This year, US retailers announced 9,302 store closings, a 59% jump from 2018 and the highest number since Coresight Research began tracking the data in 2012. Bankruptcies in the retail sector intensified this year and many struggling chains cut stores.
That led to a spike in closings.Payless, Gymboree, Charlotte Russe and Shopko all filed for bankruptcy and closed a combined 3,720 stores, according to Coresight. The majority of those were because of Payless, which filed for its second bankruptcy in February and shuttered 2,100 US stores. Discount chain Fred's filed for bankruptcy in September and closed 564 stores. Forever 21 also filed for bankruptcy that month and said it will close up to 178 stores.
As of Monday, Macy's was the worst stock on the S&P 500 this year, losing 49%, while Gap , L Brands , Kohl's and Nordstrom were in the bottom 20 on the index.Moody's lowered its outlook for department stores heading into the holiday season. In January, Gymboree filed for bankruptcy for the second time in less than two years. It closed 749 stores, according to Coresight Research.
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