The coronavirus pandemic has affected many businesses causing them to file for bankruptcy or simply resulting in closing their storefronts permanently.
Since March, businesses resulted to closing the doors and conducting business solely online. According to Money Wise, a total of 9,500 stores went out of business in 2019. As many as 25,000 stores could shut down permanently in 2020, especially in the malls, says the latest estimate from Coresight Research.
Here are a list of retail stores that will be permanently closing their doors in 2020, which will definitely increase unemployment even more by the end of the year leading into 2021.
- GNC- Up to 1,200
- Pier 1 Imports- 936 stores
- Men’s Warehouse/ Jos A. Banks- 500 stores will be closing.
- New York & Company- 405 of its stores will be closing.
- Gamestop- At least 320 stores
- Century 21- Closing all 13 of its stores
- Stein Mart- Up to 280 of its stores.
- Bed Bath & Beyond- Up to 260 stores
- AT&T- 250 of its retail locations, including both AT&T Stores and Cricket Wireless shops. Labor union the Communications Workers of America says the closings will affect 1,300 store employees.
- Victoria’s Secret- With sales declining, the company has announced that about a quarter of its more than 1,000 stores in the U.S. and Canada will be out of business by the end of 2020.
- Tuesday Morning- Closing 230 of its 700 stores.
- Gap- In late January 2020, Gap announced that it had so far closed 89 stores — including 56 in the U.S. — toward its goal of closing about 230 by February of next year.
- JCPenny- Closing 192 stores in 2020 and the remaining 50 in 2021.
- The Children’s Place- Closing two-hundred locations this year and another 100 will leave in 2021. The company is looking to be solely online.
- Walgreens- Closing 200 of its stores
- Forever 21- Many of the stores closed in 2019 but nearly 200 more stores are expected to close by the end 2020
- Macy’s- 125 stores in struggling malls
- Wilsons Leather- Closing 110 stores
- Office Depot- Up to 90 stores
- Express- Up to 66 stores
- Brooks Brothers- 51 stores
- Sears- 51 stores
- Bath & Body Works- Closing 50 of its location
- CVS- Intends to close nearly two dozen of its stores
- Lord & Taylor-Executives say half of the last 38 Lord & Taylor department stores will close for good. Two other locations went out of business in early 2020.
- Hallmark- At least 18 stores
- Nordstrom- 16 locations will be going out of business in the U.S. and Puerto Rico.
- Bloomingdale’s- A store south of Miami — one of only 35 full-line Bloomingdale’s locations that were listed on the company’s website — closed in mid-January.
- Papyrus- 254 stores
- H&M– H&M is closing 250 stores next year because of the coronavirus pandemic, as people increasingly shop online.
