Friday, October 27, 2017

Going Out of Business

How bad has the retail business been this year? More store closings have been announced in 2017 than any other year on record. Since January 1, retailers have announced plans to shutter more than 6,700 stores in the U.S., according to Fung Global Retail & Technology, a retail think tank.

That beats the previous all-time high of 6,163 store closings, which happened in 2008 amid the financial meltdown. It's going to get worse: As many as 8,600 brick-and-mortar stores are expected to close this year.

Walgreens helped bring this year's tally to a new high when it said this week that it plans to close about 600 locations. Other chains that have announced big batches of store closings this year include Kmart, Sears, JCPenney, Ann Taylor, Gap, Banana Republic, Gymboree, Teavana, Michael Kors, Bebe, Perfumania, The Limited, and Staples.

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