Earlier this month, the legendary New York discount retailer Century 21 filed for
bankruptcy, and several other mall staples introduced tons of of retailer closures. Some retailers at the moment are closing extra shops than initially deliberate, underscoring how badly companies have have struggled in the course of the pandemic.
Listed below are a number of the highest-profile retailers that introduced retailer closures in September:
The clothes retailer is closing between 40 and 50 places this 12 months, it introduced throughout an earnings name. It additionally stated it was eyeing as much as 500 places over the following two years that may very well be presumably closed.
American Eagle Outfitters (AEO)‘ digital gross sales have exploded in the course of the pandemic, so the corporate is trying to cut back its bodily footprint — particularly in malls. “Our versatile lease portfolio will permit us to shortly exit places that now not is smart,” Chief Monetary Officer Mike Mathias stated within the name.
Mattress Tub & Past
The homewares chain is
closing 63 stores by the tip of the 12 months as a part of a restructuring plan sparked by the pandemic.
The adjustments come after the retailer introduced in July that it will
close roughly 200 locations, primarily Mattress Tub & Past shops, over the following two years. It additionally stated final month it will
eliminate 2,800 jobs because it tries to streamline operations and shore up funds.
The corporate, which additionally operates BuyBuy Child, Christmas Tree Outlets and Harmon Face Values, has about 1,500 shops. Almost 1,000 of these are
Mattress Tub & Past (BBBY) places.
Century 21
The low cost division chain
filed for bankruptcy on September 10 and introduced it was closing all of its 13 shops. It has round 1,400 workers.
Century 21 blamed for its demise the dearth of payout on its enterprise interruption insurance coverage. It is also a part of a broader shakeup in within the trade, which struggled earlier than the pandemic.
Shops that relied on clothes gross sales, similar to Century 21, have been hit significantly exhausting as thousands and thousands of persons are out of labor and thousands and thousands extra are working from house and never needing to purchase as many gown garments.
GameStop
GameStop is
closing about 100 more stores than it initially deliberate, totaling about 400 to 450 shops globally. That is greater than the 320 places it introduced in March.
Chief Monetary Officer Jim Bell stated the closures “will permit us to extra effectively and profitably service our clients.” He added “there are extra [closures] to do” in 2021 “as properly.” The chain was stung by falling gross sales of bodily video video games, one among its mainstays.
GameStop (GME) at present has 5,122 shops worldwide — 600 fewer than it did it final 12 months.
Sur La Desk
The upscale kitchenwares chain
filed for bankruptcy in July and introduced it was closing about half of its 120 places. It stated this month it was closing a further 17 places,
according to a press release.
Sur La Desk is updating its web site with the shop closures. The retailer is totally leaving a number of states together with New Jersey, Georgia and Massachusetts.
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