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Retail's Changing Face
Over the past six months, there has been a flurry of announcements from retailers that they are closing stores, slowing expansion plans or ceasing operations altogether.
From Foot Locker and Home Depot to Ann Taylor and Linens 'n Things, we round up more than 30 retailers that are closing (at least some) of their doors. Are some of them your favorites?
Linens 'n Things
Stores Closing: 120
Why? The bedding- and home-furnishing retailer said it plans to close 120 underperforming stores in its chain of 589 locations as it filed for chapter 11 bankruptcy protection in May.
Disney Stores
Stores Closing: 98
Why? The Mouse wants control. Disney is taking back its stores from a subsidiary of Children's Place and is scaling back as it restructures because sales have been dropping over the last year.
Stock Quote & News: HD
Foot Locker
Stores Closing: 140
Why? With income down 78 percent in 2007, the shoe retailer is running for the hills. It's putting 140 more of its 3,785 stores on the chopping block in addition to the 274 it closed last year.
Stock Quote & News: FL
Wilson's Leather
Stores Closing: 160
Why? With "substantial doubt" about its ability to stay in business, the company is hoping women will bail it out. It's shutting the majority of its mall-based stores, laying off employees and turning the remaining 100 mall stores into accessory boutiques called Studio.
Stock Quote & News: WLSN
Home Depot
Stores Closing: 15
Why? In December, Home Depot said it would cut 950 jobs and close three call centers that handle orders for home installation. The next month, is said it would cut 500 jobs at its headquarters. Now, amid a slumping U.S. economy and housing market, it announced in May it will close 15 underperforming U.S. stores.
Stock Quote & News: HD
Ann Taylor
Stores Closing: 117
Why? Times are tough for luxury clothes brands and Ann Taylor is finding it hard to compete. Last December sales were down 9.4 percent, leading to the closing of 16 percent of the company's store count by 2010.
Stock Quote & News: ANN
PacSun 'Demo' Stores
Stores Closing: 154 Demo Stores
Why? In Jan. 2008, Pacific Sunwear of California, Inc. said it will close its 154 Demo stores as a result of a a review of strategic alternatives for the urban-apparel brand. This follows the closure of 74 underperforming Demo stores last May.
Stock Quote & News: PSUN
Lonestar Steakhouse
Stores Closing: 27
Why? Slow sales and rising utilities costs put the crunch on these peanut-loving restaurants, especially in Florida where the company closed seven out of eight locations, which had been performing poorly since the 2004-2005 hurricane season.
Zales
Stores Closing: 105
Why? Diamonds may be forever, but maybe not so Zales. The poor economy is taking its toll on luxury vendors and so the jeweler is closing 50 kiosks and 55 full-size stores -- leaving it with 2,145 locations -- by the end of July and trimming its headquarters staff by 20 percent to weather the economic storm
Pier 1 Imports
Stores Closing: 25
Why? After shedding 79 stores in 2007, sales are still declining. So the furniture and home accessory specialist is planning another cut back – this time closing just 25 more stores and selling its corporate headquarters.
Stock Quote & News: PIR
Friedman's Jewelers
Stores Closing: 120
Why? Everything's for sale as this jeweler closes up shop. It's liquidating $400 million in baubles, closing 473 stores and laying off employees as it goes through bankruptcy proceedings.
Dell
Stores Closing: 140
Why? Dell keeps losing market share to As Hewlett-Packard -- it has slipped into second place in PC sales behind HP -- so the company that pioneered direct sales is turning away from the strategy and refocusing its efforts on sales in big box stores, so the mall kiosks had to go.
Stock Quote & News: DELL
Urban Interiors & It’s Gotta Go
Stores Closing: 2
Why? The company that owns two Seattle-area stores thought the itshome furnishing stores weren't performing as well as its other holdings, Continental Furniture and Thomasville Home Furnishings, so it's closing time. That puts $5 million worth of inventory for sale at its other locations.
84 Lumber
Stores Closing: 12
Why? Due to a difficult year in the nation's housing market, the Pennsylvania-based building materials company closed a dozen stores in December.
Sharper Image
Stores Closing: 90
Why? Things are not looking good for the 31-year-old company, which just filed for bankruptcy protection. The New York Times reported that the retailer will still operate 94 stores to pay off debts, but about half of all its outlets are performing poorly and should be closed "as soon as possible."
Stock Quote & News: SHRP
Pep Boys
Stores Closing: 31
Why? The auto parts company laid off 550 employees as it shut down stores in November as part of a five-year strategic plan that will include a change in its mix of automotive products and adding "smaller neighborhood service shops."
Stock Quote & News: PBY
Ethan Allen
Stores Closing: 12 of 300+
Why? As part of a cost-cutting plan, the manufacturer and retailer of high-end home furnishings is closing 12 of its retail centers.
Stock Quote & News: ETH
Rite Aid
Stores Closing: 28
Why? The drugstore chain announced in January that it was exiting the Las Vegas, Nev. market because the stores there had not been contributing to overall results. The company hasn't opened a new store in the Las Vegas area since 1999.
Stock Quote & News: RAD
Sprint Nextel Corp.
Stores Closing: 125
Why? As the nation's third-largest wireless carrier struggles to compete with AT&T and Verizon Wireless it has announced that it will reduce stores and cut 4,000 jobs.
Stock Quote & News: S
Movie Gallery
Stores Closing: 400 of 3,500
Why? The video rental company said it plans to close 400 Movie Gallery and Hollywood Video stores in addition to the 520 locations the bankrupt video rental chain closed last fall. Movie Gallery said the company will work with customers to try to transfer accounts to nearby locations.
Stock Quote & News: MOVIQ
Saks
Saks Stores Closing: 1
Why? The Saks Fifth Avenue store in the Galleria Mall in Fort Lauderdale is the only one of 54 on the sales rack in this round of cutbacks – the company hasn't shed stores since it closed eight in 2004.
Stock Quote & News: SKS
Wickes Furniture
Wickes Furniture Stores Closing: 38
Why? Furniture stores may be the canary in the cave for this recession. This regional retailer is in bankruptcy and so is closing stores and selling off $75 million in inventory.
More Furniture Stores
Retailer: Sofa Express
Stores Closing: 44
Why? The Ohio-based furniture retailer sent notice in Dec. to stores saying the company was shuttering headquarters, closing stores and laying off workers due to their financial situation.
Retailer: Levitz Furniture
Stores Closing: 76
Why? Also in Dec., Levitz Furniture announced it is liquidating its assets and closing all 76 of its stores.
Macy's
Stores Closing: 9
Why? According to a Dec. 28 2007 press release, Macy's is closing 9 locations due to declining sales. However, it expects to open 5 new stores in 2008 and 6 to 8 new locations are currently planned for 2009.
Stock Quote & News: M
CompUSA
Stores Closing: 103 stores will be sold or shut down
Why? In Dec. 2007, the Computer and electronics retailer announced it would start winding down its retail operations after being acquired by an investment firm, which is looking to sell the company's business and assets. The retail stores that don't sell will be shut down.
Kirkland's
Stores Closing: 30 to 130
Why? Management of the national home-decor chain told analysts it intends to close 30 underperforming stores during the fourth quarter, which ended in January. It is considering closing even more stores (up to 100) in the next 18 months, saying it wants to focus on stores not based in malls.
Stock Quote & News: KIRK
Big Dollar
Stores Closing: 10
Why? The 21-year-old discount chain based in Minnesota finds times too tough to sell even dollar buys, despite the conventional wisdom that people shop at these stores more in bad economic climates. The costs of goods and fuel are just too expensive, and customers are cutting back.
Fashion Bug, Lane Bryant & Catherine's
Stores Closing: 150
Why? CoStar.com reports that Charming Shoppes, Inc. is closing 150 underperforming stores, laying off 150 employees and reducing the amount of stores it will open in 2009. The closures will leave Charming Shoppes with approximately 900 Fashion Bug stores, 923 Lane Bryant stores and 471 Catherine's stores.
Stock Quote & News: CHRS
Talbot's & Sigrid Olsen
Retailer: Talbot's Kids, Mens
Stores Closing: 78
Why? As sales continue to disappoint, Talbot's will close 78 children's and men's apparel stores to focus on its core middle-aged female customer.
Retailer: Sigrid Olsen
Stores Closing: 54
Why? Part of parent company Liz Claiborne Inc., the 20-year-old line that began as resort wear has been losing money over the past several years.
Jasmine Sola
Stores Closing: 23
Why? According to the Boston Herald, New York & Co. is shutting its chain of 23 Jasmine Sola upscale women's clothing stores that got its start in Harvard Square in 1970. The decision follows a battle over sexual misconduct charges at the company.
Stock Quote & News: NWY
Lillian Vernon
Stores Closing: No Physical Outlets
Why? The holiday shopping season wasn't bright enough to keep afloat Lillian Vernon, which filed for bankruptcy in February. While the online and catalog retailer doesn't have any stores to maintain, rising shipping and inventory costs cut into profits.
I Spy ... a Retail Store in Danger
Over the past six months, there has been a flurry of announcements from retailers that they are closing stores, slowing expansion plans or ceasing operations altogether.
From Foot Locker and Home Depot to Ann Taylor and Linens 'n Things, we round up more than 30 retailers that are closing (at least some) of their doors. Are some of them your favorites?
Linens 'n Things
Stores Closing: 120
Why? The bedding- and home-furnishing retailer said it plans to close 120 underperforming stores in its chain of 589 locations as it filed for chapter 11 bankruptcy protection in May.
Disney Stores
Stores Closing: 98
Why? The Mouse wants control. Disney is taking back its stores from a subsidiary of Children's Place and is scaling back as it restructures because sales have been dropping over the last year.
Stock Quote & News: HD
Foot Locker
Stores Closing: 140
Why? With income down 78 percent in 2007, the shoe retailer is running for the hills. It's putting 140 more of its 3,785 stores on the chopping block in addition to the 274 it closed last year.
Stock Quote & News: FL
Wilson's Leather
Stores Closing: 160
Why? With "substantial doubt" about its ability to stay in business, the company is hoping women will bail it out. It's shutting the majority of its mall-based stores, laying off employees and turning the remaining 100 mall stores into accessory boutiques called Studio.
Stock Quote & News: WLSN
Home Depot
Stores Closing: 15
Why? In December, Home Depot said it would cut 950 jobs and close three call centers that handle orders for home installation. The next month, is said it would cut 500 jobs at its headquarters. Now, amid a slumping U.S. economy and housing market, it announced in May it will close 15 underperforming U.S. stores.
Stock Quote & News: HD
Ann Taylor
Stores Closing: 117
Why? Times are tough for luxury clothes brands and Ann Taylor is finding it hard to compete. Last December sales were down 9.4 percent, leading to the closing of 16 percent of the company's store count by 2010.
Stock Quote & News: ANN
PacSun 'Demo' Stores
Stores Closing: 154 Demo Stores
Why? In Jan. 2008, Pacific Sunwear of California, Inc. said it will close its 154 Demo stores as a result of a a review of strategic alternatives for the urban-apparel brand. This follows the closure of 74 underperforming Demo stores last May.
Stock Quote & News: PSUN
Lonestar Steakhouse
Stores Closing: 27
Why? Slow sales and rising utilities costs put the crunch on these peanut-loving restaurants, especially in Florida where the company closed seven out of eight locations, which had been performing poorly since the 2004-2005 hurricane season.
Zales
Stores Closing: 105
Why? Diamonds may be forever, but maybe not so Zales. The poor economy is taking its toll on luxury vendors and so the jeweler is closing 50 kiosks and 55 full-size stores -- leaving it with 2,145 locations -- by the end of July and trimming its headquarters staff by 20 percent to weather the economic storm
Pier 1 Imports
Stores Closing: 25
Why? After shedding 79 stores in 2007, sales are still declining. So the furniture and home accessory specialist is planning another cut back – this time closing just 25 more stores and selling its corporate headquarters.
Stock Quote & News: PIR
Friedman's Jewelers
Stores Closing: 120
Why? Everything's for sale as this jeweler closes up shop. It's liquidating $400 million in baubles, closing 473 stores and laying off employees as it goes through bankruptcy proceedings.
Dell
Stores Closing: 140
Why? Dell keeps losing market share to As Hewlett-Packard -- it has slipped into second place in PC sales behind HP -- so the company that pioneered direct sales is turning away from the strategy and refocusing its efforts on sales in big box stores, so the mall kiosks had to go.
Stock Quote & News: DELL
Urban Interiors & It’s Gotta Go
Stores Closing: 2
Why? The company that owns two Seattle-area stores thought the itshome furnishing stores weren't performing as well as its other holdings, Continental Furniture and Thomasville Home Furnishings, so it's closing time. That puts $5 million worth of inventory for sale at its other locations.
84 Lumber
Stores Closing: 12
Why? Due to a difficult year in the nation's housing market, the Pennsylvania-based building materials company closed a dozen stores in December.
Sharper Image
Stores Closing: 90
Why? Things are not looking good for the 31-year-old company, which just filed for bankruptcy protection. The New York Times reported that the retailer will still operate 94 stores to pay off debts, but about half of all its outlets are performing poorly and should be closed "as soon as possible."
Stock Quote & News: SHRP
Pep Boys
Stores Closing: 31
Why? The auto parts company laid off 550 employees as it shut down stores in November as part of a five-year strategic plan that will include a change in its mix of automotive products and adding "smaller neighborhood service shops."
Stock Quote & News: PBY
Ethan Allen
Stores Closing: 12 of 300+
Why? As part of a cost-cutting plan, the manufacturer and retailer of high-end home furnishings is closing 12 of its retail centers.
Stock Quote & News: ETH
Rite Aid
Stores Closing: 28
Why? The drugstore chain announced in January that it was exiting the Las Vegas, Nev. market because the stores there had not been contributing to overall results. The company hasn't opened a new store in the Las Vegas area since 1999.
Stock Quote & News: RAD
Sprint Nextel Corp.
Stores Closing: 125
Why? As the nation's third-largest wireless carrier struggles to compete with AT&T and Verizon Wireless it has announced that it will reduce stores and cut 4,000 jobs.
Stock Quote & News: S
Movie Gallery
Stores Closing: 400 of 3,500
Why? The video rental company said it plans to close 400 Movie Gallery and Hollywood Video stores in addition to the 520 locations the bankrupt video rental chain closed last fall. Movie Gallery said the company will work with customers to try to transfer accounts to nearby locations.
Stock Quote & News: MOVIQ
Saks
Saks Stores Closing: 1
Why? The Saks Fifth Avenue store in the Galleria Mall in Fort Lauderdale is the only one of 54 on the sales rack in this round of cutbacks – the company hasn't shed stores since it closed eight in 2004.
Stock Quote & News: SKS
Wickes Furniture
Wickes Furniture Stores Closing: 38
Why? Furniture stores may be the canary in the cave for this recession. This regional retailer is in bankruptcy and so is closing stores and selling off $75 million in inventory.
More Furniture Stores
Retailer: Sofa Express
Stores Closing: 44
Why? The Ohio-based furniture retailer sent notice in Dec. to stores saying the company was shuttering headquarters, closing stores and laying off workers due to their financial situation.
Retailer: Levitz Furniture
Stores Closing: 76
Why? Also in Dec., Levitz Furniture announced it is liquidating its assets and closing all 76 of its stores.
Macy's
Stores Closing: 9
Why? According to a Dec. 28 2007 press release, Macy's is closing 9 locations due to declining sales. However, it expects to open 5 new stores in 2008 and 6 to 8 new locations are currently planned for 2009.
Stock Quote & News: M
CompUSA
Stores Closing: 103 stores will be sold or shut down
Why? In Dec. 2007, the Computer and electronics retailer announced it would start winding down its retail operations after being acquired by an investment firm, which is looking to sell the company's business and assets. The retail stores that don't sell will be shut down.
Kirkland's
Stores Closing: 30 to 130
Why? Management of the national home-decor chain told analysts it intends to close 30 underperforming stores during the fourth quarter, which ended in January. It is considering closing even more stores (up to 100) in the next 18 months, saying it wants to focus on stores not based in malls.
Stock Quote & News: KIRK
Big Dollar
Stores Closing: 10
Why? The 21-year-old discount chain based in Minnesota finds times too tough to sell even dollar buys, despite the conventional wisdom that people shop at these stores more in bad economic climates. The costs of goods and fuel are just too expensive, and customers are cutting back.
Fashion Bug, Lane Bryant & Catherine's
Stores Closing: 150
Why? CoStar.com reports that Charming Shoppes, Inc. is closing 150 underperforming stores, laying off 150 employees and reducing the amount of stores it will open in 2009. The closures will leave Charming Shoppes with approximately 900 Fashion Bug stores, 923 Lane Bryant stores and 471 Catherine's stores.
Stock Quote & News: CHRS
Talbot's & Sigrid Olsen
Retailer: Talbot's Kids, Mens
Stores Closing: 78
Why? As sales continue to disappoint, Talbot's will close 78 children's and men's apparel stores to focus on its core middle-aged female customer.
Retailer: Sigrid Olsen
Stores Closing: 54
Why? Part of parent company Liz Claiborne Inc., the 20-year-old line that began as resort wear has been losing money over the past several years.
Jasmine Sola
Stores Closing: 23
Why? According to the Boston Herald, New York & Co. is shutting its chain of 23 Jasmine Sola upscale women's clothing stores that got its start in Harvard Square in 1970. The decision follows a battle over sexual misconduct charges at the company.
Stock Quote & News: NWY
Lillian Vernon
Stores Closing: No Physical Outlets
Why? The holiday shopping season wasn't bright enough to keep afloat Lillian Vernon, which filed for bankruptcy in February. While the online and catalog retailer doesn't have any stores to maintain, rising shipping and inventory costs cut into profits.
I Spy ... a Retail Store in Danger
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