Retailers Closing the Most Stores in 2019

Gap Inc. is the parent company of several well-known brands, including Old Navy, Banana Republic, and, of course, Gap. Unlike its sister brands, Gap has reported declining year-over-year sales, prompting CEO Art Peck to announce the potential closure of hundreds of Gap locations, including several flagship stores.

Few brick-and-mortar retailers are being hit as hard by the surge of e-commerce as department stores. J.C. Penney announced the impending closure of three locations already this year. More details on store closures will no doubt come with the company’s earnings report at the end of February. Some analysts predict the company will announce the shuttering of more than 100 locations.

Target announced in October 2018 plans to shutter six underperforming locations by February 2019. Most closures will be in the Midwest, one will be in New York, and another in Memphis, Tennessee. However, Target closures will be more than offset by a total of 20 new locations.

Macy’s Inc. is the company behind the iconic department store chain of the same name as well as Bluemercury beauty specialty stores. In August 2016, the company announced plans to shutter 100 underperforming locations in the coming years amid falling sales. While the retailer already closed the majority of those stores, the company anticipates it will close eight this year.

In early January, Macy’s announced disappointing holiday sales and cut its 2018 earnings outlook. As a result, shares plunged 18% in a single day.

American retailer J. Crew announced in March 2018 it had closed 51 stores during its fiscal 2017 year, 40 of which were in the final quarter of that year. In the same release, the company also announced plans to shutter an additional 20 stores during the 2018 fiscal year. Closures are continuing into 2019, as the company has announced the closing of at least nine locations in January, from Minneapolis to Greenville, South Carolina.

After years of falling sales, former CEO Jim Brett stepped down in November 2018.

After shuttering its iconic Fifth Avenue location in early 2019, department store chain Lord & Taylor is expected to close nine more locations this year. So far, a location outside of Chicago and one in suburban New Jersey are slated to close in January of this year. The remaining closures have yet to be announced.

Hardware and home improvement chain Lowe’s announced in early November 2018 its plan to close 20 U.S. locations by Feb. 1, 2019. According the corporate statement, the closures will allow the company to focus on more profitable stores. Most locations the company is closing are within 10 miles of another. An additional 31 locations in Canada are also on the chopping block.

Upscale handbag and accessory retailer Henri Bendel will close all of its 23 locations by the end of January 2019. Closures will take place in three waves, with the first stores closing on Jan. 5, the second round of store closures on Jan. 12, and the third and final round on the 19th. The decision to end the brand after 123 years in business was part of parent company L Brands’ strategy to focus on its more profitable brands — Victoria’s Secret and Bath & Body Works.

Children’s clothing and accessories store The Children’s Place announced it would be closing 300 locations between 2013 and 2020. If 2019 fits the pattern of previous years, the company will close about 30 locations this year. Despite ongoing closures, revenue at the chain continues to climb. The company reported $1.87 billion in sales in fiscal 2018, up 4.7% from $1.79 billion in fiscal 2017.

The fate of Sears Holdings Corp., parent company of Kmart, currently hangs in the balance as a U.S. bankruptcy court weighs CEO Edward Lampert’s bid to stave off liquidation — at least for a while. As of now, 37 Kmart locations are slated for closure in late March 2019.

Christopher & Banks is a women’s clothing retailer based in Plymouth, Minnesota. The company’s growth is being driven largely by e-commerce, and in the next two and a half years, between 30 and 40 Christopher & Banks locations are scheduled to close.

Whether or not Sears Holdings Corp. avoids bankruptcy this year remains to be seen. What is certain is the closure of more locations in 2019. So far, the company has announced plans to shutter 43 Sears locations coming in January and March of this year.

Shopko, a discount retailer in the Midwest announced in late 2018 plans to shutter 39 locations by the end of February 2019. The retailer announced in early 2019 plans to close an additional six Wisconsin locations. News of the planned closures come amid rumors that the company is preparing to file for bankruptcy.

Initially, cosmetics retailer Beauty Brands announced plans to close nearly half of its 58 locations in 2019. However, in early January 2019, the company filed for bankruptcy and intends to sell off all remaining assets.

Destination Maternity, a designer and retailer of maternity apparel, will close as many as 67 stores in its fiscal 2019. The company plans to close unprofitable stores in saturated markets. This year’s closings are part of a longer-term strategy to shutter as many as 280 total locations by 2022.

Performance Bicycle, a bicycle and bike accessory supply chain, will be closed down as parent company Action Sports Enterprise files for bankruptcy. ASE in December 2018 announced the impending closure and liquidation of all 102 Performance Bicycle locations.

Starbucks is planning on closing 150 company-operated locations in its fiscal 2019 — three times the company’s historical average of 50 store closures per year. The closures will largely be in heavily saturated markets in an effort to improve profitability. The closures represent a relatively small share of the Seattle-based company’s 25,000 global locations.

Young adult jewelry and accessories brand Claire’s filed for bankruptcy in March 2018 in an attempt to relieve its nearly $2 billion in debt. The company, whose stores are primarily located in malls and shopping centers, has struggled. It plans to close some 170 of its 1,570 locations by 2022.

Children’s clothing store Gymboree is preparing to file for bankruptcy protection and close all of its 900 locations in the United States and Canada and liquidate its assets. This is the second time the San Francisco company has filed for bankruptcy in as many years.