Gymboree: A whopping 350 stores will close their doors for good this year
HHGregg: All 220 stores will be closed this year after the company filed for bankruptcy.
J. Crew: They’ll be closing 50 stores instead of the original 20 they had announced.
J.C. Penney: They’ve closed 138 stores and plan to turn all the remaining ones into toy stores.
The Limited: All 250 retail locations have been closed and they’ve gone digital in an effort to remain in business.
Macy’s: 7 more stores will soon close and more than 5000 employees will be laid off.
Michael Kors: They’ll close 125 stores this year.
Payless: They’ll be closing a whopping 800 stores this year after recently filing for bankruptcy.
Radio Shack: More than 1000 stores have been shut down this year, leaving them with only 70 stores nationwide.
Rue 21: They’ll be closing 400 stores this year.
Sears/Kmart: They’ve closed over 300 locations.
ToysRUs: They’ve filed for bankruptcy but at this point, have not announced store closures, and have in fact, stated their stores will remain open.
Wet Seal: This place is history – all 171 stores will soon be closed.
And these are just the people who have announced store closures so far. In an environment hostile to brick and mortar businesses, more are sure to come. Tens of thousands of jobs will be lost.
Even if you don’t like to shop, this is a sign of economic trouble. The malls that sit empty are a sign of massive unemployment.
Jobs in the retail sector are the most prolific in America, employing 4.3 million workers as salespeople and 3.3 million workers as cashiers. (source) The current store closures mean the end of employment for tens of thousands of workers.
