Economy Continues To Tank: Top 25 Chain Stores Closing Locations In 2023
The use of lawless money in the US and abroad brings with it a curse, as the LORD said that unjust weights and measurements are an abomination to Him. That fact alone has set us on a collision course with a massive debt that can never be repaid and an insane amount of individual debt via consumerism that just piles on more enslavement. As that takes place hundreds, if not thousands, of chain stores are closing many of their locations.
Below is the top 25 from a recent piece by Audrey Kyanova that lists 216 chain stores that are closing several locations this year.
She writes:
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Every business owner knows that everything can change on a dime, regardless of how big the brand is. Over the past few years, online shopping and other factors have had a huge impact on how companies with brick-and-mortar stores operate. Some have flourished, while others have struggled to stay afloat. As we move into 2023, we’ve had to say goodbye to some long-standing companies that simply aren’t making the same money that they once used to.
Profitability for big names like Home Depot or Bed, Bath & Beyond is no longer an exact science, with marketing strategies and expansion plans falling flat. Some brands are choosing to file for bankruptcy in a desperate attempt to recover, while others are closing multiple locations in a bid to minimize their losses. Meanwhile, multiple companies are all out of options, with no choice but to close their doors forever.
1. CVS
Year Established: 1963
Store Closures: 200 Branches*
While CVS (and its CVS/Pharmacy brand) has managed better than most to adapt to consumers’ online delivery needs, the company still faces an existential conundrum given its massive presence of nearly 10,000 stores nationwide. This mighty real estate investment in the face of dwindling walk-in customers has forced the company to both innovate and selectively cut back.
As a result, this year CVS plans to shutter at least 200 underperforming stores nationwide by the end of 2022, including its famous Springfield, Missouri location (known as the “largest CVS in the world”). Though this is less than 1% of their overall footprint, the move will cost CVS more than $130 million.
2. Dunkin’ Donuts
Year Established: 1950
Store Closures: 800
Dunkin’ Donuts is a company that many Americans know thanks to its advertising strategies. That doesn’t mean that it’s always going to be supremely profitable, though. The tides can change just as quickly on this business as they can anywhere else.
The company announced in 2020 that it would be closing the doors on over 800 locations. With an operation like this, it’s understandable that it’s being done in stages, with more stores still set to close by the end of 2021.
3. AMC
Year Established: 1920
Store Closures: TBD
There’s big money to be made in the movie business, but movie theaters don’t always get the biggest slice of the pie. Companies like AMC don’t even make the most money from movie tickets, instead of relying on concessions and add-ons for the most profit.
Like other theaters, AMC has been struggling over the last couple of years, with many questioning how some locations can stay open. The company is remaining relatively tight-lipped on the future of its theaters considering AMC has faced and avoided bankruptcy on four occasions in recent years.
4. Starbucks
Year Established: 1971
Store Closures: 500 Branches*
It’s been a tough time for the retail industry, but the hospitality sector has also taken a hard knock. Starbucks has been around since 1971, providing coffee lovers across the world with their daily cup of Java, but even this titan hasn’t come out of 2021 unscathed.
The popular chain announced closures of over 500 stores in the US and Canada as it turns its focus to pick-up only locations. Starbucks said that despite this, it was still hopeful that this move would “enhance the customer experience” and “enable profitable growth for the future.”
5. AT&T
Year Established: 1983
Store Closures: 320 Branches*
In 2020, AT&T closed down 250 of its physical stores. Now, it will be closing down another 320, according to the Communications Workers of America Union. The CWA said that these closures will lead to more than 1,600 job losses. AT&T has defended the total of 570 closures by saying it is “adjusting” its retail presence to “reflect” consumer “shopping practices.”
AT&T said that it always intended to focus more on online sales, as opposed to in-person store traffic. The retailer stated that the reason it was happening so quickly was that the retail apocalypse of 2020 accelerated the plans.
6. Bed Bath & Beyond
Year Established: 1971
Store Closures: 200 Branches*
Though Bed Bath & Beyond will be closing roughly 200 stores (less than four percent of its total stores worldwide) by the end of 2022, many market insiders predict that this may be the first few drops of a potential waterfall of closings within the next several years.
CNBC reported that Bed Bath & Beyond was trying to “save itself from extinction.” Business Insider was a little less optimistic, declaring that the “iconic brand” was experiencing a “rise and fall.” The company’s bonds have been straddling the border of junk debt for a while, trading at 73 cents on the dollar in December of 2019.
7. Walgreens
Year Established: 1901
Store Closures: 200 Branches*
Walgreens may be a surprising name to see on the list, as they seem to be everywhere in some cities in America. Nevertheless, they certainly have their competition cut out for them, with CVS and other big names dominating the drugstore industry.
Now, the pharmacy stores are closing off an even 200 stores, hoping to continue turning a profit in their other locations. Walgreens has continued to lose money, and Fox Business pointed out some shocking specs on the company’s failure. The company, owned by Walgreens Boots Alliance, lost $1.7 billion during three months in 2020. In 2021, the chain closed a further 17 locations in the San Francisco area, citing shoplifting.
8. Target
Year Established: 1995
Store Closures: 13 Branches*
Emerging as one of the biggest rivals to the retail titan known as Walmart, Target exploded to global success in the 2010s – though the company was actually formed more than a decade ago. At the time, it was known as Goodfellow Dry Goods.
Target has transitioned exceptionally well into the Internet age by focusing on Internet sales and targeting (pun intended) the more image-conscious consumer. Though revenues are up, Target plans to close about 13 locations through 2022 – though more store openings are likely on the horizon.
9. H&M
Year Established: 1947
Store Closures: 215 Branches*
H&M is the go-to retailer for shoppers all over the world looking for trendy pieces at an affordable price. From workwear to streetwear, and everything in between, the fashion giant has clothes for men, women, and children for every occasion.
Like other brick-and-mortar stores, H&M fell on hard times in 2020, announcing 250 store closures by the end of 2021. They then went back on their announcement after receiving surprisingly high sales figures in the fourth quarter of the year.
10. Best Buy
Year Established: 1966
Store Closures: >20 Branches*
Best Buy is a one stop shop for all things electronic. From great deals on flat screen TVs to finding a replacement for that one random cable you need for an old camera, they have everything you could want or need.
However, the tech retailer has faced a dramatic decline in sales over the years as the rise of online retail has taken hold. It’s unclear exactly how many stores will close in the following years, but higher ups at the company say the number will be greater than 20.
11. GNC
Year Established: 1935
Store Closures: 900 Branches*
Much like Earth Fare, GNC is another health and wellness store that has bit the dust. The vitamin retailer wasn’t doing well before 2020 hit, and the events that year just sealed GNC’s fate. In June of 2020, the brand declared bankruptcy and announced that it would close 900 of its stores, which number 7,300 in total.
The closures are slated to take place over the next few years, wrapping up in 2023. When GNC filed for bankruptcy, it asked a judge to protect it against creditors to which it owed money. The judge later would approve a sale to Harbin Pharmaceutical Holding Co., preventing GNC from being sold at auction.
12. Bath & Body Works
Year Established: 1990
Store Closures: 50 Branches*
Arguably one of the most consistent staples of any American mall, Bath & Body Works vaulted from relative obscurity to market king within a decade of its founding. The company is one of the few brands to not only escape the “retail apocalypse” of the 2010s – but actually flourish during this time.
Having said that, the company recently announced that 50 store locations, primarily in the United States, will be closing permanently by the end of 2022. The company plans to offset this with a three-year plan to open to 46 new locations and renovate up to 175 pre-existing locations. Considering the company operates more than 1,600 stores worldwide, this is hardly a drop in the bucket.
13. Ulta Beauty
Year Established: 1990
Store Closures: 19 Branches*
Ulta Beauty is a dream for people who love makeup. It has pretty much every product you could ever want, and it is always making new deals with beauty brands and other stores. For example, Ulta announced that it was going to open one-hundred mini-stores in Targets across the country during the latter half of 2021.
These new openings were exciting to fans, but not all the news from Ulta was positive. Ulta not only shrank its corporate staff, but it also announced its plans to shut down nineteen stores during the third fiscal quarter of 2020. Hopefully, Ulta shoppers whose favorite store closed will be able to go to Target, instead.
14. Pet Valu
Year Established: 1975
Store Closures: 358 Branches*
For decades, Pet Valu was a discount way to get supplies and services for your pets. Fans of the chain were disappointed to learn that Pet Valu was going to close down all 358 of its stores. The announcement was made in November of 2020, and the closures are still ongoing.
Pet Valu said it was winding down all of its operations, including corporate offices and warehouses. The beneficiary of this closure ended up being Pet Valu’s former rival, Pet Supplies Plus. Pet Supplies Plus acquired forty of Pet Value’s stores, and it announced in December of 2020 that it would rebrand Pet Valu in P.S.P.’s image.
15. The Gap
Year Established: 1969
Store Closures: 350 branches – all UK and Ireland Locations*
In addition to as many as 350 store closures worldwide leading up to 2024, The Gap has had a massive restructuring and rebranding happening in an effort to stay ahead of the competition and reduce overhead.
With more than 2,300 domestic locations, former CEO Art Peck predicts that more than 50% of all The Gap’s locations could be closing in the coming years as part of this shift. Overseas customers have already seen many Gap stores shuttering in recent years, with especially large cutbacks in Israel and Australia.
16. Victoria’s Secret
Year Established: 1977
Store Closures: 30-50 Branches*
Victoria’s Secret was founded by Roy and Gaye Raymond in 1977. The lingerie store is credited with bringing hip, fashionable lingerie into the mainstream. The company later opened its subsidiary Victoria’s Secret Pink, which includes apparel and sleepwear. It was Pink that ended up closing first, as Victoria’s Secret decided to focus solely on lingerie.
In 2019, Victoria’s Secret became the largest retailer of lingerie in the US but has seen sales gradually decrease. To keep revenues up, the company closed more than fifty locations in 2019 and 250 in 2020 in order to compete with the demands of e-commerce.CEP Stuart Burgdoerfer told ABC News, “We would expect to have a meaningful number of additional store closures beyond the 250 that we’re pursuing this year, meaning there will be more in 2021 and probably a bit more in 2022.”
17. Urban Outfitters
Year Established: 1970
Store Closures: TBD*
In the first quarter of 2020, Urban Outfitters’ stock dropped a whopping 32%. The store’s fate has only worsened in the months since, and one Barrons.com stock analyst said to sell the stock in July of 2020. In-store sales have dropped significantly.
Urban Outfitters has done better on digital sales however, seeing a 76% rise in new digital customers in the second quarter of 2020. However, though digital sales are still sales, retail locations continued to under-perform well into 2021. Urban Outfitters has been around since 1970 infiltrating “trendy” niche in the retail sector. However, it takes more than just a niche to keep a business surviving and thriving. There could be tougher times ahead.
18. The Children’s Place
Year Established: 1969
Store Closures: 122
The Children’s Place has been a go-to store for many parents and families for over 50 years, but the company has faced a tough time of it. Even before 2020 profits were starting to fall, so it’s hardly surprising that some big changes were announced in March of 2021.
The company decided the best course of action is to close 122 locations by the end of the year, on top of the 178 other locations that were closed in 2020. It’s a devastating blow to employees, but executives hope it will give the brand what it needs to be able to trade another day.
19. Neiman Marcus
Year Established: 1907
Store Closures: 4 Branches*
The news about Neiman Marcus broke in mid-April of 2020, so the exact amount of store closures for the 113-year-old retailer is, for now, unknown. Inside sources at Neiman Marcus confirmed to Reuters that the Dallas-based business is in the process of declaring bankruptcy and negotiating with creditors for an emergency loan.
Thankfully, the process was resolved in late 2020 and Neiman Marcus was purchased by several investment firms, which plan on bringing the company back to its former glory.As of mid-2021, the much-loved brand is trying to get back on its feet and expand its digital presence fwhile holding on to stores. The New York Times described Neiman Marcus as a former “symbol of luxury” – but whether more stores will close in 2022 remains to be seen.
20. Foot Locker
Year Established: 1974
Store Closures: 117 Branches*
The bad news: sportswear favorite Foot Locker has announced plans to close some 117 stores. The good news? The majority of these stores are located overseas, meaning its US market and locations will remain mostly intact.
However, sales aren’t the full picture of what is going on at a store. Foot Locker might have strong sales numbers, but not everything is smooth sailing. The closures are occurring because of a shakeup in management. Foot Locker got a new CEO, and the CEO is having the company lay off employees and cut jobs to reorganize.
21. Guess
Year Established: 1981
Store Closures: 200 Branches*
Guess has been part of American history since it emerged from California in 1981, but like many luxury retailers, things haven’t been easy lately. In January 2021, Guess announced plans to close 200 stores across the world in the following two years. While it equates to just 9% of their global presence, the majority of closures will be in the US and China.
Stock in the company is down 52% in the last year thanks to closures due to the pandemic. With no other way to recoup their losses, Guess is doing what many other retailers are opting to do – close their doors and hope for better days.
22. Walmart
Year Established: 1962
Store Closures: 154 Branches*
As the old saying goes, “When one door closes, another opens.” This is the case for Walmart, which announced that it would be closing 154 stores through 2022. The department store had closed the exact same number a few years ago, but it didn’t leave everyone with all bad news.
Walmart said that it would open between fifty and sixty new Walmart SuperCenters (Walmart stores with eye care, pharmacies, and a restaurant in them), as well as 85 to 95 regular “neighborhood markets.” According to the chain, approximately 10,000 employees will be affected by the closures.
23. American Eagle Outfitters
Year Established: 1977
Store Closures: Up to 250 branches*
American Eagle Outfitters has been around for some time, with hundreds of stores across America. While it’s not the biggest retailer out there by any means, the company has big plans and hopes to reach a revenue of $2 billion by 2023. In order to make this happen, it plans on closing around 250 stores by 2023.
That way, it hopes to be able to focus on growing its other brand, Aerie, and pool more resources in that direction. It will be a long process, but it’s worth keeping an eye on your local store. The retailer is a fixture in malls across the country, so it’ll be sad if it starts to disappear.
24. DSW
Year Established: 1969
Store Closures: 65 stores over the next four years*
Designer Brands, also known as DSW, found it particularly hard to come out of 2020 unscathed. The business reported a 36% drop in sales thanks to temporary store closures, and like many, needs to find a way to recoup its losses.
Over the next four years, the business plans to close 65 different stores. That may come as a shock to long-standing lovers of the clothing retailer, but it’s just one of many fashion houses looking to scrape some money back from a disastrous period.
25. Pottery Barn
Year Established: 1949
Store Closures: 3 Branches*
Owned by Williams-Sonoma, Pottery Barn had announced the closure of at least one of its store locations before the beginning of 2020, it is currently unknown if any more stores are slated to close by the end of the year. The brand is associated with hip, posh home furnishing decor and is based in San Francisco.
Alas, despite pop culture accolades, there is no denying that Pottery Barn is struggling in the market right now. The Denver Post pointed out the problem back in 2017, stating that the company was “struggling to adapt” to a changing “retail landscape.” The company’s furniture is not apartment-sized, and that has cut out a huge segment of potential customers.
Article posted with permission from Sons of Liberty Media
