11 Retailers Closing the Most Stores
9. Jos. A. Bank
> Closings: 129 to 139
> Annual net income: $0
> 1-year share price % chg.: N/A
> Industry: Menswear retail
Tailored Brands, the holding company that owns Jos. A. Bank and Men’s Wearhouse, among other fashion brands, recently announced its plans to close 250 stores during fiscal year 2016. The closures will consist of 80 to 90 Jos. A. Bank stores and 100 to 110 Men’s Wearhouses. The company will also close all 49 Jos. A. Bank outlets, and all nine Men’s Wearhouse outlets. In total, the company is expected to close between 129 and 139 Jos. A. Bank locations in the coming year. Jos. A. Bank was founded in 1905, and with 625 locations is one of the largest menswear retailers in the U.S and Canada. Upon the announcement, which is expected to return Jos. A. Bank to profitability, the Tailored Brands stock price jumped more than it ever has since becoming public in February.
8. Chico’s FAS
> Closings: 120 (2015-2017)
> Annual net income: $65 million
> 1-year share price % chg.: -24.9%
> Industry: Apparel stores
Chico’s FAS is a women’s apparel and accessories retailer selling three main brands: Chico’s, White House Black Market, and Soma. Together, the company operates 1,518 boutiques and outlet stores throughout North America. In 2006, Chico’s FAS reported a net income of $194 million. The company has posted lower annual profits since then, most recently posting a net income of $65 million in 2015. Chico’s is one of many clothing stores losing market share to Amazon and other online retailers. Last February, the company announced it would close 120 stores between fiscal 2015 and 2017. Most closings will be of underperforming Chico’s and White House Black Market locations.