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Once highly popular clothing stores are facing mass closures. Though some retailers were already struggling due to a rise in online shopping, the coronavirus pandemic ground in-store shopping to a halt, leaving those without well-developed e-commerce businesses in serious trouble, according to Forbes.
Victoria’s Secret was already in decline before the pandemic and announced in May that it plans to close up to 250 stores in the US and Canada.
Lord & Taylor announced in August 2020 that it had filed for bankruptcy and would begin liquidating its 38 remaining stores.
Take a look at all the clothing brands and stores you’ll see less of in the future.
SEE ALSO: More than 6,300 stores are closing in 2020 as the retail apocalypse drags on. Here’s the full list.
Victoria’s Secret announced it would be closing up to 250 stores in the US and Canada.
L Brands, which owns Victoria’s Secret, announced in May that it would close 251 stores in the US and Canada. In the US, 235 Victoria’s Secret and three Pink stores will close, and the rest will be in Canada. According to Forbes, Victoria’s Secret’s net sales fell 46% in the first fiscal quarter of 2020.
JCPenney filed for bankruptcy in May and is closing over 150 stores this year.
According to CNN Business, JCPenney missed debt payments and is nearly $4 billion in debt. CEO Jill Soltau said in a press release, “The closure of our stores due to the pandemic necessitated a more fulsome review to include the elimination of outstanding debt.”
JCPenney plans to close a total of 242 stores between this fiscal year and the next.
According to Business Insider, JCPenney had already closed six stores in 2020 in Montana, North Carolina, New York, Ohio, Oklahoma, and South Carolina.
Gap closed 40 stores globally in early 2020 as part of a plan to close 230 stores over the course of two years.
Twenty-nine of the closings were in the United States.
A statement on the company’s website said, “We are committed to quickly, thoughtfully, and decisively addressing stores that are underperforming or don’t fit our vision for the future of Gap.”
According to a previous report by Business Insider, the company plans to open more stores under other banners including Old Navy and Athleta.
Last year Chico’s announced it would close 250 stores over the next three years. So far it has closed 49 locations.
Chico’s operates Chico’s, White House Black Market, and Soma, and will close 100 Chico’s locations, 90 White House Black Market stores, and 60 Soma locations, Business Insider previously reported.
Chico’s announced closures in early 2019 and had closed 49 locations by the end of the year, meaning about 200 closures are expected in the next two years.
In March, Modell’s filed for bankruptcy and announced it would close all of its 153 stores.
According to the New York Post, “The chain, which sold mid-priced activewear brands, faced increasing competition from Dick’s Sporting Goods, the only national sporting goods chain left. Dick’s recently pulled out of …read more
Source:: Business Insider