As online commerce continues to grow, the in-store retail marketplace continues to feel the affects. Unfortunately, even just a few months into 2019, many retailers have already announced plans to close stores -- some are just a few stores closing, while some are entire companies liqudiating. In total, over 5,000 stores are slated to close in 2019.
Below is a list of every announced retailer closing stores in 2019. Also, stay to the very end to see a list of stores expected to close as well.
Struggling with a heavy load of debt, Payless filed for bankruptcy back in February. They're currently in the process of closing down all 2,500 stores across the United States. Another factor that led to their decline was significant delays from suppliers which forced the retailer to sell inventory at massive discounts.
Gymboree filed for bankruptcy protection back in January and announced they'd close all 800 Gymboree and Crazy 8 locations. Since then, the company has sold the rights to their Gymboree, Crazy 8 and Janie and Jack brands. So, while many of their physical stores will be gone, the brands associated with this company will still be around.
About a month ago, Charlotte Russe filed for bankruptcy protection and announced it would only close 94 stores. Since then, a liquidator won the business in bankruptcy court with the plans to close every location nationwide (more than 500 stores).
Over the next two years, Gap Inc. plans to shutdown 230 locations, with 50 closing this fiscal year. In addition, the retailer also recently announced plans to split away from the popular clothing store Old Navy.
Facing declining sales from outdated bra and underwear merchandise, Victoria's Secret is planning to close 53 stores this year. On average, the lingerie retailer closes about 15 stores each year. With up-and-coming lingerie brands, such as Adore Me and Lively, opening up stores, there may be even more store closings in Victoria's Secret's future.
With a massive real estate footprint and declining sales, J.C. Penney plans on closing 18 stores this year, plus nine additional home and furniture shops. You can expect even more closings in 2020.
Last month, Tesla announced plans to close most of its stores and shift its sales online. A few number of stores will remain as "galleries, showcases and Tesla information centers." The aim of these stores is to inform customers about the company's latest products. Currently, Tesla has around 100 or more stores, open mainly in shopping malls, across the country.
Last year, Abercrombie & Fitch closed 29 locations. This year, the teen retailer announced plans to close up to 40 more stores. However, the company does plan on remodeling existing locations, as well as opening additional stores to make up for some of the closures.
After buying Family Dollar in 2015, Dollar Tree gained the task of improving the many run down Family Dollar stores. However, in an attempt to cut costs, the discount chain recently announced plans to close 390 Family Dollar stores in 2019. They also still plan on renovating 1,000 other locations, so Family Dollar is not gone yet.
In fiscal 2019, the women's retailer, Chico's, plans to shut down between 60 to 80 stores nationwide. Furthermore, over the next three years, the company even plans to close 250 stores in total. The retailer is suffering from declining sales due to online shoppers and fast-fashion brands such as H&M and Zara.
We'll continue to update this list as more companies announce closures. Until then, which stores are you most sad at seeing close? Leave a comment below.