5 storied retailers are closing loads of stores like Lowe's
The retail store closing wave has already begun and the holiday season hasn’t even started yet.
Home improvement retailer Lowe’s said Monday it will shutter 51 lagging stores, including 20 in the U.S. and 31 in Canada. The stores span across 13 states in the U.S. and five regions in Canada.
New Lowe’s (LOW) CEO Marvin Ellison has wasted no time trying to cut costs by way of closing underperforming stores. In August, Ellison said he would shut the lights off at 99 Orchard Supply stores. Lowe’s only bought the home improvement retail chain in 2013.
With bricks-and-mortar retailers under siege from digital shopping giants like Amazon, shuttering stores en masse has become the new norm in the industry. Retail store closures touched a new high in 2017, with about 7,000 locations closing up shop.
And 2018 has been no exception.
Yahoo Finance takes a quick look at which retailers are tightening up.
Dollar Tree
Saddled with scores of unrenovated, underperforming Family Dollar stores since its $9.2 billion acquisition in 2015, parent company Dollar Tree (DLTR) continues to trim the brand’s footprint. Through the second quarter of this year, Dollar Tree has closed 26 Family Dollar stores. Five Dollar Tree locations have closed, too.
Gap
The pruning of Gap’s (GPS) once enormous global store base has continued under CEO Art Peck. The apparel retailer closed 38 Gap, Banana Republic and Old Navy stores through the second quarter.
Abercrombie & Fitch
The young adult apparel retailer has also been no slouch closing underperforming stores. Abercrombie & Fitch (ANF) is on track to close up to 60 stores in 2018 between its various store formats.
Sears
After years of terrible sales and net losses, Sears Holding Corp. (SHLD) filed for bankruptcy in early October. As part of the company’s restructuring plan, it will seek to close 142 stores.
The Sears brand will see 78 stores close by year end.
Whether the entire chain will be liquidated is still a great unknown. The company reportedly is nearing $600 million in new financing as a way to keep its shelves stocked during the critical holiday season.
Kmart
Meanwhile, Kmart will shutter 64 stores as part of the company’s restructuring plan.
Editor’s note: A spokesperson for Abercrombie & Fitch says the company will close up to 60 stores across its various brands mostly in the U.S. The final number will be dependent on lease negotiations and business outcomes.
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Brian Sozzi is an editor-at-large at Yahoo Finance. Follow him on Twitter @BrianSozzi
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