Earlier this month, the legendary New York discount retailer Century 21 filed for chapter, and several other mall staples introduced lots of of retailer closures. Some retailers are actually closing extra shops than initially deliberate, underscoring how badly companies have have struggled through 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 areas this yr, it introduced throughout an earnings name. It additionally mentioned it was eyeing as much as 500 areas over the subsequent two years that may very well be presumably closed.
American Eagle Outfitters (AEO)‘ digital gross sales have exploded through the pandemic, so the corporate is seeking to scale back its bodily footprint — particularly in malls. “Our versatile lease portfolio will enable us to rapidly exit areas that now not is smart,” Chief Monetary Officer Mike Mathias mentioned within the name.
Mattress Bathtub & Past
The homewares chain is closing 63 shops by the tip of the yr as a part of a restructuring plan sparked by the pandemic.
The modifications come after the retailer introduced in July that it could shut roughly 200 areas, primarily Mattress Bathtub & Past shops, over the subsequent two years. It additionally mentioned final month it could eradicate 2,800 jobs because it tries to streamline operations and shore up funds.
The corporate, which additionally operates BuyBuy Child, Christmas Tree Retailers and Harmon Face Values, has about 1,500 shops. Practically 1,000 of these are Mattress Bathtub & Past (BBBY) areas.
The low cost division chain filed for chapter 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, comparable to Century 21, have been hit notably laborious as tens of millions of individuals are out of labor and tens of millions extra are working from dwelling and never needing to purchase as many gown garments.
GameStop is closing about 100 extra shops than it initially deliberate, totaling about 400 to 450 shops globally. That is greater than the 320 areas it introduced in March.
Chief Monetary Officer Jim Bell mentioned the closures “will enable us to extra effectively and profitably service our clients.” He added “there are extra [closures] to do” in 2021 “as nicely.” The chain was stung by falling gross sales of bodily video video games, one in all its mainstays.
GameStop (GME) at present has 5,122 shops worldwide — 600 fewer than it did it final yr.
Sur La Desk
The upscale kitchenwares chain filed for chapter in July and introduced it was closing about half of its 120 areas. It mentioned this month it was closing a further 17 areas, in keeping with a press launch.
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.