So far this year, three times as many retail stores have closed across the United States as they did last year. This is ringing alarm bells in the American retail industry.
One of the biggest department store chains in America, Sears Holdings, is closing 20 additional stores, adding to the hundreds of store closures announced this year.
Marsh Supermarkets Is Closing 18 Stores Marsh Supermarkets Company, LLC, an 86-year-old grocery retail company based in Indiana, is closing down 18 of its stores in Indiana and Ohio.
Distribution Center Shutting Down in Georgia Food distribution company Performance Food Group Customized Distribution announced that it is closing down its facility in Austell, Georgia, almost 200 jobs in the process. The distribution center will be permanently shuttered by the end of June.
Ascena Retail Group Closing 250 to 650 Stores The owner of women’s apparel brands including “Lane Bryant,” “Justice,” “Ann Taylor,” and “Dressbarn” is planning to shutter hundreds of stores in efforts to cut costs. This will, no doubt, result in many job cuts.
Children’s Place Is Shutting Hundreds of Stores by 2020 Childrens Place Inc, an American specialty retailer of children’s clothes and accessories, is shuttering nearly 300 stores across the country, and will be laying off hundreds of workers in the process.
Sears is Closing More Stores Than Expected Famous American chain of department stores, Sears Holdings Corp, is closing another 72 stores, in addition to more than 100 closings announced earlier this year.
Pollo Tropical Restaurants Being Shut Down Fiesta Restaurant Group Inc (NASDAQ:FRGI), the parent of the “Pollo Tropical” and “Taco Cabana” restaurant brands, announced that it closed 30 underperforming Pollo Tropical locations in Texas, Georgia, and Tennessee as the company works to restructure operations, revitalize its brands, and prop up its floundering share price.
Pick ’n Save Closing Six Locations The footprint of Pick ’n Save, a leading grocer in Wisconsin, is about to get a lot smaller, with another raft of stores slated to close this summer. Pick ’n Save is closing stores in Kenosha and Sheboygan by the end of June, leaving 169 employees out of work (more…)
Michael Kors Holdings Ltd (NYSE:KORS)—the luxury brand known for its handbags, footwear, jewelry, and clothing—announced it will close up to 125 stores due to plunging sales. Management said the company’s restructuring will help it improve profitability. The retailer expects the store closings to result in a $125.0-million expense, but they will help the company save (more…)