is the parent company of two troubled department store brands: Sears and Kmart.
Crew locations to 523, down from 571 as of the end of the first quarter of 2017. The closures would bring the total number of J. In the same release, the company also announced plans to shutter an additional 20 stores during the 2018 fiscal year. Crew announced in March it had closed 51 stores during its fiscal 2017 year, 40 of which in the final quarter of the year. More: Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty 19. Hurt by e-commerce, Macy’s reported $24.8 billion in revenue in fiscal 2018, nearly $1 billion less than the previous year’s figure and over $2 billion less than fiscal 2016’s revenue total. While the retailer already closed the majority of those stores, the company anticipates 11 will close this year. In August 2016, the company announced plans to shutter 100 underperforming locations in the coming years amid falling sales. is the company behind a the iconic department store chain of the same name as well as Bluemercury beauty specialty stores. These seven location closings pale in comparison to last year, when the retailer shuttered 141 locations. Penney is expecting to close seven of its store locations and one distribution center in Milwaukee. Penneyįew brick-and-mortar retailers are being hit as hard by the surge of e-commerce as department stores.
Companies shuttering several hundred locations, on the other hand, are either being bought out or are declaring bankruptcy and liquidating assets. Retailers closing the fewest locations - less than a few dozen - tend to be those companies attempting to improve profitability. More: How Sears CEO Lampert cashes in as stores cash outĢ4/7 Wall Street reviewed publicly available financial documents and corporate announcements to identify the retailers closing the most stores in 2018. More: Toys R Us will live on in Canada, but so far, not in the U.S. restaurants, while opening 1,000-plus overseas However, many retailers on this list are closing locations as a result of falling revenue largely brought on by the convenience and increasing popularity of online shopping. This is the case with Subway, which opening over 1,000 new locations. In some cases, companies appear to be merely culling their most unprofitable stores while adding new stores elsewhere. In a handful of cases, store closings are the result of corporate mergers and acquisitions. This year, over a dozen well-known companies are shuttering locations nationwide. So far, trouble for traditional brick-and-mortar retailers shows no sign of abating. Since the beginning of 2017, major companies, including RadioShack, Payless ShoeSource, Toys “R” Us, and Bon-Ton, have filed for bankruptcy protection. In the most extreme cases, several well-known brands have had no choice but go out of business entirely. In what many have dubbed the “retail apocalypse,” brick-and-mortar retailers across the United States have been forced to reduce their footprint in order to maintain profitability in recent years. These closings are just the latest in a stream of announcements by major retailers. In April, Subway, the fast food company with the most locations in the world, announced it would be shuttering roughly 500 of those stores in the United States.
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