More than 800 large retail stores across the country are expected to close this year
America is bracing for a mass exodus of retail stores across the country this year, with more than 800 big-box locations slated to close from California to New York.
Iconic names announcing their downsizing include Bed Bath & Beyond, Walmart, Gap and Party City.
At least 803 stores are expected to close by the end of 2023, with many forced into desperate cost-cutting measures amid rampant inflation and falling profits.
The move comes as numerous industries continue to struggle, including the “tech wreck” of Silicon Valley, which has lost over 70,000 jobs in recent months.
Housewares giant Bed Bath & Beyond plans to close 416 of its stores this year as the ailing retailer struggles to stay afloat
Tuesday Morning is planning the second largest number of stores in the country this year, closing more than half of its location as it battles bankruptcy
At the top of the list of brands closing their stores is homewares giant Bed Bath & Beyond.
The retailer once owned more than 1,500 stores across America, but a recent purge aims to end the year at just 480.
The company endured a turbulent few months leading up to its latest decision, including massive losses, the death of its CEO and an activist investor who sold a huge stake in the company.
At least 416 of its US stores have been identified for closure, while all 65 stores in Canada are also scheduled to close.
Although the company had 953 stores across North America just a year ago, by the end of 2023 there will be just 360 Bed Bath & Beyond flagship stores in America, alongside 120 Buybuy Baby stores.
The state that will be hit the hardest is California, where 35 stores will close while Florida will lose 21, New York will lose 23 and Illinois will lose 18.
Second on the list of stores looking to close is Tuesday Morning, which is closing more than half of its locations in a desperate bid to survive bankruptcy.
The housewares company is closing 265 stores as it struggles to survive in what will be the second wave of store closures in three years.
The massive restructuring comes as the chain filed for Chapter 11 bankruptcy this month, meaning it is now forced to close its least profitable stores.
These have fallen notably in California, where 30 stores will be closed, Florida, where 23 will be lost, and Texas, where 19 will lose.
Other states expected to have major closures include Virginia at 10, Georgia at 12 and Colorado at 14.
Many of America’s biggest retail brands are planning store closures this year, including Walmart, which will close locations in Illinois, Wisconsin, New Mexico, Florida and Arkansas
At least 803 retail stores are expected to close over the course of 2023 amid rampant inflation and a slowing economic outlook
Legendary department store Macy’s is also among those announcing closures for this year, as four stores in California, Colorado, Hawaii and Maryland are set to close
Party City stores continue to announce closures as industry struggles plague America’s big retailers
Up to 74 Gap stores are also set to close in 2023, after the parent company closed four of its Banana Republic stores earlier this year.
The massive closures come after the company announced two years ago that it would close around 350 stores by the end of 2023.
And while most of the damage has already been done, having closed 276 stores since the announcement, 74 remain ready for the chopping block.
While the company doesn’t have an exact list of where the closures would take place, if stores for the past two years do close, California will be hit hardest, having already lost 30 stores.
Meanwhile, Party City is also expected to be downsized, with 12 locations currently up for auction nationwide.
The store is another big brand facing bankruptcy. Another 10 stores will close during February as the company tries to stay afloat.
The state set to lose the most Party City locations is New York with five, closely followed by Michigan with four.
Also on the list are West Virginia, Missouri and Georgia with two each, while Iowa, Illinois, Louisiana, New Jersey, Oklahoma, Oregon and Texas all lose one.
Walmart is among the most prominent brands looking to reduce its high street presence this year as well.
The iconic retailer is closing five major department stores and its last two remaining pickup-only locations, citing poor revenue.
Walmart’s closures come after the store routinely closes a handful of stores across the country each year, with this year’s states being Illinois, Wisconsin, New Mexico, Florida and Arkansas.
Big Lots is also closing seven stores this year, with the discount chain looking to target small towns and move away from urban areas.
In California, three locations will close while Colorado will lose four.
Macy’s, a mall staple, is closing four stores in the first quarter of 2023, with malls in California, Colorado, Hawaii and Maryland lagging behind.
The closures are part of Macy’s three-year plan to close 125 locations.
Another store that will have to close a handful of locations is The RealReal, which will close four stores and two consignment offices across the country to reduce costs by $2 million.
And after closing over 150 stores since 2020, JCPenney also plans to close its locations in Oswego, New York and Elkhart, Indiana this year.
Rounding out the list is Amazon, which has announced it will be closing several of its Fresh grocery and Go convenience stores.
The online retail giant is also pausing its planned expansion while it reassesses its in-store strategy as many of the biggest US brands are also grappling with an economic slowdown.
Source: | This article originally belongs to Dailymail.co.uk
https://www.soundhealthandlastingwealth.com/celebrity/more-than-800-big-box-retail-stores-are-set-to-close-across-the-nation-this-year/ More than 800 large retail stores across the country are expected to close this year