Retail bankruptcies store closures at an alarming rate
New York (CNN Business)As many as 25,000 retail stores in the United States are expected to permanently close this year as consumer demand for discretionary items stalls and more people shift to online shopping, according to a firm that tracks the industry.
Not every company or Mall was meant to be around forever the USA and Canada had a surplus of retail stores and restaurants for decades now. It was only a matter of time they went bankrupt or closed.
are among the nearly 5,000 store closings already in 2019
Already, 4,810 store closures have been announced by retailers in 2019, according to Coresight Research. And it’s only March. Last year, Coresight tracked 5,524 store
Mattress Firm files Ch. 11 plans 700 store closures
As we’ve done in past years, we are keeping a watchful eye on the retail store closures and bankruptcies that affect the Canadian market. Here you’ll find a list of all the brands and retailers that have closed stores or filed for bankruptcy
If you keep noticing more going-out-of-business sales, there's a startling reason: Walgreens, Dressbarn, GameStop, Gap, and other chains have already announced over 8,000 store closings in 2019
Jean Machine filed for bankruptcy protection in January amid increased competition in the denim space from Uniqlo, H&M, Nordstrom, and other newer retail chains.
MONTREAL — Beauty and home products retailer Crabtree and Evelyn Canada Inc. is closing its stores and has filed for bankruptcy protection.
STORES AND MALLS CLOSING IN USA AND CANADA
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Payless to close all stores in Canada, U.S
Payless Shoes plans to liquidate all of its stores in the U.S. and all 248 stores in Canada as the discount shoe retailer seeks creditor protection.
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Home improvement retail giant Lowe’s has announced it will close 31 locations mostly under the Rona banner in Canada.
H&R Block Is Closing 400 Locations
Retailers are closing thousands of stores
but there could be a bigger problem hiding in the distance
The move will offset a 0.2% decline in U.S. sales and a 3.2% decline across some of its international locations. The closures mark the first time that McDonald’s has closed locations in four decades.
Target Canada missed its Target
Target is pulling out of Canada. The Minneapolis based retailer it has filed for creditor’s protection with the Ontario Superior Court of Justice and with tears in his eyes mentioned that personally this was a very difficult decision but it was the right decision for our company.
Subway Restaurants closed hundreds of domestic locations last year, marking the biggest retrenchment in the history of a chain that spent decades saturating America with restaurants.
The company lost 359 U.S. locations in 2016, the first time that Subway had a net reduction.
The massive gourmet coffee chain recently announced that it plans to close all 379 of its Teavana retail stores, closures that will affect a staggering 3,300 employees.
Starbucks says it will close all of its 300+ Teavana stores over the coming year.
Danier closing its retail locations and struggling coffee chain Second Cup latching onto one last lifeline in the form of a sizeable loan.
If you're a loyal BCBG Max Azria shopper, we have some sad news for you—the upscale women's fashion brand is shuttering all of its standalone stores in Canada.
FedEx is closing its FedEx Office stores in Canada, will close its 24 stores, a manufacturing plant in Markham, Ontario, and it's a head office in Toronto.
As I mentioned last month, Gymboree is closing approximately 350 stores mainly across the Gymboree and Crazy 8 brands as part of their Chapter 11 Bankruptcy.
As Americans do more and more of their shopping on their devices instead of at the store, traditional retailers are reeling. Some are being forced to shrink — or go out of business altogether. Already 2017 has been a year of massive store closings, led by these chains.
Hudson’s Bay Outlet Stores
The iconic Canadian department store opened its first outlet location in 2013 at the Toronto premium outlets. The outlet store instantly became a success and a second location in Montreal opened later the next year. After two years of business, Hudson’s Bay announced that both stores would close and be replaced with Saks Fifth Avenue’s outlet
The UK-based retailer, best known for its ‘fcuk’ emblazoned sweaters, has been quietly closing stores since 2013. The retailer currently only has two locations left in Canada: one in Toronto and one in Montreal.
The company decided to pull out of the Canadian market completely, halting online orders and shipments to Canada
Ben Moss Jewellers announced they would shutter all 54 locations.
The store will no longer honor any warranties previously purchased.
Last year, the Los Angeles-based retailer closed 50 of their 488 North American Guess stores. The year prior, the retailer closed 19 locations.
The Montreal-based retailer, whose denim line gained major popularity in the 90s, closed all seven of their locations early 2015. The brand is still available to shop online.
Reitmans Canada Limited announced they would be shutting down all 107 Smart Set locations.
76 of those locations will be converted into other Reitmans Canada Limited operated stores
In the past couple of years, Chapters/Indigo have closed multiple locations across Canada. They closed their Toronto Runnymede location in February 2014, the World’s Biggest Bookstore in March 2014, and their downtown Toronto Richmond & John location in April 2015. They also closed their Montreal flagship and their Vancouver flagship but it’s all for the better.
Trouble for Sears began in 2013 when they announced they would be laying off a large portion of their employees and selling the leases to 8 of their locations across Canada.
There was tons of excitement around the launch of Target Canada in 2013 however, Canadian shoppers were quickly disappointed. Complaints about the lack of products in-store, poor customer service, and high prices led Target to their demise in early 2015. They are set to close all Canadian locations by the end of spring 2015.
Grand and Toy
Grand and Toy announced they would be closing all 19 of their retail stores.
The decision to their brick-and-mortar, after 132 years of business, was due to a huge growth in online sales – only about 3% of sales came from in-store walk-ins.
Staples announced they would close 225 North American locations.
The Japanese-based electronics retailer announced they would be closing all 14 of their Canadian locations. The closures came after poor television and mobile sales.
Sony will continue to sell electronics online and through its Canadian retail partners.
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The Dutch retailer declared bankruptcy. They will be closing 315 stores worldwide – 95 of them in Canada.
The Canadian womenswear retailer closed all of their locations.
With retailers like Saks and Nordstrom headed into Canada, Holt Renfrew is getting ready to tackle the competition.
There were 131 locations in total: 66 of them were closed permanently and 65 of them were converted into Best Buy locations.
Cleo, Ricki’s & Bootlegger
The Mississauga-based company owns Cleo, Ricki’s and Bootlegger and have been open since 1976. They closed a number of underperforming stores but have since been acquired by Pacific West Commercial Corporation.
Telus announced they would be closing down all 59 Black Photography locations.
The photography and photo supply store was unable to keep up with the digital age.
2. It is being reported that Sports Authority will file for bankruptcy in March.
3. For decades, Kohl's has been growing aggressively, but now it plans to shutter 18 stores
4. Target has just finished closing 13 stores in the United States.
5. Best Buy closed 30 stores last year, and it says that more store closings
6. Office Depot plans to close a total of 400 stores
The next seven examples come from one of my previous articles ...
7. Wal-Mart is closing 269 stores, including 154 inside the United States.
8. K-Mart is closing down more than two dozen stores over the next several months.
10. Macy's 36 stores and lay off approximately 2,500 employees.
11. The Gap is in the process of closing 175 stores in North America.
12. Aeropostale is in the process of closing 84 stores all across America.
13. Finish Line has announced that 150 stores will be shutting down over the next few years.
20 Stores with Closures in 2016-2017
Office Depot closed 400 locations and is in the process of 300 more
Sports Authority – folding all 460 stores;
Abercrombie & Fitch – up to 370 closures
The Children’s Place – Closed 125 in 2016 and 200 in 2017
Walmart – 269 stores will close,
Hancock Fabrics – closing all 255 stores
Tailored Brands – 250 store closures
The Limited – closing all 250 stores
The Finish Line – closing 150 stores
American Eagle – initiative to close up to 150 stores
Wolverine Worldwide plans close 140 stores in the next few years
Chico’s (Chico’s, White House Black Market, will close 120 stores
Aéropostale – closing 113 U.S. stores and 41 Canadian stores
Macy’s – 65 in 2017, 30 expected in the next few years
CVS – planning to shut down 70 locations
Kmart – 68 closures
Ralph Lauren – 50 closures
Kohl’s – 18 closures
Sears – 10 closures
JC Penney – 7 in 2016, “a few” being evaluated for future closings
hundreds of stores will close. It seems that the 323 Family Dollar locations--which are owned by a small Charlotte-based chain Dollar Express, and not involved in a 2015 merger with Dollar Tree--will be closing this spring. Layoff notices began going out this week.
More than two years ago, suppliers forgave Family Christian Stores $127 million in debt so that it could remain open. Today, the chain—which bills itself as “the world’s largest retailer of Christian-themed merchandise”—announced it is closing all of its stores after 85 years in business.
Toronto gourmet food store has closed its doors after its owners could not keep pace with rising costs. All the Best Fine Foods, a 32-year-old store selling prepared foods, bread, and cheeses, declared bankruptcy. The company had a flagship location in Summerhill in addition to a store near Church and Wellesley, and a commercial kitchen in Leaside.
Speaking at its analyst day event Thursday, CVS Health executives outlined their long-term strategy for growth, which includes closing 70 stores in the coming months.
In another blow to a beleaguered region, 47 jobs will be lost on Opaskwayak Cree Nation near The Pas, Man., when the IGA store there closes in the coming weeks.
Most of the stores that are closing are in urban locations, with the largest in downtown Minneapolis. The 1.25 million-square-foot facility opened more than a century ago as a Dayton’s department store. Macy’s purchased it in 2005, but has recently been using only about half of the space, the Star-Tribune reported.
Brampton-based Loblaw Companies Ltd. has announced it will close 52 unprofitable stores over the next year. The announcement came when the company released its second-quarter earnings. It is unclear which stores will be shuttered, but locations will be targeted across the range of company banners and formats. Loblaw's corporate-owned store banners include Loblaws, Extra Foods, Maxi, Maxi & Cie, Provigo, Real Canadian Superstore, Loblaw Superstore, T&T Supermarket, and Zehrs.
The Gap is struggling to keep up
The once-popular retailer Gap is struggling to keep up with fast-fashion retailers and the decline of mid-priced brands. Gap Inc. announced they would be closing 175 North American locations
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- 8 Retailers that are Closing 100’s of Locations in 2017, AL.com, Leada Gore
- Top retailers that are closing stores in 2016, USA Today, August 11, 2016
- Retailers Brace for 2017, CNBC, December 28, 2016
- Walmart to close 269 stores as it retools fleet, CNBC, January 15, 2016
- All Hancock Fabric Stores will Liquidate, Close, Consumerist, April 1, 2016
- The Limited is closing all 250 of its stores, Washington Post, January 6, 2017
- Why Finish Line is Closing 150 Stores, Washington Post, January 8, 2016
- Wolverine Worldwide to Close About 140 Stores, Wall Street Journal, July 15, 2014
- A giant waver of store closures is about to hit the U.S., Business Insider,
- Macy’s likely to move forward with store closures, CNBC, January 4, 2017
- See whether your local Kohl’s is shutting down, Business Insider, March 22, 2016
- J.C. Penney’s CEO Admits it Will Close Some Stores, Fortune, January 12, 2017
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