These Power Stores Will Be Closing In 2020
When e-commerce started expanding in the last few years, “brick and mortar” stores started to face the brunt of the economic crisis. In the last couple of years leading up to 2020, a lot of major stores have been closing their physical doors to businesses to include international outlets. It is a real blow to the business of commerce as the closing rate has been growing rapidly and projected for 2020; it may get worst. We have compiled a few stores who have noted they will be closing their doors in 2020 – for some stores, they will be closing all their outlets.
Payless ShoeSource
Payless ShoeSource has noted that by the end of 2020, over 2,500 of their stores will no longer be in operation. Some of the stores will be closing out as early as the last week of March, while others may go up to May to sell out all their stocks. A lot of the stores have clearance sales, so, if one close to you is selling out or have unbelievable bargains, they may just be among the number.
Payless ShoeSource
Gymboree
For the second time in two years, Gymboree Group Inc. will be filing for bankruptcy and, as such, reported they would be closing a few of their stores in 2020. Gymboree has reported they will be closing over 800 Crazy 8 and Gymboree stores in the U.S. and Canada. The Children’s clothing retailer has since stopped taking online transactions, and like they had filed for bankruptcy in 2017 when they closed a few of their stores, they are now offering huge sales on all items.
Gymboree
Charlotte Russe
By the end of 2020, all 500 stores of Charlotte Russe across the nation will be closed. The chain had already closed 94 of their stores and announced that by April’s end, there would be a mass closure. A lot of the stores are now offering sales up to 60% off on all items, and they have already canceled all possible online purchase options. April 2019 saw Charlotte Russe be taken over with a new ownership, announcing that one-hundred retail spots would open once more.
Charlotte Russe
Shopko
Shopko had initially announced that it would close 70 percent of its stores this year but later came forward to say they will be closing all of them. Sadly, in January, Shopko filed for bankruptcy and was on the lookout for a buyer to step forward and buy out the remaining stores, but that effort was futile. As such, they have announced that by the end of June, they will be closing all their doors.
Shopko
Gap
By the next two years, Gap will be closing more than half their locations (average 230 stores) globally. The reason for the closure came as a result of poor sales on the brand and the renewed focus for Old Navy, a sister brand that is doing much better to be resurfaced. A few of their popular stores will remain open like Banana Republic, Hill City, Athleta, and Intermix but under a new name – NewCo.
Gap
H&M
H&M was considered the mall staple hotspot but may lose that place even before 2020 ends. As part of maintaining business and keeping their stores optimized, they will be closing over 160 stores this year. Most of the closure will happen within the U.S. and Europe as the demand for the brand in these regions are not growing as expected. However, H&M announced an average of 355 stores would be opened worldwide but outside of the areas noted earlier.
HM
Starbucks
For all those who love to grab their Starbucks coffee on their way to work will have to look elsewhere for 2020 as the chain announced they would be closing over 150 of their locations. This amount is more than three times the amount they usually close in each fiscal year. However, they noted that closure is a result of underperformance and will mostly affect areas where there are numerous of their coffee brands competing against each other like most big cities.
Starbucks
The Children’s Place
Forbes Magazine has reported that by the end of 2018, The Children’s Place had closed over 190 of the 300 stores they noted they would be closing down. The closure comes as a result of low performance in some areas, among other issues. On the flip side, however, you may be able to shop for their products online as they have reported investing a lot into building an online platform to increase their sales profit.
The Childrens Place
Performance Bicycle
Cyclists will feel this one like no other as the largest bike retailer in the country has finally closed all its 104 locations. Unfortunately, Advanced Sports Enterprises, Performance’s parent company, filed for bankruptcy. However, with efforts to try and secure a few leases to save a few of the stores, they were still not successful. As such, they had to close all their doors after having a sale out on all items. Cyclists will certainly miss this former leading name in the sport.
Performance Bicycle
Sears Holdings
Sears Holdings is the parent controller for stores like Kmart and its namesake stores. They announced earlier this year that they would have to close about 89 of their stores by the end of March. A lot of locations across the U.S. have felt the brunt of the closures, more so Florida and Texas, where seven stores were closed down. In 2015. the Sears Holdings Corporation was the 20th-biggest retailing business within the entirety of America.
Sears Holdings
Vera Bradley
By the end of 2021, Vera Bradley will be closing up to 50 of its 110 stores nationwide, with almost half of its spots fading away. The Company has noted they will resort to selling its brands through major retail outlets like Bed, Bath, and Beyond as well as Macy’s. They will still have a few of their factories opened for those consumers who desire to visit a physical location as over 52 of them will remain open until further notice.
Vera Bradley
Abercrombie & Fitch
February saw over 40 of Abercrombie & Fitch’s stores closing its doors, an addition to the 29 that were closed in 2018. Based on reports about the store’s operation, they noted the results are poor, and the closure of those stores is a way of investing to make the remaining outlets functional. A report from Business Insider Magazine said the Company’s spokesperson spoke about its interest in reducing square footage spacing while offering greater products and services to customers.
Abercrombie And Fitch
Christopher & Banks
Christopher & Banks is a popular womenswear retailer who issued a release in 2018 that they will be closing up to 40 of their stores by the end of 2020. They noted it is not as a result of poor sales but other issues as they have recorded an increase in sales over the period. Its online presence as grown tremendously and is one of the reasons many people believe they are closing their physical stores.
Christopher And Banks
Victoria’s Secret
Victoria’s Secret operates from more than 1,143 locations worldwide, and after the closing 30 of its stores in 2018, the womenswear and lingerie company noted they would be closing about 53 others before this year ends. This substantial closure rate averages about 4 percent of all the store’s location according to a report from its parent company L Brand. Gaye and Ray Raymond sold Victoria’s secret in 1982 to Leslie Wexner years after their 1977 founding.
Victorias Secret
Henri Bendel
Henri Bendel has closed all its physical doors in February 2020 after parent company L Brand made the declaration of the closure back in 2018. The closure of its iconic location on Fifth Avenue, New York, was one of the “most painful” for customers. The Company, however, has noted they will be focusing on their other products and services under Bath & Body Works and Victoria’s Secret. Henri Bendel sold all manner of luxurious gifts, fashion accessories, handbags, and jewelry.
Henri Bendel
Chicos
Chico’s FAS has noted they will be closing out over 250 of its Chico’s stores by the end of 2020 and onward. The womenswear retailer and its namesake brands to include Soma and White House Black Market will close down. However, Chico’s has not announced which stores they will be closing during the year. 60 Soma spots, 100 Chico’s spots, and 80 White House Black Market spots went out of business – quite the widespread and varied closure rate.
Chicos
e.l.f Cosmetics
e.l.f Cosmetics is another brand that will be closing out some physical stores in 2020, but there is still hope for customers. The Company is seeking to strengthen its e-commerce stability as, by the end of 2020, more than 20 stores will be closed. However, customers can still access the products in various pharmacies across the country. It is feared that e.l.f. will be closing all their brick-and-mortar shops due to how little they bring in in terms of total sales.
Elf Cosmetics
Family Dollar
By the end of 2020, discount retailer Dollar Tree, notes they will close about 390 Family Dollar stores. As such, customers may now have to find alternative stores to source their personal and essential items. It is also rumored that more than 200 branches will go under a different name while some stores are upping the price on some items from $1. In 2014, Family Dollar was purchased by Dollar Tree on July 28 for $8.5 billion.
Family Dollar
Z Gallerie
Z Gallerie is considered one of those upscale furniture companies, which, in the last couple of months, has filed for bankruptcy. Hopefully, Z Gallerie is looking out for a buyer who will be able to restore the strength of the store. Till then, they have announced the closure of 17 stores, which amounts to more than 20 percent of all stores nationwide. The Zeiden family-founded Z Gallerie would eventually file for Chapter 11 bankruptcy during 2019.
Z Gallerie
Destination Maternity Corp
Destination Maternity Corp will be strengthening its e-commerce sales, and as such, they are on a mission to close out a lot of their physical locations. They are also doing this so they can improve the provision of quality services from the other locations. During the year, they will be closing an average of 42 stores to reduce expenditure and redirect cash into expanding their online presence. There are also reports that the Company will be reducing a lot of their big stores to smaller ones to increase quality and productivity.
Destination Maternity Corp
Beauty Brands
In January, Beauty Brands filed for bankruptcy after cutting their corporate staff earlier, as well as closing an average of 25 stores back in 2018. The Company noted their bankruptcy issue came as a result of the increased operating costs associated with a “brick and mortar retailer.” The spa and salon superstore was initiated and grown by Bernstein-Rein, with a Kansas City, Missouri headquarters. The advertising company that founded it would be headed by Robert “Bob” Bernstein, the CEO who looked into the field.
Beauty Brands
Things Remembered
Things Remembered filed for bankruptcy in February but, fortunate, they got a buyer who managed to save a lot of their stores throughout the country. Enesco LLC purchased one hundred seventy-six of their locations as they saw the potential in a company that specialized in engraved and personalized items and products. The Company, however, still lost over 50 percent of the stores as there were a total of 450 nationwide. Are diamonds really forever for Things Remembered?
Things Remembered
Ascena Retail
Women’s clothing brands such as Dress Barn, Ann Tylor, and Lane Bryant run under the parent company Ascena Retail. However, the Company that had over 667 stores have announced they will be most of them as they have been experiencing a huge drop in sales and profits for the last few years. Ascena Retail has noted that over 400 will be closed by July. David Jaffe, the former CEO of Ascena, relinquished his position in 2019 on May 1.
Ascena Retail
Southeastern Grocers
From the list coming down, it showed as though only clothing and beauty brands are facing the brunt of the loss of profits but, Southeaster Grocers have proven us wrong. Markets that operate under Southeastern Grocers like Winn-Dixie, Harveys, and Bi-Lo announced that they would be closing 22 of their stores. This closure announcement comes shortly after the Company had filed for bankruptcy. During that period, the Company had to close 94 of its stores with Bi-Lo facing the harshest, with 13 stores being closed.
Southeastern Grocers
Lord & Taylor
Lord & Taylor is a legendary store in the business as it has been in operation for over 100 years. However, last year, they closed their signature store on Fifth Avenue, which marks the start of another round of closure. For 2020, the Company announced they will be closing another ten stores but are yet to announced the location of these stores. It is amazing how a business can go strong for an entire century, only to lose so much in under a single year.
Lord And Taylor
Foot Locker
Foot Locker announced that over 167 stores would be closed, while the earnings from these will be incorporated into strengthening the operation of the other locations. The Company is looking to increase its profit margins while shareholders in the Company have announced gratitude for the quality performance the Company recorded over the last financial quarter. While Foot Locker may have come into business in 1974, it was only in 1988 that its individual brand would be established.
Foot Locker
J. Crew
In 2018, J. Crew lost its CEO, and since then, they have been in the headlines a lot. The Company has announced they will be closing a total of 30 stores with January 2020, seeing six shutting their doors. They made the declaration about the closure summer last year, but they are yet to declare the full locations of all the stores that will be out of operation. The loss of J. Crew’s physical presence means a huge blow to consumers who were so used to acquiring so much of their clothing, shoewear, luggage, swimwear, and jewelry from the diverse brand.
J Crew
J. Crew
Once again, J. Crew has popped-up on our list because of the former first lady of America, Michelle Obama. This was one of her favorite “go-to” locations for clothes. But, in the last few years, the Company has noted sales are on a downward trend, so they have to close their stores. In addition to closing, they also lost a few of their core workers with former CEO, Millard “Mickey” Drexler, noting price increase is the reason for the drop in sales and profits.
J Crew
99 Cents Only
One of the more competitive stores as it relates to discounted sales and bargains, 99 Cents Only, has also joined the league of stores who will be closing some doors in 2020. They have been a huge hit on the market, especially when it came to other stores like Walmart, Dollar General, and Dollar Tree. 99 Cents Only celebrates its 35th year in operation and based on reports declared in 2017 ($27.1 million net loss and $42.4 million loss in two quarters), they eventually sold out to Ares Management. However, though sales are coming through the store, Jack Sinclair, the new CEO, admits the store is still suffering as it relates to potential gains and profits.
99 Cents Only
GNC
GNC is one of those famous health and wellness stores that many people go to for their health supplements. However, amidst the increase in the number of people choosing a healthier lifestyle, the Company has reported a drop in profits and other revenue by 4.4 percent. The Company has also reported owing billions in debt and is the reason that prompted them to look to outside markets. As such, they have signed a 40 percent share sales to a Chinese pharmaceutical company that will be producing, promoting, and selling their products in the Chinese market and other locations in that region.
GNC
Fred’s Pharmacy
After an attempt to increase store locations from 600 to 1000 proved futile, Fred’s Pharmacy reported a drop in gross sales by 4.3 percent. This drop caused their bottom line to fall to a little over $139 million. In 2018, the CFO resigned with new management put in place. However, decisions were later made for the Company’s specialty pharmacy, CVS, to be sold for an average of $40 million. You can bet that Fred is rolling in his grave.
Freds Pharmacy
Stein Mart
Discount department store, Stein Mart, has been rumored to be dropping in sales and profits for the last few years. However, they managed to get back on track, but if they are not careful and seek financial advice soon, they will have a disaster in the long-run. Stein Mart would eventually file for Chapter 11 bankruptcy in August 2020 due to the crushing effects of COVID-19 and the attached pandemic, as did many other businesses.
Stein Mart
Office Depot
Office Depot reported a drop in sales of up to 7 percent, resulting in a loss of $10.2 billion for the 2017 financial period. The Company has since increased the earning potentials from just retail sales to others, including a business-to-business service known as “BizBox.” This new addition is a subscription-based program that will help to boost the potential growth of the Company. The Office Depot name is part of the ODP Corporation, which is a leading office supply organization.
Office Depot
Vitamin Shoppe
Just like GNC, Vitamin Shoppe is also experiencing financial troubles and, as such, have resorted to an online business venture, which is helping to boost their profits. In 2017, the Company reported an 8.5 percent drop in sales coming mostly from mall stores as well as increased competitors on the market. But, as time passes, they are increasing their product categories in the hopes that this will help them to stay strong amidst the crisis.
Vitamin Shoppe
Neiman Marcus
Neiman Marcus reported a 5 percent drop in sales for the 2017 financial year, leaving its top-line at $4.7 billion. They initially had the plan to cut over 200 jobs and create a system known as “Digital First,” which is a customer-engagement plan. Also, there were rumors that some of the stores would be purchased by Hudson’s Bay, a Canadian-based company. This plan was shut-down after the Company made a comeback and no longer had to go through with the scheme.
Neiman Marcus
Bebe
Bebe was established back in 1979 by Manny Mashouf, and while the Company was running great, a minor disaster struck in 2007 that led to the Company going far below its usual loss. Manny Mashouf and Neda Mashouf got divorced in 2007, and ever since then, the Company seemed to be on a downward spiral that saw them losing over $4.6 million in 2018. It turned out Manny had to close out the physical locations to fully focus on their e-commerce operations.
Bebe
Pier 1 Imports
Pier 1 Imports saw a major decline in sales in 2018, where they reported a 9.2 percent drop in profits – meaning $371.9 million was lost for that period, certainly not pocket change. To add to the dilemma they were facing, S&P Global Analysts significantly lowered its credit rating. Also, after the 10 percent tariff was placed on all goods from China by President Trump, the Company saw a further decline in sales and profits.
Pier 1 Imports
Land’s End
Land’s End is a popular luggage, home furnishings, and clothing brand that has somehow lost its flavor among customers over the past few years. The link with Sears has been the cause of all the issues the Company is facing. The former CEO Federica Marchionni made the one error everyone is dreading. Land’s End commenced in 1963 as a home decor retailer and clothing business that operated out of Dodgeville, Wisconsin. Today, most of its sales are activated through online orders.
Lands End
Guitar Center
For over 50 years, Guitar Center has been a popular company that many people has resorted to in getting their favorite musical instrument. However, their popularity seemed to have been watering down, especially after landing a “pay on demand” debt notice amounting to $900 billion. In 2015 to 2016 financial year, the music company recorded a 36 percent drop in sales and profits. But, amidst the issues at hand in terms of the financial crisis, the Company is still announcing their mission to increase the number of locations it operates from.
Guitar Center
Nine West
Nine West is on the lookout for buyers to sell a part of the brand to file for bankruptcy as the Company now has a $1.5 billion debt. The decision to cut ties with its “Easy Spirit” brand will come in addition to closing out most of their stores except 25. Also, Nine West may step away from shoe production and focus mainly on jewelry and clothing to include Anne Klein, Kasper Grouper, and One Jeanswear Group.
Nine West
David’s Bridal
Wedding gown shops are in for a big hit going forward as most people are stepping away from the “traditional” style dressing. As such, companies like David’s Bridal has been feeling the brunt of this practice. To add to the problems, the Company has a $520 million loan debt as well as a $270 million unsecured notes debt, all due in 2020. From teenagers looking for the perfect prom dress, to brides shopping around for wedding gowns, David’s Bridal was a popular choice.
Davids Bridal
Bon-Ton
Bon-Ton has been operating for over 100 years in both physical and online service provision, but as we all know, nothing good lasts forever. With this comes the store filing for bankruptcy just last year and then selling out. However, the store had developed and strengthened its online presence, and prior, it had set up smaller stores and doing well with no competition. But, when Amazon came on the scene, it changed everything for the Company.
Bon Ton
Tops Market
Tops Market that operates under the East Coast Grocery chain like many others had to file for bankruptcy as it could no longer provide the services in high quality as needed by customers. However, a few of its stores are still opened in states such as New York, Vermont, and Pennsylvania. If these stores will close soon, no one knows. In 2004, Food Lion sold all its locations to Tops, allowing the latter business to establish itself in the South-East Asian country.
Tops Market
Cole Haan
Cole Haan is a footwear brand owned by Nike and was highlighted as one of the stores that may close out in 2020. Back in 2018, the brand made the “high-risk” on USA Today’s list of brands in financial troubles. After this revelation, it decided to go sports shoes solely, but it just turned sour for them. The brand was sold out to Apax Partners in 2013, but even with various changes, they still don’t seem to be doing well.
Cole Haan
Claire’s
Claire’s an accessory store that started back in 1961 and is a hot spot for young girls all over the U.S. However, in 2018, the Company filed for bankruptcy and ceased IPO. Leading up to now, the Company has closed a total of 130 stores and now looking to sell the others to potential buyers and investors. Many older women will remember the excitement that they felt as little girls when their parents took them shopping to Claire’s.
Claires
FullBeauty Brands Holdings Corp
FullBeauty Brands Holdings Corp is a favorite as they provide solace for plus-size men and women. The brand has a lot of labels to include Jessica London, fullbeauty.com, Roaman’s, Woman Within, and Brylane Home. The Company saw a major decline in their sales in 2017 of up to 30 percent, of which it blamed Amazon for this loss. There is now a new owner of the Company, and they are hoping things will turn around for them.
FullBeauty Brands Holdings Corp
Eddie Bauer
Eddie Bauer is an outdoor company that is based in Bellevue and who also ended up filing for bankruptcy in the 2007-2008 financial year. However, they managed to come back from the bankruptcy status in 2009, but to say what’s next, no one knows for sure. Also, the Company’s credit ratings were drastically reduced by S&P Global. For the future, it seems they will have to merge with a major company, Pacific Sunwear, a California-based company.
Eddie Bauer
Bluestream Brands
When you think of apparel, health products, beauty, and appliances, then Bluestream Brands will certainly come to mind. The Company was listed as one of the “high-risk” for a financial and operational dilemma. They operate a lot of e-commerce companies to include Fingerhut, Blair, Gettingon.com, Bedford, and Appleseed’s. Hopefully, they can get back on track, but only if action is taken now. Fingerhut is unique in its online retail method in that customers can make purchases on credit with monthly installments.
Bluestream Brands
PetSmart Inc.
There are over 1,500 PetSmart stores across Puerto Rico, the U.S., and Canada. Over the last few years, the Company has reported an $8 million debt as a result of customers resorting to other e-commerce sites like Amazon. Chewy was recently acquired by PetSmart but not before forking out a whopping $3.35 billion, the highest ever paid for an e-commerce site. But, that didn’t even make matters any better as their debt went all the higher.
PetSmart Inc
BKH Acquisition Corp
Over 100 Burgher King Chains operating in Puerto Rico is owned by BKH Acquisition Corp and is not seem to be having an easy flow. Due to issues like the economic crisis and credit struggles, the Company may have to close down a few of the stores or do some drastic shaking up quickly. Beyond financial troubles, Burger King has suffered its fair share of legal cases from 1954 onwards when it was originally founded.
BKH Acquisition Corp
Mattress Firm
Mattress Firm filed for Chapter 11 bankruptcy as a result of a financial scandal that plagued the Company. The Company has over 3,500 stores and based on the issues at hand, it has announced the sale of over 700 of its stores. Also, it is hoping to reduce the amounts spent on lease to restructure the Company to provide higher quality services and sales to customers. Prior to its 2018 bankruptcy, Mattress Firm enjoyed a presence in over 48 American states with more than 3,600 shops.
Mattress Firm
National Stores
If you have ever heard about Conway, Fallas, and Anna’s Linens, then you must know about National Stores. The Company filed for Chapter 11 bankruptcy but soon came to realize its decision to take on a lot of brands was a huge mistake. They have accumulated a lot of debts and, as such, will have to cease operation in more than 74 of their stores across Puerto Rico and the U.S. National Stores is still going strong, however, with 344 shops throughout Puerto Rico and the United States.
National Stores
Lowe’s
Lowe’s is famous for its home and garden supplies, but to date, they have already closed 51 stores due to poor performance rates. The stores that closed spread across the U.S. (20 stores) and Canada (31 stores). In 2018, Lowe’s had announced the closures and noted by February 1, 2020, most of these, if not all, would be closed. The closure came after the Company got a new CEO, Marvin R. Ellison (former CEO of J.C. Penney), who took over after CEO Robert Niblock retired.
Lowes
Kohl’s
Kohl’s are trying to beat the system and avoid what happened to a lot of their competitors over the last couple of years. They have announced that they will be conducting a closure operation for stores located in malls and those nearby. The closure will be due to the low performance of these stores, with workers either being paid-off for their service or offered jobs at other locations. It is not due to an emergency but just as a precaution from a future disaster. However, they will be opening four stores but within a smaller spacing.
Kohls
J.C. Penney
J.C. Penney, like many other retail stores, has hit hard times in low sales and performances, and as such, they will be closing around 27 stores by the end of 2020. These include 18 department stores and nine furniture stores. This move comes as a result of the decline in stock value as well as low performance over popular seasons like the holiday period. Then there is the COVID-19 pandemic, which greatly affected its physical performances.
JC Penney
Macy’s
Eight of Macy’s stores will be completely closed out this year, as was announced a few years back. The stores to be closed will range from different states to include California, New York, Massachusetts, Indiana, Virginia, Wyoming, and Washington. Initially known as R. H. Macy & Co., the department store chain was launched by Rowland Hussey Macy all the way back in 1858. From 1843 to 1855, Macy established four dry goods retail shops, with the Haverhill, Massachusetts location in the city’s downtown district being the first and original Macy’s.
Macys