What stores are closing down and how many stores are they closing? What caused the company to have to do this?
If your not an online shopper this could be awful news for you. Something you should be looking out for this year is, is your favorite retailer closing a store, or have they closed a store?
It is expected that there are going to be more store closures than in 2008.
The great recession in 2008 caused a mass amount of stores to have to shut down because of bankruptcy. In 2008, 6,163 retail stores closed down in the U.S, in 2017 there is expected to be more closings.
The stores that have already set to shut down stores are, Sears, Macy’s, Kohl’s, and CVS. Some mall stores that have either already shut down or are about to shut some doors are, aeropostale (already claimed for bankruptcy), American Eagle, Chicos, Men’s Wearhouse, and The Children’s Place. Stores that have closed down are Bebe, and Aeropostale. Stores such as JCPenney and Payless Shoesource have already said they are going to be shutting down more stores across the U.S.
The store Bebe is shutting down all of their 180 stores by the end of may.
The companies shutting down stores will be closing the doors of anywhere from 30 stores and up to where they will close all of their stores. According to CNN Money it states“Stores are closing at an epic pace. In fact, the retail industry could suffer far more store closures this year than ever.” This quote shows that retail stores in the U.S are going to suffer a lot from bankruptcy, which will end up in them closing the doors of many of their stores.
Stores will be closing in 2017 majorly due to bankruptcy.
The reason why companies are having to close their stores is because of bankruptcy, which means they have no money to keep the company alive when it comes to renewing the lease of a store or bringing more shipments of whatever they sell. Lastly, according to Business Insider it states “Mall stores like Aeropostale, which filed for bankruptcy in May, American Eagle, Chicos, Finish Line, Men's Warehouse, and The Children's Place are also in the midst of multi-year plans to close stores.” This shows that there is going to be more stores shutting down as 2017 goes on. This overall is also not good for the malls of america. For example, Macy’s take up a large section of many malls, when they close the malls will lose business.
Is this the end of retail stores, is this the beginning of digital shopping dominance? Since this year (2017) there is expected to be even more store closures than in the great recession during 2008, look out. Is your favorite store closing near you?