Full list of 1,400 stores closing across the US this year in massive retail shutdown including Walmart and Foot Locker
THE retail apocalypse will continue to plague American businesses, resulting in at least 1,400 store closures this year.
Among the retailers set to close stores this year are big box companies Amazon, Bed Bath & Beyond, Walmart, Foot Locker and Target.
At least 1,405 stores will close locations across the United States this year, according to insider tally.
Foot Locker launches its “lace up strategy” and announces the closure of hundreds of malls.
The sports and footwear retailer’s new plan aims to drive long-term growth by “simplifying operations.”
“We are very pleased to unveil our ‘Lace Up’ plan with a set of new strategic imperatives and financial goals designed to position us for success over the next 50 years,” said Mary Dillon, President and CEO of Foot Locker.
This is at the expense of around 400 “low-performing” locations.
That includes 220 A and B malls and 200 C and D malls by 2026, according to Foot Locker’s PowerPoint presentation.
By this year, Foot Locker plans to reduce the number of its stores by 10 percent to 2,400.
BED BATH BEYOND
Bed Bath & Beyond is currently going through financial turmoil and announced earlier last month that it was ceasing operations in Canada.
The company, which at its peak had over 950 operating stores in the US, will reduce its locations to about 360, including 120 BuyBuy Baby stores.
Dallas-based home goods store Tuesday Morning will close half of its 487 stores this year as part of bankruptcy proceedings.
The elimination of 263 financially underperforming stores will bring the company’s store count to just 224 in 38 states.
Before filing for bankruptcy, Tuesday Morning operated 687 stores nationwide.
The first wave of closures for the chain came in May 2020 following its initial filing for bankruptcy protection. At that time, the retailer lost 230 locations.
While Tuesday Morning emerged from bankruptcy in December of that year, it struggled.
For the fiscal year ended July 2, 2022, the home furnishing store lost $59 million, followed by another loss of $28.1 million in the first quarter of the current fiscal year.
Tuesday Morning said filing for bankruptcy will “allow the company to reduce its outstanding debt, raise significant and necessary capital and ultimately transform itself into a more nimble retailer that serves traditional markets profitably.”
The bankruptcy restructuring aims to focus on Tuesday Morning’s core markets and close locations in low-traffic regions, the company said.
The hardest hit places will be big cities like Austin, Texas; Columbus, OH; Raleigh, NC; Las Vegas, Nevada; San Diego, California; and Atlanta, Georgia.
Walmart is closing at least seven more stores in the coming weeks.
The Big Box Store, which has more than 5,000 locations in the US, has already closed several branches this year.
Two Walmart supercenters are closing in Portland, Oregon on March 24.
The Hayden Meadows and East Point Plaza store closures will affect a total of 580 employees, according to The Independent News.
Walmart is closing its stores primarily due to poor financial results, but other factors may be at play.
A spokesman told The Oregonian: “There isn’t a single reason why a store closes – we thoroughly review a store’s performance and weigh many factors before making the difficult decision to close a facility.”
Walmart’s Washington, DC Supercenter will close its doors on March 31 after the store’s pharmacy ceased operations on March 17.
Meanwhile, Walmart stores in Hawaii, Minnesota, and Washington are closing their doors on April 21.
The tech giant, owned by Jeff Bezos, confirmed earlier this month that it will be closing eight Go locations.
Locations include two in New York, two in Seattle and four in San Francisco.
The news comes a month after the company announced it would be closing an unspecified number of Fresh grocery and Go convenience stores.
Amazon will pause all expansion plans while the company reassesses its assets.
Target has closed several stores across the country as it reports lower-than-expected sales in certain locations.
The company will close four locations in three metro areas, including two near Washington, DC, one in Philadelphia and another in Minneapolis, Minnesota.
Macy’s has also been hit by financial troubles, closing well over 100 department stores by 2023.
The closures include mall locations in California, Colorado, Hawaii and Maryland.
Gap, which also owns Old Navy, Banana Republic and Athleta, said it would close about 50 stores in the coming months.
The company has had a long history of low sales and reported a net loss of $273 million for the most recent quarter ended Jan. 28.
Like many companies, Gap has struggled to obtain inventory from manufacturers during the Covid-19 pandemic.
This product backlog meant that much of this clothing was already out of season when it arrived. Since then, Gap has had too many products in stock.
Despite the temporary difficulties, Gap plans to open about 30 new stores under its Old Navy and Athleta brands.
Since declaring bankruptcy in January, Party City plans to close more than 20 stores.
The party supplies retailer will close 10 branches in the coming weeks and auction 12 branches.
Since the pandemic, Party City has faced declining sales as it relied on social gatherings for revenue.
At the same time, rising inflation worsened the company’s financial health.
The popular department store filed for bankruptcy in May 2020 and announced it would close over 800 stores.
This comes after the company posted $4.5 billion in net losses since 2010.
Today there are only 670 JCPenney stores, and this spring the stores in Oswego, New York and Elkhart, Indiana will also close for good.
https://www.the-sun.com/money/7713043/full-list-of-stores-closing-across-us/ Full list of 1,400 stores closing across the US this year in massive retail shutdown including Walmart and Foot Locker