Retailers Closing the Most Stores
16. Sam’s Club
> Closings: 63
> Total stores: 597
> Industry: Membership retailer
Walmart-owned warehouse club, Sam’s Club, in January announced plans to close 63 locations across the United States, an act that will lead to an estimated 11,000 workers to lose their jobs. The planned store closures amount to roughly 10% of all Sam’s Club locations nationwide. The company’s announcement came as it released plans to raise the starting hourly wage for its employees.
> Closings: 64
> Total stores: 432 (United States)
> Industry: Department stores
Sears Holdings Corp. is the parent company of two troubled department store brands: Sears and Kmart. In the last three years, Sears Holdings revenue fell by nearly 44%, from $25.1 billion in 2016 to $16.7 billion in 2018.
The company announced in early January plans to close some 64 Kmart stores in the first half of 2018. The company did not say how many employees the closings would affect. As of February 2018, there were 432 Kmart locations nationwide.
14. Michael Kors
> Closings: 100-125
> Total stores: 429
> Industry: Luxury fashion
Luxury fashion brand Michael Kors is shrinking its retail footprint. In an effort to improve profitability, Michael Kors announced at the end of its fiscal 2017 that it would shutter between 100 and 125 stores over the next two years. While the closings will cost anywhere from $100 million to $125 million in one time costs, the company anticipates $60 million in annual savings as a result.
13. Foot Locker
> Closings: 110
> Total stores: 1,835
> Industry: Footwear and apparel
Sportswear and footwear chain Foot Locker is one of several staples in malls across America planning to shutter multiple locations in 2018. In the company’s fourth quarter fiscal 2017 earnings call, the company’s CFO announced the expected closing of 110 stores in 2018. Further underscoring what appear to be troubled times for the company is the relatively few new store openings. Only about 40 new Foot Locker locations will open in 2018, down from the typical count of nearly 100 store openings per year.
> Closings: ≈160
> Total stores: 447
> Industry: Footwear
Casual footwear company Crocs is reducing its footprint. The company reportedly intends to reduce its store count by a net of 160 locations by the end of 2018. The move is a part of the company’s broader strategy for sustainable profit growth, which, in addition to closing underperforming stores, also includes increased emphasis on digital commerce.