Monday, January 06, 2020
The new year is only a few days old and many of the top retailers in America are moving forward with — collectively — thousands of new store closings.
The past decade saw retailers closing stores and others completely disappear.
The latest numbers show that more than 9,200 retail stores closed in 2019 -- a record number.
And, some stores over the decade disappeared.
Blockbuster saw 1,700 stores close. Nearly 400 Borders bookstores closed. The largest closure by stores was Payless ShoeSource who shuttered 2,589 locations and went out-of-business.
Closures Stacking up in 2020
The retailers who have already announced hundreds of store closures in 202 include Chico’s 250 stores, Gap (230 stores), and A.C. Moore (150).
"On a recent earnings call of B. Riley Financial, the parent company of liquidation giant Great American Group, Chairman Bryant Riley told investors that the liquidator was experiencing 'one of the busiest periods in its history.' Great American has closed more than 6,800 stores since 2013, including recent liquidations for Barneys New York, Toys R Us, Payless ShoeSource, and Gymboree," reports the Wall Street Journal.
Now, Pier 1 "expects to announce the new round of shutdowns when it reports results for its third fiscal quarter next week, according to people with knowledge of the plan. The company aims to restructure out of court, in part by closing stores and using the savings to boost liquidity, said the people," reports Fortune magazine.
On Monday, the Wall Street Journal is reporting aggressive moves by one major retailer -- "Bed Bath & Beyond Inc. has signed a deal to sell roughly half its real estate to a private-equity firm and lease back the space in a transaction that will generate more than $250 million in proceeds for the troubled home-goods retailer, according to people familiar with the situation."
Recently, the Bed Bath & Beyond store at the Providence Place Mall closed.
Closer to Home
Rhode Island-based CVS is the 7th largest retailer in America with more than $83 billion is sales reports the National Retail Federation.
In Rhode Island, downtown Providence was hit with the closure at the end of the year.
"We have made the difficult business decision to close our Kennedy Plaza store in downtown Providence on January 2. As part of the regular course of business, we review all of our stores’ financial performance and lease expirations before making such a decision," said Mike DeAngelis, Senior Director of Corporate Communications for CVS.
The closure of this store is not a reflection of the hard work and dedication of our employees. Every effort will be made to help place the affected store colleagues into comparable roles at other CVS store locations in the area," said DeAngelis
“CVS intends to close fewer than two dozen of its drugstores in 2020, which is about half the number that have shut down in 2019.
You'll still find one on nearly every corner because there will be roughly 9,900 remaining CVS locations,” according to MoneyWise.
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