Saturday, November 02, 2019
This week alone saw retailers Forever 21, Olympia Sports, Barney’s, Dressbarn and others closing hundreds of stores across the United States and Rhode Island was not immune.
Barney’s, the upscale retailer, was sold-off in pieces in a bankruptcy court in a Poughkeepsie, N.Y. courtroom on Friday.
A record number of stores have already closed this year in the United States — now exceeding 9,000 stores and there is a growing belief that total store closings could hit 12,000 in 2019.
The retail sectors being hit the hardest are “Softlines” — apparel and textiles.
2020 could be an even worse year for retailers. “[It is] increasingly tough for Softlines retailers to justify keeping underperforming stores open, and wouldn’t be surprised to see another large-scale round of closure announcements in early 2020,” reports Credit Suisse analysis.
Mall Armageddon
Credit Suisse in October also downgraded retailers like Macy’s, Gap and L Brands from “neutral” to “underperform," which sparked CNBC “Mad Money” host Jim Cramer to declare a “Mall Armageddon” could be near. Macy’s stock has fallen 49%, Gap’s has dropped 36% and L Brands has gone down 35%, according to Barron’s.
The CEO of the biggest mall owner in the U.S., Simon Property Group -- which owns Emerald Square Mall in North Attleboro and Wrentham Village Outlet Mall -- said late in October that the retail industry looks to be “reaching the bottom” of a tumultuous wave of bankruptcies. Multiple malls have closed in nearby Massachusetts, including the Swansea Mall.
“We are having a high bankruptcy year...there’s no denying that,” David Simon told analysts during a post-earnings conference call on Wednesday morning. “But I think we’re kind of reaching the bottom in ... 2019 on that stuff. It’s rivaling what happened in 2017. So, it’s not like something that we haven’t experienced before. But we know [what] we have to do.”
Providence Place Mall has seen multiple store and restaurant closings. It has cut its anchor stores from three to two, and high-end retailer Nordstrom closed and was replaced by low-cost retailer Boscov.
Olympia’s Closings Hit Rhode Island
Announced on Friday, Olympia Sports is set to close more than half their stores — 76 stores across the country, including two in Rhode Island.
The Rhode Island locations that are closing include the store at Westerly Crossings and the store at Walnut Hill Plaza in Woonsocket.
The North Attleboro store in the Emerald Square Mall is also closing.
Store Closing Sales
Store closing sales began on Friday, November 1.
“Olympia Sports has been the destination store for sports enthusiasts throughout New England and beyond for decades. Because of their reputation in the markets they serve, the 'Store Closing' discounts offered off Olympia’s already competitive prices will make for a very fast-paced sale,” said Aaron Miller, Executive Vice President of SB360, the company in charge of closing the stores.
Closing sales include $44,000,000 of inventory from the top brands in athletic footwear and apparel.
Storewide discounts will be offered on all men’s, women’s and kids’ sneakers, running shoes, basketball shoes, boots, joggers, sweatpants, hoodies, sweatshirts, long and short-sleeved t-shirts, coats, socks, hats, and much more.
Miller added, “The holidays are quickly approaching. There’s no need to wait for Black Friday deals with Olympia’s store closing discounts starting this weekend.”
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