11 Retailers Closing the Most Stores
7. Sports Authority
> Closings: 140
> Annual net income: N/A
> 1-year share price % chg.: N/A
> Industry: Sporting goods
Sports Authority is the fourth-largest sporting goods chain in the U.S. In March, Sports Authority announced it was filing for Chapter 11 bankruptcy protection with the intent of restructuring the company. Analysts blame the bankruptcy on Sports Authority’s debt and the company’s failure to adapt to evolving trends in consumer behavior. While most locations will remain open, the company announced it will close or sell two distribution centers, as well as about 140 stores — nearly one-third of its approximately 450 U.S. stores. Sports Authority is among the many retailers losing ground to online retailers.
6. Finish Line
> Closings: 150 (2016-2020)
> Annual net income: $82 million
> 1-year share price % chg.: -20.6%
> Industry: Specialty retail
U.S. sporting goods and footwear store Finish Line expects to close 150 of its 634 locations over the next four years. While this is less than Walmart’s 154 announced store closures in the U.S., this represents is a much larger share of the company’s total operations. Walmart has more than 4,500 locations in the U.S. — eight times as many as Finish Line’s 550 locations across the country. Since 2009, the company has reported positive net earnings, but in the last quarter of 2015 the retailer reported a $22 million operating loss. Shares of the company are down 22% in the past 12 months.