At Least 475 Store Closures Are Announced in 2 Days, More Than 4,500 Store Closures in the US This Year

Gap, JCPenney, Foot Locker and Victoria’s Secret announced 475 store closures in just two days. Tesla also announced many of its 378 dealerships will close and the company will move to online sales. The announcements bring the number of planned store closures this year to more than 4,500.

Gap said Thursday that it would close 230 stores over the next two years as sales fell 7% during the holiday quarter. The company is also planning to split off Old Navy into a separate company.

Foot Locker announced plans to close around 165 stores across the country.

Victoria’s Secret’s said that it would close 53 stores this year, citing a “decline in performance.”

JCPenney said it would close 27 stores in 2019, 18 full-line department stores and 9 home and furniture stores. The company said same store sales have fallen 4%.

 

 

Photo: “under close scrutiny” by Asparukh Akanayev is licensed under CC BY 2.0

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