Over 800 Big Box Retail Stores Expected to Close This Year
As more than 800 large-box stores close, there is a mass exodus in America’s retail shops.
Big names like Bed Bath & Beyond (Walmart, Gap, Party City) were forced to downsize or close.
People are finding it harder to make ends work and have less disposable income than they did a few decades ago due to the rising inflation.
Combining that with rising interest rate and rampant criminality creates a storm.
There are 803 stores that will close by 2023. This is a desperate attempt to save money.
It’s not only retail that is in trouble. Silicon Valley is also prepared for an economic downturn. As we have already seen, 70,000 jobs have been lost in recent months. reported In January.
Bed Bath & Beyond is one of the retail brands that will close its stores.
Although the retailer had 1,500 stores in America, the once-burgeoning houseware store now has 480.
The company suffered huge losses including the death its CEO and the sale of a large stake by an activist investor.
California The state hardest hit will be the one that bears the brunt. It will close 35 stores and lose 23 others. New York, however, will lose 23. Illinois will also lose 18.
As The Daily Mail reported:
Second on the list is Tuesday Morning. It is closing more than half of its stores in an attempt to survive bankruptcy.
As it struggles to survive the home goods company is closing 265 stores. This will be its second wave in three years.
The chain filed Chapter 11 bankruptcy earlier this month. This means that it will now have to close its most profitable stores.
These were mainly affected in California where 30 stores will close, Florida with 23 closing and Texas losing 19.
Other states with large closings include Virginia (10), Georgia (12), and Colorado (14)
After the closing of four Banana Republic stores in this year, Gap will also close 74 stores by 2023.
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After the firm had announced two years earlier that it would close approximately 350 stores by 2023, the massive closures are a result.
Party City will also be closing down, with 12 locations available for auction in the U.S.
Another major brand in financial trouble is the store, which has ten stores closing during February.
New York City will lose the most Party City sites, while Michigan will retain them.
Walmart is the largest name in high-street shopping and wants to reduce its presence this year.
Five big-box stores will be closing down at the popular store, with two remaining as pick-up only locations.
Walmart’s closures coincide with a host of closings across the nation every year. These are the top hits this year: Illinois, Wisconsin and New Mexico.
According to reports, Macy’s, a shopping mall staple, will shut down four stores in California, Colorado and Hawaii in the first quarter 2023.
RealReal will shut down four stores and 2 consignment offices while it cuts $2 million in its costs.
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