With children’s apparel retailer Gymboree being the latest in a slew of bankruptcies this year, it should be unsurprising that many retailers are considering or committing to mass store closings. We’ve covered the hundreds of store closings from Sears, Kmart, Macy’s, JCPenney, Payless and many, many more, and now a new crop of stores is announcing their own culling of physical locations, which includes thousands of cut jobs, as well. Here are just a handful of the companies closing doors over the next year or so:
The luxury brand plans to shutter between 100 and 250 stores over the next two years, citing dwindling foot traffic and their latest quarter net loss of $26.8 million. The retailer’s stock has dropped steadily over the last year, and many analysts are skeptical the company can pull out of its slump.
Ascena Retail Group
While you may not recognize the parent company, you’re sure to recognize its holdings: Ann Taylor, Dress Barn, LOFT, Lane Bryant, Justice, maurices and Catherines. Chief executive David Jaffe announced to investors that the group is closing at least 250 stores nationwide, with a possible extra 400 if rent cannot be lowered in those locations.
Hudson’s Bay Company
The Hudson’s Bay, Saks Fifth and Lord & Taylor owner doesn’t yet plan to close down stores, but it is announcing the cutting of about 2,000 jobs as part of its reorganization strategy. Hudson’s Bay Company was founded in 1670 and is the oldest company in North America. Here’s hoping this piece of history can pull itself together.
After filing for bankruptcy in April, the shoe retailer committed to the closure of 400 stores. In May, it raised that number to 808, with the potential for as many as 1,000 closures by the end of the year.
Although there’s no word on if it’s moving ahead with the 138 closures (it announced it’d be postponing them back in April after customers flocked to their favorite locations), but it did announce its intention to shutter stores. JCPenney provides anchor stores for many malls, leading analysts to express worry about the stability of malls in the future.
Last year, it announced the closure of 100 stores, and this year it added another 68 to that number. Fortunately, it appears this department store mainstay is keeping its head above water, even after losing one of its chief investors.
Sears Holdings Corp.
Sears and Kmart have been in hot water for a while, with many analysts wondering not if, but when the department store giant will declare bankruptcy. Recently, it announced the closure of another 72 stores in addition to the 180 announced earlier this year.
Before it filed for bankruptcy in May, the teen clothing retailer announced the closure of 400 stores in an effort to focus on its e-commerce presence. After the filing, the retailer did not announce any extra closings.
Its recent bankruptcy filing came with the announcement of up to 450 store closings. The children’s apparel retailer will need to restructure over $1 billion in debt, but it has stated it will maintain regular operations throughout the process.
After filing for bankruptcy and being purchased by Camping World, Gander Mountain has seen the closure of about 32 stores. All its locations are being or were liquidated of their inventory to make way for Camping World‘s reorganization.
Abercrombie & Fitch
A staple of malls nationwide, the hip apparel retailer will see 60 of its U.S. stores shuttered this year, bringing its total stores down to around 225. The company is among many apparel retailers struggling against e-commerce-based fast fashion companies like Zara.
Citing low mall traffic, the apparel company is closing 60 of its stores, lowering its total locations to around 890. They intend to focus their advertising efforts on drawing in the Gen Z and millennial crowds with more authentic branding.
Times are tough for luxury brands these days, and this women’s apparel retailer, which filed for bankruptcy in March, is closing down 120 of its locations. Like many other struggling companies, BCBG is shifting its focus to e-commerce.
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Featured image by Stratyos on Flickr.