Macy’s (M) rocked the retail world on Thursday disclosing that it would shutter 100 of 675 U.S. stores. The accelerated store closings come on the heels of an announcement eight months earlier when the retailer said it would close 36 stores and eliminate 4,500 jobs in an effort to boost profitability.
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Macy's isn't the only brick-and-mortar retailer feeling the sting. The rise of e-commerce giants including Amazon (AMZN) and a sluggish economy are causing consumers to pass up trips to the mall.
FOXBusiness.com took a look at some of America’s most recognized retailers that are closing their doors…
The women’s clothing store (CHS) announced in February 2015 that it will close 120 stores through 2017. Chico’s announced further cost cutting measures this past May following Q1 earnings that fell short of expectations.
2. Children's Place
In March 2016, Children’s Place (PLCE) said it plans to close to 200 stores through 2017. The kid’s store’s stock is up 21.28% following strong sales in Q1.
3. Tailored Brands Inc.
On March 9, 2016, Tailored Brands Inc., (TLRD), the parent company of Men's Wearhouse and Joseph A. Bank, announced it would close 250 stores in fiscal year 2016. The retailer’s stock plunged over 20% in a single day this past June following a lowered profit outlook.
4. Office Depot
After buying Office Max in 2014, Office Depot (ODP) promised to close 400 stores in by 2016. The supplies store’s stock has lost 42.17% of its value since it called off a merger with Staples this past May.
5. Sears Holdings
In April 2016, Sears Holdings (SHLD), which owns both Sears and Kmart, announced that it would close 68 Kmarts and 10 Sears locations that were not turning a profit. Sears’ CFO announced his resignation this past May, following a reported loss of $471 million for Q1.
6. Sports Authority
The athletic chain filed for bankruptcy in March 2016, and announced it would close all of its stores. Dick’s Sporting Goods (DKS) saw a surge in stock price following the announcement.
The retail giant (WMT) announced in early 2016 that it would close 269 stores around the world, including 154 in the US. On Monday, Wal-Mart announced an all-cash acquisition of e-commerce site Jet.com for $3 billion, hoping to boost their Internet presence and compete with Amazon (AMZN).
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