A lot of people are preferring to buy clothes online, therefore, companies are starting to close stores and/or file for bankruptcy. The whole experience of going into a store to purchase an item is on the past. With a lot of workaholics and people with very busy schedules, customers are having a preference to purchase online since most of these online stores have great return policy. Let’s see which of your favorite stores might be downsizing and/or closing stores:
Wet Seal: The teen brand and California based company is closing all its stores. A letter to its employees was sent out on 02/03/17.
J. Crew: This brand is almost $2 billion in debt. Some stores have closed in NY, VA, and North Carolina and the rumor is that more stores will be closing in the near future.
Wholesale Gildan buys American Apparel. This purchase does not include the 110 stores American Apparel still owns.
The Limited is closing all its stores and it has filed for bankruptcy protection. While the stores are closed it seems it might still be online.
Abercrombie & Fitch is cutting 150 jobs. These layoffs are at corporate level or headquarters. While these are not to store employees they could eventually move toward that since the company seems to struggle.
Macy’s is cutting jobs and closing more stores. 68 stores and 10,100 jobs to be specific.
Gymboree: 10 stores will be closed in 2017.
Payless: The company has a huge debt. The company could be closing about 1000 stores.
Gander Mountain: Per Reuters, the company should be filing for bankruptcy soon.
Claire’s: This company has a debt of over $1.5 billion and they might not be able to make a payment due next month. Last year, over 50 stores closed.
BCBG will also be closing stores. This brand part of the Max Azria Group, used to be the favorite store to find dresses for prom. Herve Leger is also part of Max Azria Group. Out of the 170 stores only 50 will remain open.
Neiman Marcus: One of my favorite stores. I can find all my favorite brands under one place. The company is about $4.5 billion in debt.
J.C. Penney: There has been rumors of closing about 700 stores.
Chico’s will finish closing their 120 stores by the end of the year.
Aeropostale: The teen retailer made a deal last year that saved them from bankruptcy but it is estimated that close to 250 stores will remain open. The company has over 800 stores.
Guess: Approximately 50 stores are supposed to close this year based on their last financial report.
American Eagle: 150 stores will be closing over the next three years.
It seems Amazon is the bigger winner with a lot of mall brands closing stores and/or jobs. My husband loves Amazon. I don’t think he can’t imagine his life without it. He even got formula the other day for our daughter.
Let us know which stores you are shocked or sad are closing.