Special Report

Retailers Closing the Most Stores

Source: Otisfrog / Wikimedia Commons

16. Kmart
> Closings: 79
> Total stores: 624 (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.

On May 31, Sears Holdings said it identified 100 Sears and Kmart stores from which it will close 63 stores, 15 of them Kmarts. The news follows the announcement by Sears in early January that it planned 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 April 29, there were 624 Kmart locations nationwide.

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15. Sears
> Closings: 87
> Total stores: 651
> Industry: Department stores

Sears Holdings Corp. is the parent company of two troubled department store brands: Sears and Kmart. The company announced May 31 that it planned to close 63 stores, 48 of them Sears locations. This follows the retailer’s announcement in early January that it planned to shutter 39 Sears department stores. Sears has been selling off hundreds of stores and some of its signature brands, including the Craftsman tool brand. There were 651 Sears locations nationwide as of April 29.

In the last three years, Sears Holdings revenue fell by about a third, from $25.1 billion in 2016 to $16.7 billion in 2018.

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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.

Source: Michael Rivera / Wikimedia Commons

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 Foot Locker locations will open in 2018, down from the typical count of nearly 100 store openings per year.

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12. Crocs
> 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.