Retailers have confirmed at least 4,600 US store closings for 2020.
Microsoft, GNC, JCPenney, Victoria’s Secret, Bath & Body Works, Nordstrom, Sears, Forever 21, and Walgreens are among the retailers that are planning to close stores this year.
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Retailers are expected to close more than 4,600 stores this year, following record-high rates of closings last year.
More than 9,300 store closings were announced in the US 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 — prior to the coronavirus pandemic — that as many as 12,000 major chain stores could close in 2020.
The pandemic is now putting even more stores in danger of closing, as retailers grapple with dramatic drops in sales in traffic.
Retail companies have so far confirmed at least 4,600 stores slated for closure in 2020, according to a Business Insider analysis.
Here’s a list of the stores expected to close this year.
SEE ALSO: These 7 retailers have filed for bankruptcy or liquidation in 2020
Pier 1 Imports: 450 stores
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.
GameStop: 320 stores
GameStop said in March that it closed 333 stores in fiscal 2019 and opened 12 new stores.
In 2020, the company …read more
Source:: Business Insider