The Daily Retina
EIGHT retailers have announced closures during the month of April across the country.
The closures are happening under a larger trend as brick-and-mortar stores struggle to stay afloat – hundreds of locations shuttered last year and more are likely to come.
Several retailers are saying goodbye to shoppers in April[/caption]
Stores are experiencing what some financial experts are calling a “retail apocalypse” as consumer demand wanes amid record-high inflation.
At the same time, shoppers are turning to the convenience of online shopping over traditional stores, which struggle with too much supply and too little demand.
The U.S. Sun has created a list of all the stores Americans will have to say goodbye to in April.
1. GAP
Gap, which also owns Old Navy, Banana Republic, and Athleta, announced it will close about 50 stores in the coming months.
The company has been experiencing low sales for several months and reported net losses of $273million for its most recent quarter, which ended on January 28.
Like many companies, Gap struggled to get inventory shipped from manufacturers durings the Covid-19 pandemic.
This product backlog meant that by the time much of this clothing did arrive, it was already out of season. Since then, Gap has had too much product on hand.
Despite the temporary struggles, Gap is planning to open about 30 new stores under its Old Navy and Athleta brands.
2. TUESDAY MORNING
After filing for bankruptcy, Tuesday Morning has announced the upcoming closures of hundreds of stores.
The home goods store is planning to auction over 250 leases it has across the country as 263 stores are set to close.
“As part of its restructuring, Tuesday Morning is committed to optimize its store footprint and focus on its core markets,” said Todd Eyler, A&G senior managing director.
“The company’s new management team believes this targeted approach to closing unprofitable and underperforming stores, along with the variety of other measures being undertaken to improve operations, will allow Tuesday Morning to emerge from Chapter 11 with a profitable store fleet that serves its most engaged and loyal customers.”
However, executives have warned that additional stores can be expected to shut their stores “in the event certain acceptable terms are not reached with the landlords.”
Large cities like Austin, Texas; Columbus, Ohio; Raleigh, North Carolina; Las Vegas, Nevada; San Diego, California; and Atlanta, Georgia, will be hardest hit by the closures.
3. PARTY CITY
Since declaring bankruptcy in January, Party City said it plans to close down over 20 stores.
The party supplies retailer is closing 10 stores and auctioning off 12 stores in the upcoming weeks.
Since the pandemic, Party City faced declining sales as they relied on social gatherings to generate revenues.
At the same time, soaring inflation worsened the company’s financial health.
4. BED BATH & BEYOND
Bed Bath & Beyond announced on January 30 that it will continue to close an additional 87 stores this year, going into April.
The chain known for its popular home goods is shutting down more than a hundred stores nationwide.
A spokesperson for Bed Bath & Beyond told The U.S. Sun, “As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible.”
Last year, Bed Bath & Beyond announced that at least 120 of 150 low-performing locations would close.
5. MACY’S
Despite Macy’s widespread fame, it’s in the middle of closing over 120 stores this year.
In 2020, executives announced that 125 stores across the country would shut down over the next three years.
As a result, 2,000 employees will lose their jobs.
6. JCPENNEY
The popular department store declared bankruptcy in May 2020 and announced it would close over 800 stores.
This was after the company had acquired $4.5billion in net losses since 2010.
Only 670 JCPenney locations exist today, and this spring the stores in Oswego, New York, and Elkhart, Indiana, will also close for good.
7. AMAZON GO
Following the trend of other grocery store closures, Amazon Go is shuttering six stores on April 1.
This includes two stores in New York and four in San Francisco.
Two Seattle Amazon Gos said goodbye to customers earlier this year as well.
“Like any physical retailer, we periodically assess our portfolio of stores and make optimization decisions along the way,” the company said, according to a statement to Neowin.
“We remain committed to the Amazon Go format, operate more than 20 Amazon Go stores across the U.S., and will continue to learn which locations and features resonate most with customers as we keep evolving our Amazon Go stores.”
The company has been through a period of transition as it laid off 18,000 employees in January.
8. STAPLES
A Staten Island, New York, Staples is saying goodbye to customers forever on April 14.
Ahead of the closure, shoppers will get 30 percent off in-store purchases.
Those who relied on the office supply store will now have to go to the locations in Dongan Hills and Brooklyn.
Staples was already slimming its store fleet before the pandemic, closing more than 200 stores in the process.
When the coronavirus shifted work life away from offices and into the home, Staples’ sales plummeted.
Rival Office Depot will also be closing a Florida store this month, another indicator that the post-pandemic has not been kind to office supply brick and mortars.
Even retail giant Target is closing up shop at one location experiencing low sales.
Meanwhile, an arts and crafts retailer is fighting to stay alive after landing on a bankruptcy watchlist.
Source: The US Sun