A beloved department store is closing all its locations after over 55 years in business. On Jan. 10, Stock+Field announced that it would be shuttering all of its brick and mortar stores in the near future, promising big changes in the weeks to come. Read on to find out what's next for the popular chain. And for another closure that's crushing, check out This Beloved Chain Is Closing All of Its Stores.
The Illinois-based company, which operates stores throughout the Midwest, has not yet announced a definitive closing date for its stores, but will be clearing out merchandise in the near future. In the store's statement to customers, Stock+Field CEO and chairman Matthew F. Whebbe announced that, prior to closing, the chain "will be selling items at massive discounts in the coming weeks."
While the store's immediate plans may seem like a definitive end for the business, Whebbe said there's hope for the chain yet: "We hope to reopen stores at some point in the future, but for now, please come in, say hello to your favorite employee, and enjoy the ridiculously low prices."
Stock+Field is hardly the only store forced to close its doors amid the pandemic; read on to discover which other businesses are closing up shop. And for more stores ending their run, check out This Furniture Chain Is Closing All But 1 of Its Stores.
Read the original article on Best Life.
In Feb. 2020, beloved department store Macy's announced its plan to close 125 of its stores—approximately 20 percent of the chain's total portfolio—over the next few years. In early Jan. 2021, the chain revealed that it would be shuttering 37 stores in Arizona, California, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maryland, Massachusetts, Missouri, New York, Ohio, Oregon, Tennessee, Texas, Utah, and Washington by April 2021. And for more insight into which stores aren't long for this world, These 2 Beloved Department Stores Are "Slowly, Quietly Dying."
While Bed Bath&Beyond won't be closing all of its locations, a massive chunk of the home goods chain's stores are being axed. The chain has announced plans to shutter 200 stores in total by 2022, commencing the cuts with the closure of 63 brick and mortar locations in Sept. 2020. Bed Bath&Beyond announced in January that it was in the process of closing another 43 locations spread across 19 U.S. states and Puerto Rico.
Once a staple in malls across the U.S., JCPenney is closing more than 100 of its stores around the country. In June 2020, JCPenney announced the closure of 154 of its locations across 38 states following the company's May 2020 bankruptcy filing. While the retail giant emerged from the bankruptcy process later the same year, that wasn't enough to keep the chain from closing more stores. JCPenney announced in Dec. 2020 that additional locations were on the chopping block, bringing the total number of stores closing to 165.
"These stores will begin liquidation sales later this month and will close to the public in mid to late March," JCPenney announced in a statement. And for the latest store closing news delivered straight to your inbox, sign up for our daily newsletter.
However, despite financial losses of $587 million over the past three years alone, the company's finances finally appeared to be on the upswing once again in 2020.
In a press release, GameStop CEO George Sherman announced, "We anticipate, for the first time in many quarters, that the fourth quarter will include positive year-on-year sales growth and profitability, reflecting the introduction of new gaming consoles, our elevated omni-channel capabilities and continued benefits from our cost and efficiency initiatives, even with the potential further negative impacts on our operations due to the global COVID-19 pandemic." And if you want to ensure your purchases are safe, If You Bought This From Costco, Stop Using It Immediately.