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Retail industry closures soared in 2024, with more than 7,100 stores shutting down through the end of November — a 69% jump from the same time last year, according to research firm CoreSight.
On the other hand, some smaller chains and specialty retailers have struggled to keep doors open or been forced to downsize. A spike in bankruptcies contributed to the high number of closures in 2024.
Many closures are the result of already-struggling companies reaching their breaking points and declaring bankruptcy
A projected 15,000 stores are expected to close between now and the end of December, and some of the retailers that are shutting down the most locations may surprise you. 10. Best Buy
The company has shut down all of its nearly 380 stores, and sold its e-commerce business to Sunrise Brands. ... Fred's had already endured several rounds of closures and had fewer than 100 stores ...
Bose shut down all of its 119 retail stores in 2020 in order to follow a "dramatic shift" to online shopping only. [ 79 ] Carter's announced the closure of at least 200 stores in an earnings call in October 2020; the children's apparel chain planned to close about 80% of its locations by 2022.
Investment bank UBS projected that around 50,000 or so U.S. stores will close by 2027, reported Forbes. ... which is closing 13 stores. Here’s a list of Dirt Cheap closings by state as sourced ...
Macy's has named 66 of the 150 stores that it's planning to close as part of its revitalization plan.. The retailer announced back in February 2024 plans to shut down 150 "underproductive" Macy's ...
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