Retailers Closing the Most Stores
> Closings: 170
> Total stores: 1,570 (North America)
> Industry: Jewelry and accessories
Young adult jewelry and accessories brand Claire’s filed for bankruptcy this March in an attempt to relieve its nearly $2 billion in debt. The company, which is primarily based in malls and shopping centers, has struggled, and the company plans to close some 170 of its 1,570 locations by 2022.
10. Mattress Firm
> Closings: 175
> Total stores: 3,423
> Industry: Household goods retail
Steinhoff International Holdings, parent company of bedding retailer Mattress Firm announced at the end of 2017 the imminent closing of some 175 Mattress Firm locations in the United States. The 2018 closures will be offset slightly by the opening of some 75 new locations. The planned closures are the continuation of the company’s plan to adjust to shifting market conditions. The company closed 99 Mattress Firm locations and opened eight in the final three months of 2017.
9. Gap Inc.
> Closings: 200
> Total stores: 2,600 (North America)
> Industry: Clothing
Gap Inc., which owns several well-known brands, including Gap, Old Navy, and Banana Republic, announced in September 2017 that it would be closing about 200 Banana Republic and Gap locations over three years. While those two brands will shed some stores, the company also said it will add 270 Old Navy and Athleta locations.
8. Best Buy
> Closings: 257
> Total stores: 1,008 (United States)
> Industry: Electronics
Electronics retailer Best Buy announced in March it would close all 257 of its small-format mobile stores. These stores, which primarily sell phones, and were built to account for skyrocketing demand for the devices following the advent of the smartphone, had become unprofitable, according to the company.
While many big box retailers are reporting revenue declines, Best Buy is bucking the trend. Partially because of its price match guarantee, which states the company will match lower prices offered at online retailers like Amazon, Best Buy’s revenue climbed from $39.4 billion in fiscal 2017 to $42.2 billion in fiscal 2018.
7. Ascena Retail Group
> Closings: 250-650
> Total stores: 4,807
> Industry: Clothing and home goods retail
Ascena Retail Group is the parent company of a number well known retail brands, including Ann Taylor, Dressbarn, Lane Bryant, and Justice. In a quarterly earnings call in 2017, the company announced plans to shutter 250 locations, and potentially an additional 400 locations in the case that lower lease costs cannot be negotiated. Some 1,031 leases of the company’s retail stores are expiring in 2018. This year’s closings come on the heels of 120 store closures in fiscal 2017.