Jul 07, 2020
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About this Deal
The children’s clothing retailer Gymboree Group Inc. filed for bankruptcy in January 2019. The company announced that it was going to close 800 Gymboree and Crazy 8 stores across the United States and Canada by 2020. Aside from that, you might have noticed that they stopped taking online transactions even when they were still doing liquidation sales. Apparently, this was the second time that Gymboree filed for bankruptcy in the past two years. It also shut down a number of stores back in 2017.
In March, Charlotte Russe confirmed that it was planning to close the entire chain. The plan was to close more than 500 locations across the country. Earlier, the company announced that it was closing 94 stores. The other stores remained open until April 30. They also ceased the operation of their websites, even though their products were still available during the liquidation sales they held in different stores.
Dollar Tree is a discount retailer that mentioned its plan to shut down 390 stores this year. This means that it is time for you to head somewhere else when you need to buy personal care items on the cheap! The company plans to rename the brand and its 200 remaining locations. There might be more changes in the future as well. Do you think they will start charging more than $1 for their items? It is possible.
Shopko made an announcement about the plans to shut down 70 percent of all stores by May. However, it then changed plans and announced that the stores will close down for good. In January, the company applied for bankruptcy. It hoped that a buyer would come in to save the remaining stores! Sadly, this did not happen, so it was time for Plan B: the liquidation of its assets and closure of all stores by June
Gap Inc. is planning to shut down around 230 stores all over the globe in the next two years! This is basically half of its total locations. The company plans to revamp Gap’s sister company, Old Navy, as a different business. Apparently, Old Navy is faring much better than Gap and Banana Republic when it comes to sales. It also plans to operate its brands like Hill City, Athleta, Intermix, Gap, and Banana Republic under its new name, NewCo. Let’s see how it goes.
H&M might be one of the most popular stores among teenagers, but it might not be a mall staple anymore. This year, the company plans to shut down 160 stores in the name of optimization. It arrived at this decision after struggling to stay afloat in the U.S. Luckily, it is seeing steadier growth abroad. The company wanted to open 355 new stores this year, but it will be outside of Europe and the U.S.
It was last summer that Starbucks announced its plans to shut down 150 underperforming stores this year. This is thrice the typical number of stores it shutters in a fiscal year. However, it clarified that the closures will affect the oversaturated markets in big cities where branches compete with one another
The Children’s Place
The Children’s Place made an announcement about its plan to shutter 300 stores that underperform by 2020. According to Forbes, the children’s goods retailer shut down 191 stores before 2018 already. This means that it still plans to shutter 100 more stores. The Children’s Place has been investing quite a lot of money to boost its online presence in the hopes of improving its profits.