The spate of store shutdowns is continuing well into 2021.
From nationwide chains to specialty boutiques, retailers have announced hundreds of brick-and-mortar closures collectively, whether as a result of bankruptcy or fleet rightsizing or both.
The COVID-19 pandemic has also undoubtedly played a part — not only driving significant shifts in consumer preferences, but also accelerating the importance of e-commerce. According to a recent report from Coresight Research, retailers could collectively announce as many as 10,000 store closures in 2021 — a 14% increase from 2020’s already devastating levels.
Here, FN compiles a list of the companies that are closing their doors this year.
Christopher & Banks
In mid-January, Christopher & Banks filed for Chapter 11 protection in the United States Bankruptcy Court for the District of New Jersey. It announced at the time that it would shutter a “significant portion, if not all” of its 449 units across 44 states following the liquidation process. (It also owns women’s plus size clothier CJ Banks.) As of early March, the majority of its locations across the country have closed.
Disney has revealed the imminent closures of at least 60 outposts in the U.S. and Canada, amounting to about 35% of its stores in North America and 20% across the globe. (The chain has about 300 physical units worldwide.) In a statement, it shared that the move would allow it to better focus on its online business.
As it exited bankruptcy proceedings, Francesca’s planned to permanently shut down about half of its brick-and-mortar fleet. On Jan. 22, a judge in the U.S. Bankruptcy Court for the District of Delaware approved the sale of substantially all of the retailer’s assets to an affiliate of investment firm TerraMar Capital LLC and financial services firm Tiger Capital Group LLC, which is one of its lenders. As part of the plan, TerraMar and Tiger will preserve the business as a going concern with at least 275 Francesca’s locations. (At the time, the company operated 551 boutiques.)
Early in January, a Macy’s spokesperson confirmed to FN that 45 outposts were headed for the chopping block. Those units were included in a list of previously announced closures as part of the company’s turnaround plan unveiled in February last year. According to the spokesperson, the retailer was “committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls. These closures bring us closer to achieving the right mix of mall-based stores.”
This story will continue to be updated.