kmart: Road #149 And #584 Plaza Juana Diaz
    Vega Alta Kmart: Centro Gran Caribe Road #2 Plaza Caribe Mall

Wisconsin

    Kenosha Kmart: 4100 52nd St.

Wyoming

    Charleston Kmart: 6531 McCorkle Ave. SE
    Jackson Kmart: 510 US Highway 89

Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko
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Offline azozeo

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People love Trader Joe’s, there are now professional Trader Joe’s influencers
« Reply #286 on: November 14, 2019, 05:34:45 AM »


There are now about a dozen Instagram accounts — some of which are making real money — devoted to the grocery store’s latest products.

Dezeray Floyd had been working at Trader Joe’s for a few years when she first had the idea, but she wasn’t sure if she was allowed to actually do it. To start an Instagram account devoted to the corporation that paid her wages — without permission from its legal department — seemed risky. But why, exactly? She wasn’t bashing the company. Quite the opposite: She was praising its products, items she would have bought anyway as a paying customer. She just wanted to share them with everyone else.

https://www.vox.com/the-goods/2019/11/6/20919173/trader-joes-list-trader-joes-instagram

Recently, in my little town, our two big grocery stores have gone full tilt on the rehab meme to emulate Trader Joe's.

Californication is sweeping the desert & these 2 good ol' boys (Kroger & Albertsons) aren't going to miss out on the fun.

They can't compete with Big Blue, Super Duper Mega Big box Wally world so the rush to have the best eye candy is the new wave around these parts.
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline azozeo

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Manhattan's Retail Industry is Imploding before the Holidays
« Reply #287 on: November 14, 2019, 08:01:28 AM »

Retail rents in Manhattan have fallen again, this time before the holiday season, an ominous sign that consumer health is deteriorating. Maybe retail spending this holiday season will be somewhat disappointing; after all, President Trump was seen on Twitter on Monday asking his 66.5 million followers to spend more of their money as the stock market rose to new highs. Any time the government asks its citizens to spend money, it usually means trouble ahead.

Average asking rents across Upper Fifth Avenue, especially between 42nd and 49th streets, saw one of the steepest drops in retail rents in Q3, falling 25% YoY, reported Bloomberg, citing a new report from Jones Lang LaSalle Inc.

As shown below, Lower Fifth, Broadway, Madison Avenue, SoHo, and Herald Square retail rents over the same period were in free fall. This is a reflection of the weakening consumer base ahead of the holiday season. There were several outliers, Upper Fifth and Times Square retail rents over the same period marginally declined. Meanwhile, the Meatpacking district saw rents jump 7.3% in Q3 YoY.


https://www.zerohedge.com/economics/manhattans-retail-industry-imploding-holiday-season
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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🏗️ 'Black Friday' becoming a shadow of its former self in US
« Reply #288 on: November 29, 2019, 07:13:16 PM »
How sad.  :(  The end of an Era.

RE

https://news.yahoo.com/black-friday-becoming-shadow-former-self-us-165854513.html

'Black Friday' becoming a shadow of its former self in US
[AFP]
Christophe VOGT, John BIERS
,AFP•November 29, 2019


New York (AFP) - The US holiday shopping season officially opened with a deluge of "Black Friday" promotions but the frenzied crowds of the past have thinned out with the rise of e-commerce.

Companies in the retail, entertainment and tourism industries once again tried to entice shoppers after Thanksgiving with a bevy of offers on a day synonymous with American consumer culture and notorious "doorbuster" sales that start at the crack of dawn.

But US consumers aren't buying Black Friday the way they once did.

Only 36 percent of US consumers plan to shop this year on Black Friday, down one percent from last year and a decline of 23 percent from 2015, according to a PricewaterhouseCoopers survey.

"Just a few years ago, Black Friday had the aura of a FOMO (fear of missing out) event," PWC said. "Now it seems more symbolic than significant in the pantheon of retail holidays."

Black Friday will be followed in three days by "Cyber Monday," a second highpoint of spending early in the season.

Friday's sales have prompted copycat versions throughout Europe, an effort that has generated no small amount of friction.

This year's events prompted protest in parts of France, Germany and the Netherlands that included environmentalist rallies outside Amazon distribution centers and human chains blocking malls.

There has been little sign of that sort of subversiveness in the United States. Rather, the bigger emerging challenge for Black Friday has been shifting consumer patterns.

The PWC survey said that for the first time in 2019 more consumers (54 percent) said they'll do more of their shopping online than in stores.

- Higher sales expected -

Economists and retail industry insiders are broadly confident about the outlook for the 2019 season, owing to a strong labor market.

Consumer spending accounts for about 70 percent of US economic growth and has stayed strong throughout 2019 even as manufacturing has stagnated and business investment has been lackluster.

"Consumers are in good financial shape and willing to spend a little more on gifts for the special people in their lives this holiday season," said Matthew Shay, Chief Executive of the National Retail Federation.
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Offline Surly1

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Re: 🏗️ 'Black Friday' becoming a shadow of its former self in US
« Reply #289 on: November 30, 2019, 03:53:19 AM »
How sad.  :(  The end of an Era.

RE

https://news.yahoo.com/black-friday-becoming-shadow-former-self-us-165854513.html

'Black Friday' becoming a shadow of its former self in US
[AFP]
Christophe VOGT, John BIERS
,AFP•November 29, 2019


New York (AFP) - The US holiday shopping season officially opened with a deluge of "Black Friday" promotions but the frenzied crowds of the past have thinned out with the rise of e-commerce.

Companies in the retail, entertainment and tourism industries once again tried to entice shoppers after Thanksgiving with a bevy of offers on a day synonymous with American consumer culture and notorious "doorbuster" sales that start at the crack of dawn.

But US consumers aren't buying Black Friday the way they once did.

Only 36 percent of US consumers plan to shop this year on Black Friday, down one percent from last year and a decline of 23 percent from 2015, according to a PricewaterhouseCoopers survey.

"Just a few years ago, Black Friday had the aura of a FOMO (fear of missing out) event," PWC said. "Now it seems more symbolic than significant in the pantheon of retail holidays."

Black Friday will be followed in three days by "Cyber Monday," a second highpoint of spending early in the season.

Friday's sales have prompted copycat versions throughout Europe, an effort that has generated no small amount of friction.

This year's events prompted protest in parts of France, Germany and the Netherlands that included environmentalist rallies outside Amazon distribution centers and human chains blocking malls.

There has been little sign of that sort of subversiveness in the United States. Rather, the bigger emerging challenge for Black Friday has been shifting consumer patterns.

The PWC survey said that for the first time in 2019 more consumers (54 percent) said they'll do more of their shopping online than in stores.


The 2019 Black Friday Video Hall of Shame
https://www.theorganicprepper.com/2019-black-friday-video-shame/

<a href="http://www.youtube.com/v/L937ROnHfbo" target="_blank" class="new_win">http://www.youtube.com/v/L937ROnHfbo</a>

As the article has it, you might consider how these same folks would behave if they were hungry.

One crowd was light-hearted, almost festive. Until the doors opened. And then it was GAME. ON.

Some of the other videos on this page reveal why a box store iOS the last place you want to be on Black Friday, when ,many people take their mental illness and sense of grievance out for a walk. As the article has it, "Nothing says “Oh Holy Night” like beating the crap out of your fellow man for cheap Christmas tree ornaments…"
"...reprehensible lying communist..."

Offline azozeo

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Holiday Waste Prevention
« Reply #290 on: December 09, 2019, 02:29:27 PM »

Q: How much extra waste is created during the winter holiday season?
A: Americans throw away 25% more trash during the Thanksgiving to New Year's holiday period than any other time of year. The extra waste amounts to 25 million tons of garbage, or about 1 million extra tons per week!

If every family reused just two feet of holiday ribbon, the 38,000 miles of ribbon saved could tie a bow around the entire planet. If every American family wrapped just 3 presents in re-used materials, it would save enough paper to cover 45,000 football fields. The 2.65 billion Christmas cards sold each year in the U.S. could fill a football field 10 stories high. If we each sent one card less, we’d save 50,000 cubic yards of paper.

Statistics found at www.use-less-stuff.com. Visit this website and use the checklist to reduce your waste this holiday season.


https://lbre.stanford.edu/pssistanford-recycling/frequently-asked-questions/frequently-asked-questions-holiday-waste-prevention
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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🏗️ The Death Of Sears
« Reply #291 on: December 13, 2019, 04:23:04 PM »
A SLOW painful death, like mine.

RE

https://seekingalpha.com/article/4312371-death-of-sears

The Death Of Sears

Dec. 13, 2019 11:34 AM ET|


The Sears and Kmart banners are continuing to disappear, with only 182 stores scheduled to remain in early 2020.

Sears and Kmart may only exist as online stores in the future.

The apparent continuing retail losses at TransformCo reduce the need for Sears Holdings' NOLs.

Sears's underfunded pension plan is certainly not a source of value, as it could still be paying benefits (albeit diminishing) until past 2060.

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The Sears/Kmart banners are fading away as more stores close. This process is likely to continue until there are no physical Sears/Kmart department stores left. Sears Holdings (OTCPK:SHLDQ) does not own the stores anymore, but is suffering in its own way with legal expenses eating away at the remains of the estate after continuing court battles.

It remains quite unlikely that shareholders will receive anything. Creditors may be able to salvage more if there is a settlement (or through litigation). With TransformCo apparently racking up significant losses of its own, the NOLs may not even be needed by Eddie Lampert though.
The Sears Brand

The Sears (and Kmart) banners are in danger of fading away as large amounts of store closures continue. Under Transform Holdco, the store footprint has gone from around 425 Sears/Kmart stores in February 2019 to a projected 182 Sears/Kmart stores in February 2020.

I've argued before that a smaller store base would continue to be significantly unprofitable due to constant declines in traffic counteracting savings from cost cutting. Eventually even the top stores would end up with negative four-wall EBITDA given the trends in Sears/Kmart.

It is challenging for stronger department stores to achieve flat to positive comparable store sales growth even with significant investment in capex. The lack of investment in Sears/Kmart makes its eventual extinction as physical department stores virtually inevitable.

There is the possibility that Sears/Kmart could remain as internet-only companies though, like Bon-Ton (other than one physical Carson's store) after its bankruptcy filing.

Given the apparent continued losses with TransformCo, I'm not sure how much Eddie Lampert will need the NOLs generated by Sears Holdings before anyway. TransformCo seems to be generating its own substantial NOLs, so if there is a major dispute over the NOLs from Sears Holdings, it may be easier to walk away.
Pension Value

The idea that Sears's pension assets are a source of value is not supported by evidence. The pension plans are still significantly underfunded (by an estimated $1.4 billion at the beginning of the year) and were a continual drain on Sears's cash flow before.

There have been assertions that since the average age of a Sears retiree is high (around 80), the pension plans will not need to pay benefits for much longer as the average life expectancy of an 80 year old is around nine years.

However, that ignores the fact that there are still Sears and Kmart employees that are reaching retirement age and are either getting lump-sum payouts or a monthly pension. Kmart froze its pension plan in 1996 and Sears froze its plan at the end of 2005. That would still leave a potentially long stream of future retirees though.

For example, a Sears worker born in 1970 may have joined the company in 1990 and accumulated close to 15 years of service time by 2005 (Sears froze benefit accruals for under 40s in 2004). This worker would not turn 65 until 2035 though. If that worker chose monthly benefits and then lived until 80, Sears could be paying benefits until 2050 (plus there may be survivor benefits).

The following graph shows how a defined benefits plan frozen in 2013 can take a long time to see its liabilities decrease. In this example from Towers Watson, it takes over 20 years after the plan was frozen for the liabilities to decrease by 50%, and over 40 years to decrease to a relatively negligible amount (under 10% of the original liabilities). There also could still be a trickle of benefit payments 50 to 60 years after the plan is frozen.

It is now around 23 years since Kmart froze its plan, and around 14 years since Sears froze its plan.

Source

The long time it takes for pension liabilities to decrease with a frozen plan can also be seen in Sears's results. Both the Sears and Kmart pension plans were frozen by the end of 2005 (much earlier for Kmart as noted before). At that time, Sears's pension plan obligations (for Sears and Kmart, not including Sears Canada) were estimated at $6.134 billion. At the end of 2017, this declined to $4.003 billion, a decrease of $2.131 billion.
Source: Sears Holdings - Annual Reports

However, during that 12 year period, Sears also recorded $2.655 billion in settlements, without which the pension obligations would have actually increased (due to changes in discount rates). Sears also made $3.763 billion in company contributions during this period, and was only able to reduce its pension deficit by around $0.6 billion.

The state of constant underfunding was a major factor in this, as the average return on plan assets was $156 million per year during this time, compared to an average of $395 million per year in benefits paid.

As a simplified example, if Sears's pension assets averaged around a 6% annual return on beginning assets (it actually averaged around 5% from 2006 to 2017) and the benefits paid per year started at $300 million in 2018 and declined by 5% per year, the pension assets would be exhausted by 2041.
   2018    2023    2028    2033    2038    2040
Beginning Assets    $2,528    $1,844    $1,276    $786    $339    $164
Return on Plan Assets    $152    $111    $77    $47    $20    $10
Benefits Paid    $300    $232    $180    $139    $108    $97
Ending Assets    $2,380    $1,722    $1,173    $694    $251    $77

This is around 36 years after Sears froze its pension plan and 45 years after Kmart froze its pension plan.
Conclusion

The Sears and Kmart banners are coming close to disappearing from physical department stores as losses continue to add up under TransformCo. The continuing court battles are also draining Sears Holdings' remaining resources. Creditors may be able to achieve something through litigation (or a settlement in exchange for dropping litigation). The NOLs are less likely to be a key part of any settlement though, as TransformCo's losses are reducing the need for the NOLs from Sears Holdings. I would also add that the idea that Sears's pension is worth anything is not correct. The pension plan could be paying out something (albeit diminishing amounts) for another 40 years. Sears Holdings and Eddie Lampert are content with offloading the pension to PBGC.
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Offline azozeo

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R.I.P. the brands we used to know
« Reply #292 on: December 15, 2019, 08:29:57 AM »

In memoriam: The brands we lost in the 2010s

RIP Blockbuster, Borders, and so many more.

The 2010s were a decade of extreme retail innovation. Instagrammy direct-to-consumer companies like Warby Parker and Everlane sprang up seemingly overnight; hulking businesses like Amazon permeated what felt like every aspect of our shopping lives.

There’s a cost, of course, to such breakneck change, and that came in the form of what’s been called the “retail apocalypse.” Not just the result of these new upstarts and consolidated power (private equity certainly did its part); the death of many traditional retail chains left hundreds of thousands without jobs, and the shuttering of countless storefronts.



https://www.vox.com/the-goods/2019/12/12/20992264/blockbuster-borders-american-apparel-brand-obituaries
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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https://www.businessinsider.com/stores-closing-in-2020-list-2020-1

More than 1,700 stores are closing in 2020 as the retail apocalypse drags on. Here's the full list.
Hayley Peterson
10 hours ago


Retailers are closing thousands of stores in 2020. Seph Lawless

    Retailers have confirmed at least 1,700 store closings for 2020.
    Pier 1 Imports, Sears, Kmart, Forever 21, and Walgreens are among the retailers that are planning to close stores this year.
    Visit Business Insider's homepage for more stories.
    Sign up for Business Insider's retail newsletter, The Drive-Thru.

Retailers are expected to close thousands more stores this year, following record-high rates of closings last year.

More than 9,300 store closings were announced in 2019, smashing the previous record of roughly 8,000 store closures in 2017, according to an analysis by Business Insider.

The number of store closings this year could be even higher than previous records, according to estimates from the real estate firm Cushman & Wakefield. The firm estimated last year that as many as 12,000 major chain stores could close in 2020.

Retailers have so far confirmed at least 1,700 stores slated for closure in 2020, according to a Business Insider analysis.

Here's a list of the stores expected to close this year.
Pier 1 Imports: 450 stores
Pier 1 Imports
Shoshy Ciment/Business Insider

Pier 1 said in January that it plans to close 450 stores, representing about half of its total store count, as it struggles to stay afloat after years of falling sales.

The closings could affect thousands of workers. Pier 1 had about 950 stores and roughly 4,000 employees at the time of the announcement.

The company also said it planned to cut its corporate head count and shut down some distribution centers.
Gap: 230 stores
FILE - This Aug. 23, 2018, file photo shows a window display at a Gap Kids clothing store in Winter Park, Fla. The Gap Inc. reports financial results Thursday, Aug. 22. (AP Photo/John Raoux, File)
Associated Press

Gap is closing hundreds of Gap-branded stores as it opens stores under other brands including Old Navy and Athleta. The company said in February 2019 that it planned to close about 230 Gap stores over the next two years.

More recently, Gap said about 130 locations will close in fiscal 2019 and a majority of those closings will happen in the fourth quarter, which extends into January 2020.

The remaining closings are expected to happen in the coming year.
Walgreens: 200 stores
walgreens shoppers aisle
Russel A. Daniels/AP

Walgreens announced in August that it planned to close 200 US locations under a multiyear cost-cutting program. The company has not revealed any further details about the timing or location of the closings.

The new round of closings is in addition to a previously announced cut of 750 US stores, which Walgreens has said it expects to complete by the end of this year.
Chico's: 200 stores
Chico's
AP

The women's clothing retailer Chico's said last year that it planned to close about 250 stores, including 100 Chico's stores, 90 White House Black Market stores, and 60 Soma stores over three years. The company had closed 49 stores as of November 2, leaving about 200 more expected closures over the next two years.
Forever 21: 178 stores
forever 21
Jamie McCarthy/Getty Images

Forever 21 said it expected to close 350 stores globally, including up to 178 locations in the US, after filing for Chapter 11 bankruptcy protection in September. Company filings reveal many of these closures will happen in early 2020.
A.C. Moore: 145 stores
AC Moore
NJShoreBeachLife/Youtube

The craft-store chain A.C. Moore is shutting down all 145 of its stores in 2020. A.C. Moore's parent company, Nicole Crafts, announced the closings in November and said about 40 locations would be converted into Michaels stores.
Destination Maternity: 183 stores
destination maternity
Gilbert Carrasquillo/Getty Images

Destination Maternity filed for bankruptcy protection in October and said it planned to shutter 183 stores in the US, Canada, and Puerto Rico. The company owns stores under its namesake brand, as well as under the Motherhood Maternity brand.
Olympia Sports: 76 stores
Olympia Sports
AP

Olympia Sports said in October that it planned to close 76 stores after it was purchased by the sports retailer JackRabbit. The stores will close in 2020.
Sears: 51 stores
Sears
Reuters

Sears said in November that it planned to close 96 stores in February, including 51 Sears stores and 45 Kmart stores. Sears parent company Transform Holdco will operate just 182 stores after the closings.
Kmart: 45 stores
Kmart thanksgiving shopping
John Konstantaras/AP

Kmart parent company Transform Holdco plans to close 45 Kmart stores by February.
Macy's: 15 stores
Seattle flagship macys closing 15
Irene Jiang / Business Insider

Macy's is closing at least 15 stores in early 2020, Business Insider's Mary Hanbury reports.
SEE ALSO: Pier 1 plans to close 450 stores and fire hundreds of employees as the company struggles to stay afloat
More: Features Gap Forever 21 Sears
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‘It’s amazing how a company most have never heard of can bring the U.S. music industry to its knees,’ said one label exec struggling to get his artists’ records into stores

Last fall, Steve Harkins was conducting a routine check on a shipment of records and CDs at Ingram Entertainment, a wholesale music distributor headquartered in Tennessee. Instead of vinyl, though, Harkins was amused to find that Ingram’s supplier had sent a pallet packed with bottles of windshield-wiper fluid. “I called customer service, they apologized profusely,” he recalls. “I said, ‘The thing that really bothers me is that you didn’t have the courtesy to throw in some car wax.’ ”

No harm done — until a few weeks later, when Harkins received another surprise that suggested a troubling trend. This time, a shipment that was supposed to contain music came filled with bottles of prescription cough syrup. Other orders of records and CDs arrived damaged or incorrectly packed. “You can’t make this stuff up,” Harkins says. “In all my years of business, I’ve never been able to report that we’ve been missing significant quantities of product, and in its place, prescription cough syrup and carwash fluid.”


https://www.rollingstone.com/music/music-features/cd-vinyl-distribution-crisis-950327/
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This has been one LOOOONG slow Death.  ::)

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JC Penney, century-old mainstay of US malls, declares bankruptcy amid pandemic

Coronavirus struck final blow to already struggling department store, reportedly largest retail casualty so far

Even before the outbreak, JC Penney faced nearly $4bn in debt. Photograph: AFF-USA/Rex/Shutterstock

Guardian staff and agencies
Published on Fri 15 May 2020 21.18 EDT


JC Penney, the more than 100-year old US department store chain, filed for bankruptcy on Friday, making it the latest business to hit bottom amid the coronavirus pandemic.

The chain, known for selling family apparel, cosmetics and jewelry, is the latest in a series of victims of the pandemic-induced economic downturn. With its 850 stores and almost 90,000 workers, it is also reportedly the largest retail casualty so far.

The Covid-19 fallout represented a final blow to the company, which had been struggling for some time.

Many brick-and-mortar retailers are also battling to stay afloat, according to a report from the Associated Press. In the past two weeks, J Crew, Neiman Marcus and Stage Stores have filed for bankruptcy protection.

“The whole economic model is unraveling,” Neil Saunders, the managing director of GlobalData Retail, told the Associated Press. “This is going to be very painful. For some, it’s going to be fatal.”

The bankruptcy filing caps a long decline for the 118-year-old chain, which once operated more than 1,600 locations that became fixtures in US malls. The company at one point employed nearly 200,000 people.

Even before the coronavirus outbreak, JC Penney was struggling with nearly $4bn of debt and pressure from both discount retailers and e-commerce companies. Larger retailers such as Walmart and Target have squeezed smaller rivals by offering bargain-price apparel.
Amazon posts $75bn first-quarter revenues but expects to spend $4bn in Covid-19 costs
Read more

The company on Friday said it would begin closing some stores permanently in phases and would disclose further details in coming weeks. People familiar with the matter previously told Reuters that the company initially plans to permanently shutter roughly 200 stores, saying the figure could fluctuate depending on negotiations with creditors.

James Cash Penney founded the eponymous retailer with partners in 1902. Averse to the haggling that was common at the time, he believed prices should be low, set and marked, an attitude that served as a precursor to modern shopping, according to the JC Penney Museum in Hamilton, Missouri, the founder’s hometown.

JC Penney stores initially dotted Main Streets in rural towns dominated by farmers. After expanding to operate more than 30 stores, it went public in 1929. By the 1970s, JC Penney had become a mainstay across the US.

Like other retailers, JC Penney has started reopening its stores in stages as many states have begun to loosen coronavirus restrictions. But with unemployment now at the highest level since the Great Depression, there are serious concerns that consumer spending will remain dampened for a prolonged stretch.

Against that backdrop, JC Penney faced a looming $105m debt payment in June and $300m of annual interest expenses. Adding to pressure was an unprecedented span of lost sales and uncertainty whether shoppers concerned about their health would return to stores.

Days before seeking bankruptcy protection, JC Penney paid nearly $10m in bonuses to top executives. The company said it was “taking necessary steps to retain our talented management team”.
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This has been one LOOOONG slow Death.  ::)

RE

JC Penney, century-old mainstay of US malls, declares bankruptcy amid pandemic

Coronavirus struck final blow to already struggling department store, reportedly largest retail casualty so far

Even before the outbreak, JC Penney faced nearly $4bn in debt. Photograph: AFF-USA/Rex/Shutterstock

Guardian staff and agencies
Published on Fri 15 May 2020 21.18 EDT


JC Penney, the more than 100-year old US department store chain, filed for bankruptcy on Friday, making it the latest business to hit bottom amid the coronavirus pandemic.

The chain, known for selling family apparel, cosmetics and jewelry, is the latest in a series of victims of the pandemic-induced economic downturn. With its 850 stores and almost 90,000 workers, it is also reportedly the largest retail casualty so far.

The Covid-19 fallout represented a final blow to the company, which had been struggling for some time.

Many brick-and-mortar retailers are also battling to stay afloat, according to a report from the Associated Press. In the past two weeks, J Crew, Neiman Marcus and Stage Stores have filed for bankruptcy protection.

“The whole economic model is unraveling,” Neil Saunders, the managing director of GlobalData Retail, told the Associated Press. “This is going to be very painful. For some, it’s going to be fatal.”

The bankruptcy filing caps a long decline for the 118-year-old chain, which once operated more than 1,600 locations that became fixtures in US malls. The company at one point employed nearly 200,000 people.

Even before the coronavirus outbreak, JC Penney was struggling with nearly $4bn of debt and pressure from both discount retailers and e-commerce companies. Larger retailers such as Walmart and Target have squeezed smaller rivals by offering bargain-price apparel.
Amazon posts $75bn first-quarter revenues but expects to spend $4bn in Covid-19 costs
Read more

The company on Friday said it would begin closing some stores permanently in phases and would disclose further details in coming weeks. People familiar with the matter previously told Reuters that the company initially plans to permanently shutter roughly 200 stores, saying the figure could fluctuate depending on negotiations with creditors.

James Cash Penney founded the eponymous retailer with partners in 1902. Averse to the haggling that was common at the time, he believed prices should be low, set and marked, an attitude that served as a precursor to modern shopping, according to the JC Penney Museum in Hamilton, Missouri, the founder’s hometown.

JC Penney stores initially dotted Main Streets in rural towns dominated by farmers. After expanding to operate more than 30 stores, it went public in 1929. By the 1970s, JC Penney had become a mainstay across the US.

Like other retailers, JC Penney has started reopening its stores in stages as many states have begun to loosen coronavirus restrictions. But with unemployment now at the highest level since the Great Depression, there are serious concerns that consumer spending will remain dampened for a prolonged stretch.

Against that backdrop, JC Penney faced a looming $105m debt payment in June and $300m of annual interest expenses. Adding to pressure was an unprecedented span of lost sales and uncertainty whether shoppers concerned about their health would return to stores.

Days before seeking bankruptcy protection, JC Penney paid nearly $10m in bonuses to top executives. The company said it was “taking necessary steps to retain our talented management team”.

The equivalent of pushing over an old rotten tree stump in the forest, that was going to be taken down by gravity in the near future anyway. JCP has been walking dead for more than a decade.
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https://www.dailymail.co.uk/news/article-8346097/More-70-Target-stores-close-massive-restructure.html

Thursday, May 21st 2020 6PM 37°F 9PM 36°F 5-Day Forecast
Australia's largest department store chain Target announces closure of 167 outlets in massive restructure - with some being turned into a Kmart - after a record $67 million sales slump

    Across Australia, 92 Target stores are being converted into popular Kmarts
    But a further 75 are being shut down completely after financial struggled
    The company said Target shops were 'unsustainable' while Kmart is profitable
    On Friday, owners Wesfarmers unveiled its drastic restructure to save money

By Alisha Rouse For Daily Mail Australia

Published: 19:07 EDT, 21 May 2020 | Updated: 22:28 EDT, 21 May 2020


Struggling Australian retailer Target will close 75 of its stores, and convert 92 others into Kmarts, it has announced.

Following a financial review, the company revealed plans to drastically restructure as the brand suffered a $67 million sales slump.

Ten to 25 large Target stores will be closed, alongside 50 smaller Target Country stores.

An additional 25 regional Target Country stores will be converted into small Kmarts, while between ten and 40 large stores will become big Kmarts.
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This means anywhere between 122 and 167 Target locations will either be converted or shut - which amounts to around half of Target's network of 284 stores.

Announcing to investors on Friday morning, owners Wesfarmers said the restructure would reduce Target's 'unsustainable' cost base and allow it focus on the more-profitable Kmart.
Target (pictured in Sydney) has announced the closure of up to 75 of its stores, with others being converted into Kmarts
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Target (pictured in Sydney) has announced the closure of up to 75 of its stores, with others being converted into Kmarts
The coronavirus outbreak meant many shops in Australia had to close for months, with less customers in the streets (pictured, shoppers in face masks in Sydney on May 17)
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The coronavirus outbreak meant many shops in Australia had to close for months, with less customers in the streets (pictured, shoppers in face masks in Sydney on May 17)

Target staff will be offered jobs at Kmart or other Wesfarmers companies, including Bunnings and Officeworks.

The changes will be implemented over the next 12 months, with most of the work to rebrand stores being carried out in 2021, but details of which stores and closing and which are converting were not released.

The closures and conversions are likely to cost the company between $120 million and $170 million over the next year.

A further $140 million will be used for one-off store conversion and stock clearance costs.

Wesfarmers chief Rob Scott said the company hopes to focus on its online sales.


'The actions announced reflect our continued focus on investing in Kmart, a business with a compelling customer offer and strong competitive advantages,' he said.

'While also improving the viability of Target by addressing some of its structural challenges by simplifying the business model.

'While accounting standards require us to recognise an impairment of assets within Target to implement the restructuring, these actions will allow us to enhance the overall value of Kmart Group and further strengthen Kmart.'
Target designer Dannii Minogue (pictured) is seen at the brand's fashion show during Melbourne Fashion Week in 2015, as the company tried to inject some glamour
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Target designer Dannii Minogue (pictured) is seen at the brand's fashion show during Melbourne Fashion Week in 2015, as the company tried to inject some glamour

But the company warned that even more stores could be shut entirely if landlords don't help with the costs of converting stores into Kmarts.

Mr Scott told the Australian Financial Review on Friday that more Kmart stores could help increase overall football into shopping malls and centre.

Announcing the conversion of some stores, Wesfarmers said it was subject to 'subject to landlord support'.

'To convert stores costs money and there are some stores that are not commercially viable in the current structure,' Mr Scott commented.

'In some cases it's better to close stores than to keep pursuing unviable stores.

'The opportunity is to work out how we jointly share the costs and share the benefits.'
Many stores will be converted into Kmarts (pictured in Sydney) with the store still offering popular items
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Many stores will be converted into Kmarts (pictured in Sydney) with the store still offering popular items
HISTORY OF TARGET

Target is Australia's largest department store chain with 284 stores across the country.

Established in 1926, the retailer was originally known as Lindsays until 1968, when Myer Emporium bought the chain of 16 stores across Victoria, which were renamed Lindsay's Target.

The retailer was renamed Target Australia in 1973.

On April 28, Wesfarmers has fast-tracked a review into the commercial viability of the struggling retailer after a worse than expected slump in sales.

The department store chain's revenue and profits have taken a 'significant' hit during the coronavirus lockdowns, which have left shopping centres deserted as retailers temporarily close their doors.

Announcing the fast-paced review, Mr Scott highlighted Target's 'unsatisfactory' financial performance in a trading briefing to investors, and said store closures were 'inevitable'.

While sister department store chain Kmart remains profitable in deteriorating trading conditions, Target's earnings have slumped significantly.
Wesfarmers says a decline in in-store sales will continue declining sales is expected to persist (pictured, shoppers in Sydney's deserted Pitt Street Mall on April 27)

Wesfarmers says a decline in in-store sales will continue declining sales is expected to persist (pictured, shoppers in Sydney's deserted Pitt Street Mall on April 27)

In February, Kmart swung to a 5.5 per cent first-half comparable sales growth from a 0.6 per cent decline a year ago, with revenue at the discount department store up $241 million or 7.6 per cent to $4.99 billion.

Target's comparable sales went the other way, though, falling 2.3 per cent compared with 0.5 per cent growth a year ago as it recorded a worse-than-expected $67 million sales slump.

Target is Australia's largest department store chain with 284 stores across the country.

Established in 1926, the retailer was originally known as Lindsays until 1968, when Myer Emporium bought the chain of 16 stores across Victoria, which were renamed Lindsay's Target.

The retailer was renamed Target Australia in 1973.
Wesfarmers fast-tracked a review into the 'unsatisfactory' performance of Target (pictured), which has resulted in the closure of some stores
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Wesfarmers fast-tracked a review into the 'unsatisfactory' performance of Target (pictured), which has resulted in the closure of some stores
A couple in face masks are seen walking past sales signs in an empty Pitt Street Mall in Sydney (pictured) on March 28, shortly after restrictions were brought in
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A couple in face masks are seen walking past sales signs in an empty Pitt Street Mall in Sydney (pictured) on March 28, shortly after restrictions were brought in

Announcing the fast-tracked review last month, Mr Scott admitted the already embattled Target had been badly hit by the coronavirus pandemic.

Shopping centres across the country emptied out almost overnight after people were encouraged to stay home and only go out for essential reasons to stop the virus spreading.

'In recent weeks, in-store sales momentum has moderated in Kmart and has declined in Target, reflecting the broader decline in customer footfall shopping centres and ongoing weakness in discretionary categories, particularly apparel,' Mr Scott told investors.

But he insisted online sales were still strong.

'We are getting very strong growth in online in Target, it’s a great brand, with loyal customers, and a very engaged and loyal team,' he said.

'So there are assets of value we can work with but we need to get the property structure and network right to ensure the cost base is right for the future.'
Target (pictured in Melbourne) is Australia's largest department store chain with 284 stores across the country
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Target (pictured in Melbourne) is Australia's largest department store chain with 284 stores across the country
A quiet Queen Victoria Building, usually a busy Sydney shopping area, is seen quiet on March 27 (pictured)
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A quiet Queen Victoria Building, usually a busy Sydney shopping area, is seen quiet on March 27 (pictured)

Market strategist Evan Lucas, from IG, explained Target was 'consistently under-performing.

He said part of this was down to a change in the market, with the introduction of other high street clothing brands such as Topshop and Zara.

'Target has consistently underperformed as it’s been wedged in that space now dominated by the interlopers,' he told the Herald Sun.

'They have much bigger turnover in apparel, which used to be Target’s strength, and can offer higher discounts.

'Target now finds it has an inability to compete on price, these raiders can use cheaper labour from overseas.'
It has been a difficult time for the retail sector, with many shops closed for months due to the coronavirus outbreak (pictured, shoppers in face masks in Sydney on April 27)
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It has been a difficult time for the retail sector, with many shops closed for months due to the coronavirus outbreak (pictured, shoppers in face masks in Sydney on April 27)

It comes off the back of a series of major closures changing the face of the Australian high street.

Household names like Harris Scarfe, Bardot, Roger David, and Napoleon Perdis dropped like flies in the past year with dozens of stores closing resulting in heavy job losses.

Experts claim that the could be the tip of the iceberg as consumers continue to turn more to online shopping over bricks and mortar stores.

Australian retail growth is at its worst level since the early 1990s recession and international giants like Amazon and Aldi threaten to further shake things up.
Australia is headed for a retail apocalypse that could even kill off Myer, which recently closed its store in Hornsby, Sydney, after 40 years of serving customers
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Australia is headed for a retail apocalypse that could even kill off Myer, which recently closed its store in Hornsby, Sydney, after 40 years of serving customers

Entrepreneur Dick Smith believes the outlook is so bad, high-profile collapses will accelerate until there's very little left.

'We will end up with just Amazon and Aldi and basically all the Aussie companies will be sent to bankruptcy,' he told Daily Mail Australia.

'All those famous brands will go. Some of them might exist in name only but will be taken over by overseas companies.'

Mr Smith watched the electronics chain that bore his name crash in 2016, decades after he sold it in 1980. The collapse was one of Australia's biggest retail failures.

Harris Scarfe, founded in 1849, also took consumers by surprise when it entered administration in December, with the closure of at least 21 stores. 
Experts have warned Bardot (pictured) and Harris Scarfe are just the start of the downfall of big-name Aussie brands
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Experts have warned Bardot (pictured) and Harris Scarfe are just the start of the downfall of big-name Aussie brands
Kmart (pictured in Chatswood on May 6) has stayed open throughout the pandemic, attracting queues of customers
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Kmart (pictured in Chatswood on May 6) has stayed open throughout the pandemic, attracting queues of customers

Target's boss Mr Scott admitted the department store faced 'a number of structural challenges', blaming the size of the shops and high rental costs.

'A lot of the structural challenges facing department stores relate back to the number of stores, the size of stores and the nature of occupancy costs in a world where online is more relevant,' Mr Scott told The Australian Financial Review.

'Target is growing online sales quite strongly – it's timely to review the store network.

'That could mean store closures, it could mean conversion of some Target stores to Kmart, and it could mean reviewing the size of the stores we have in the network.'

On Friday, he admitted in a statement to investors that Target was not well positioned to tackle the new retail landscape.

'For some time now, the retail sector has seen significant structural change and disruption, and we expect this trend to continue,' he wrote.
People are sen walking around an empty Melbourne on March 19 (pictured) as city centres resembled ghost towns at the height of the pandemic
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People are sen walking around an empty Melbourne on March 19 (pictured) as city centres resembled ghost towns at the height of the pandemic
COVID-19 labour market at a glance

Unemployment: it surged from 5.2 per cent in March to 6.2 per cent in April - the highest since September 2015

Number unemployed climbed by 104,500 to 823,300

In April, 489,800 people left the labour force, which meant 594,300 either lost their job or gave up looking for one

Underemployment soared by 4.9 percentage points to record 13.7 per cent

Tally of underemployed Australians surged by 603,300 to 1.8million

Participation rate plunged by an unprecedented 2.4 percentage points to 63.5 per cent

Source: Australian Bureau of Statistics

'With the exception of Target, Wesfarmers' retail businesses are well-positioned to respond to the changes in consumer behaviour and competition associated with this disruption.'

As well as crippling a number of beloved high street stalwarts, the coronavirus crisis has left thousands of Australians unemployed.

The jobless rate soared from 5.2 per cent in March, before the shutdowns of non-essential businesses, to 6.2 per cent in April.

This is the highest rate since September 2015 as a record 600,000 Australians either lost their job or gave up looking for one.

A similar number had their hours cut, leaving Australia with a record underemployment rate.

Unemployment is above the levels of the global financial crisis a decade ago, following the closure of pubs, clubs, gyms and cinemas to slow the spread of coronavirus.
Sonia Kruger (pictured) showcases designs during the Jean Paul Gaultier x Target show during Melbourne Fashion Festival on March 9 2016
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Sonia Kruger (pictured) showcases designs during the Jean Paul Gaultier x Target show during Melbourne Fashion Festival on March 9 2016
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https://fox40.com/news/national-and-world-news/multiple-large-business-chains-filed-for-bankruptcy-closed-stores-every-week-in-july/

Multiple large business chains filed for bankruptcy, closed stores every week in July
National and World News

by: CNN Wire
Posted: Jul 25, 2020 / 09:47 AM PDT   / Updated: Jul 25, 2020 / 09:42 AM PDT   

CORTE MADERA, CALIFORNIA – JULY 06: A pedestrian walks by a Lucky Brand retail store on July 06, 2020 in Corte Madera, California. Los Angeles based Lucky Brand Dungarees announced that it has filed for Chapter 11 bankruptcy as the company is millions of dollars in debt. The retailer will close 13 of its 200 retail stores. (Photo by Justin Sullivan/Getty Images)


(CNN) — Coronavirus, massive amounts of debt and a shift in shopping habits created a lethal cocktail of bankruptcies and store closures in July.

So far this year, 21 private and public retailers have filed for Chapter 11 according to BankruptcyData.com. That’s more than double the number that filed for the same time period last year. In total, 20 retailers filed for bankruptcy protection in 2019.

“A retail sector already in upheaval in the face of changing consumer habits in 2019 is now additionally faced with a massive demand shock for which there is no cure,” said James Hammond, the CEO of New Generation Research.

“Storied names in the industry, some operating for over 100 years, like Brooks Brothers, have fallen,” he added. “Even the strong can’t survive. This is far from over.” (New Generation Research runs BankruptcyData.com.)

In July, well-known mall staples that filed for Chapter 11 included Lucky Brand, Brooks Brothers, Muji and Sur La Table. All of those stores, and others, announced significant store reductions amounting to more than 1,000 closures in the list below.

Here are some of the brands that announced closures and bankruptcies in July:
NPC International

The name of this huge franchisee may not sound familiar, but what it operates certainly does: 1,200 Pizza Hut and 400 Wendy’s restaurants throughout the US.

NPC International kicked off July’s string of bankruptcies with its own, blaming its collapse on coronavirus-related shutdowns, a debt burden of nearly $1 billion as well as rising labor and food costs. Its restaurants will continue to operate and it employs nearly 40,000 people in 27 US states, according to its website.

The company will use Chapter 11 to “evaluate and optimize our restaurant portfolio so that we are best positioned to meet the needs of consumers across the country.”
Lucky Brand

The once-trendy denim company filed for bankruptcy on July 3, explaining in a press release that the pandemic has “severely impacted sales across all channels.” Lucky Brand will immediately close 13 of its roughly 200 stores in North America, which are mostly in malls. However, its online store and re-opened locations will continue to operate normally.

The plan through the Chapter 11 process is to sell itself to SPARC Group, the owner of Nautica and Aéropostale.
Brooks Brothers

The 200-year-old menswear retailer that has dressed 40 US presidents filed for bankruptcy on July 8. The privately held company had been struggling as business attire grew more casual in recent years and the transition to working-from-home because of the pandemic.

Brooks Brothers has been evaluating various strategic options, including a potential sale. But it has struggled to find a buyer. A company spokesperson told CNN Business that it expects to “complete the sale process within the next few months.” It’s also in the process of permanently closing 20% of its 250 US stores.
Sur La Table

The nearly 50-year-old purveyor of upscale kitchenware and cooking classes filed for bankruptcy on July 8. Despite people increasingly cooking at home and needing kitchen supplies, the retailer was hurt by the temporary store closures sparked by the pandemic.

To better “thrive in a post Covid-19 retail environment,” the company is closing roughly half of its 120 US stores and looking for a buyer.
Muji

The trendy Japanese retailer that sells minimalist decor, stationery and clothing, filed for bankruptcy on July 9. Muji CEO Satoshi Okazaki said the company has “felt the devastating effects of the Covid-19 pandemic on in-store retail” and is closing a “small number” of its US stores.

Muji plans to focus its efforts on online sales. The company said in its statement that the bankruptcy process will “ensure the future health, growth, and viability of the company. Muji is committed to serving its customers in the market and providing a high quality of product and experience into the future.”
RTW Retailwinds

The owner of women’s retailer New York & Co. filed on July 13 — just weeks after warning its future was in “substantial doubt.” RTW Retailwinds, which has nearly 400 stores and 5,000 employees, said it “expects to close a significant portion, if not all, of its brick-and-mortar stores” after liquidation sales are complete.

Like others, it blamed its collapse on the “challenging retail environment coupled with the impact of the coronavirus pandemic” that has caused “significant financial distress.” It’s looking to sell its online operations and the intellectual property of the century-old business.
Heritage Brands

PVH Corp., which owns Calvin Klein and Tommy Hilfiger, didn’t file for bankruptcy but announced substantial closures and layoffs of its Heritage Brands unit on July 14.

Van Heusen and Izod Golf stores are part of Heritage and are staples across US outlet malls. In total, it’s closing the entirety of its 162 store footprint and PVH is laying off 12% of its total workforce, which amounts to roughly 450 jobs.

Heritage also owns women’s brands Olga and Warner’s as well as men’s casual outfitter Arrow. Those brands won’t disappear, and will still be sold in department stores and warehouse clubs.
Tailored Brands

OK, so technically Tailored hasn’t filed for bankruptcy. Yet. Despite strong rumblings of a bankruptcy filing.

Instead, on July 21 it announced store closures and deep cuts to its corporate workforce.

The owner of suit sellers Men’s Wearhouse, Jos. A. Bank, and K&G identified 500 stores for closures and said it’s cutting 20% of its corporate positions in hopes of strengthening its “financial position and enable it to compete more effectively in the challenging retail environment,” according to a release.

“Unfortunately, due to the Covid-19 pandemic and its significant impact on our business, further actions are needed to help us strengthen our financial position so we can navigate our current realities,” said CEO Dinesh Lathi.

The company has around 1,500 stores in the United States, with about half operating under the Men’s Wearhouse name.
Ascena Retail Group

The owner of Ann Taylor, LOFT, Lane Bryant and other women’s clothng stores filed for bankruptcy Thursday. Ascena was in deep financial trouble even prior to the Covid-19 pandemic, reporting a positive operating profit in only one year of the last five and has reported operating losses of $2.4 billion since the summer of 2014.

Ascena is closing all of its roughly 300 Catherines stores, a significant but undisclosed [number of Justice stores and a smaller number of Ann Taylor, LOFT, Lane Bryant and Lou & Grey locations. As of February 1, it had 2,764 stores spread among its various brands — a decrease of 600 since the beginning of August.

“The meaningful progress we have made driving sustainable growth, improving our operating margins and strengthening our financial foundation has been severely disrupted by the Covid-19 pandemic,” said Carrie Teffner, interim executive chair of Ascena, in a statement.
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