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Retail Apocalypse: 23 big retailers closing stores
Retail Apocalypse: 23 big retailers closing stores
Toys R’ Us bankruptcy: Is this a retail apocalypse?
Toys R’ Us has filed for bankruptcy right before the holiday shopping season, becoming the latest brick-and-mortar retailer to fall victim to the growth of e-commerce and discount stores. More than 300 companies have filed for bankruptcy in 2017 so far, here’s a look at the most significant casualties.
Some of the United States’ most prominent retailers are shuttering stores in recent months amid sagging sales in the troubled sector.
The rise of ecommerce outlets like Amazon (NASDAQ:AMZN) has made it harder for traditional retailers to attract customers to their stores and forced companies to change their sales strategies. Many companies have turned to sales promotions and increased digital efforts to lure shoppers while shutting down brick-and-mortar locations.
FOX Business continues to tally a list of some of the top retailers to close stores.
Abercrombie & Fitch
Facing declining sales, the once-prominent fashion brand announced last March that it would close 60 of its U.S. stores with expiring leases during its 2017 fiscal year. The chain has closed hundreds of store locations over the last few years while placing an increased emphasis on online sales.
Aerosoles
The New Jersey-based women’s footwear company filed for bankruptcy last year and announced plans to move forward with a “significant reduction” of its retail locations. While it’s unclear how many of Aerosoles’ 88 locations will be affected, the chain said it plans to keep four flagship stores in New York and New Jersey operational, NJ.comOpens a New Window. reported…..More Here
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