Special Report

These 20 Retailers Closed the Most Stores Last Year

20. Transformco
> Closures: 26+
> Brand(s) affected: Sears, Kmart

Over the last decade and a half, over 3,500 Sears and Kmart locations have permanently closed. It has been about two years since Transformco acquired the brands from Sears Holdings, the former parent company when the holding company declared bankruptcy.

SB360 Capital Partners, which manages the store closing sales, announced the closure of at least 18 Sears locations and another eight Kmart stores by mid-April 2021.

Source: ImageKit / iStock Editorial via Getty Images

19. Lord & Taylor
> Closures: 38
> Brand affected: Lord & Taylor

Troubled department store chain Lord & Taylor declared bankruptcy in August 2020 and announced the imminent closure of its 38 brick-and-mortar stores. The Saadia Group bought the brand from its parent company Le Tote in October 2020 for $12 million by and will relaunch it as an online only store under the name America’s Collective Store

Source: sshepard / Getty Images

18. Office Depot
> Closures: 90
> Brands affected: Office Depot, Office Max

Office Depot has announced plans to shutter 90 locations over the course of 2020 and 2021. The company, which also owns the office supply brand Office Max, is reducing its brick-and-mortar footprint as it puts increased resources into its IT and business services.

The move is expected to result in 13,100 lost jobs and $860 million in net savings.

17. Modell’s
> Closures: 100+
> Brand affected: Modell’s

Modell’s, a sporting goods store that has been family owned and operated for over a century, filed for Chapter 11 bankruptcy in March 2020. In the face of growing competition, sales at the New York-based company had slumped, prompting the liquidation of its over 100 remaining locations in the Northeast. At its height, Modell’s had over 150 locations.

Source: Joe Tabacca / Shutterstock.com

16. Macy’s Inc.
> Closures: 125
> Brands affected: Macy’s, Bloomingdale’s

Macy’s, which operates department store chains Macy’s, Bloomingdale’s, and Bluemercury, is one of several retailers on this list suffering from the decline of the American mall. The company has reported declining revenue in each of the last two fiscal years.

Falling sales led to the plan, announced in February 2020, to shutter 125 stores over a three-year period. About 30 locations closed in 2020 and another 36 Macy’s locations, as well as one Bloomingdale’s location, are scheduled to permanently close by mid-2021.