The discount shoe store Payless announced Friday the closure of its remaining 2,100 stores in the United States and Puerto Rico.
According to CNN, the liquidation sales will begin Sunday and the company should begin to gradually reduce its online commercial presence.
RELATED: Take a look at retailers who closed the most stores in 2018:
Retailers who closed the most stores in 2018
Perfumania: 97 shops
The perfume store announced plans to close one-quarter of its stores in August of last year at the time of Chapter 11 bankruptcy. It even made The Motley Fool's 2018 death watch list. However, Perfumania could be one of many brands that are trying to reinvent themselves by opening a prototype store in Denver Premium Outlets in Colorado, which aims to help customers find their "personal scent," according to Chain Store Age.
Orchard Supply: 99 stores
Lowe's announced its intention to close all of its Orchard Supply stores earlier in August 2018. Lowe's bought Orchard Supply Hardware for $ 205 million just five years ago, but closing the franchise should focus on the home improvement sector to compete with Home Depot. This is part of CEO Marvin Ellison's strategy to "aggressively rationalize the store inventory," CNN reported.
The Children's Place: 100 Stores
The children's clothing store The Children's Place closed more than 170 stores in 2017 and the trend continued in 2018 with an additional 100 stores. Jane Elfers, CEO of the company, said the downsizing was part of a broader strategy to move from the presence of a mall to an online marketplace. , based on increasing consumer demand for digital options and the company's partnership. with Amazon.
Payless Shoesource: 100 Stores
Payless ShoeSource declared bankruptcy in April 2017 and then closed about 900 of its stores. This move is part of Payless's Restructure and Reorganization strategy. Part of the closures resulted from the circulation of the shopping center and the strength of competition, but also because the chain was heavily indebted. Although the closure of the stores has relieved Payless's debt, it remains to be seen whether the franchise will survive.
Retail at peace: 19 shopping centers dead (or dying)
Gymboree: 102 shops
The Gymboree children's clothing chain has already closed 102 stores in 2018 to restructure its business and leave protection in the event of Chapter 11 bankruptcy, and it seems to have achieved this goal. The retailer launched a reboot on Amazon Prime Day in July 2018, CNBC reported. Its re-emergence includes a redesign of both clothing design and digital presence and includes a new application. "It's really a brand new Gymboree, different in almost every respect," Gymboree Group General Manager Daniel Griesemer said in an interview with CNBC.
Some successes: It is the retail companies that really develop in 2018
Charlie charming: 106 shops
Charming Charlie, a chain of retailers specializing in jewelry and accessories, declared bankruptcy in December 2017. But she really had to seduce her business plan because the chain managed to come out of bankruptcy in April 2018. The restructuring of the store required the closure of more than 100 stores, more than a quarter of its premises. We hope that the lack of debt will allow society to regain a foothold in the world of trinkets.
Ascena Retail: 108 shops
The retail group Ascena Retail Group – which includes Ann Taylor, Dress Barn, Loft and Lane Bryant – has closed more than 100 stores to date in 2018, but unlike the other stores listed here, the closures do not appear to have group no leverage. With hundreds of new closures planned and a downward trend in revenue since 2016, Ascena looks set to close down permanently.
Signet Jewelers: 120 Stores
Signet Jewelers has lost some of its luster in recent years, with declining revenues and lower profits between 2017 and 2018. The company plans more than 200 store closures by the end of the year. Fiscal year 2019 as part of its "transformation". plan, in the hope that 30% of the revenue from the closed stores will be transferred to the remaining Signet stores. Part of this transformation includes a focus on diversity, according to Virginia Drosos, Executive Director. "Various teams make better decisions," she said in an interview with Yahoo Finance. "They see the blind spots of each other."
Read: 20 companies that have quietly downsized
Sears / Kmart: 154 shops
Sears Holding Company is the parent company of Sears and Kmart, and for now, she is probably not too proud of her children. Sears filed for bankruptcy in October 2018 before CEO Eddie Lampert stepped down. Meanwhile, the interior of Kmart stores looks sterile. According to Business Insider, both stores are facing the same problems as most retailers: increased demand for e-commerce, lower mall traffic, and increased demand for non-price products. This has resulted in more than 100 store closures for both brands.
Bon Ton: 250 stores
Earlier in the year, Bon Ton was ready to say good trip to his business of more than 100 years, victim of the "apocalypse of the retail trade", according to CNN. However, it seems that the store is ready to bounce thanks to a new owner. "A subsidiary of technology company CSC Generation Holdings told USA Today that it had signed an agreement granting it the rights of Bon Ton and its department store chain subsidiaries," according to CNBC. The new Bon Ton will focus on online shopping and, on a physical level, will focus on a personal style angle for its customers.
Upcoming Changes: How Retailers Will Adapt to Millennial Spending Patterns
Radio Shack: 250 stores
With 1,000 store closures in 2017 and 250 more until now in 2018, RadioShack is a greatly reduced presence from its once dominant roost to the top of the electronics industry's retail segment. Although the company formerly came to own a store within a radius of less than 3 miles of more than 95% of US households, RadioShack was beaten by the growing consumer preference for online electronics purchases.
Best buy: 257 stores
Best Buy closed more than 250 stores in 2018, including all of its small-format mobile stores. "We had them open about 12 years ago, at a time when the smartphone penetration rate was very low, so it was an excellent growth opportunity," said General Manager Hubert Joly at Business Insider. "In 2018, smartphone penetration is a very mature industry." Best Buy does not seem to be as badly off as some other companies on this list. Although it did not make as much profit as last year, the company achieved a $ 2 billion increase in sales in 2017. On the other hand, its stock market value has fluctuated for most of the year. year.
Mattress company: 274 stores
The business model of Mattress Firm was unfortunately not as firm as its mattresses. The sleep-focused retailer filed for bankruptcy under Chapter 11 in October 2018, with the goal of closing 700 of its stores. With more than 3,000 stores, it is the largest specialty mattress retailer in the United States. According to company CEO Steve Stagner, the closures will strengthen Mattress Firm's balance sheet while optimizing its portfolio.
Toys R Us: 527 shops
Toys R Us filed for bankruptcy at the end of 2017, which preceded its liquidation sales in March 2018. In addition to the jobs lost to the toy store itself, toy manufacturers were fired. Hasbro has announced that it will reduce its workforce by 10% after the closure of Toys R Us.
Rite Aid: 1,871 stores
Walgreens purchased Rite Aid in early 2018 and in March 2018, Rite Aid announced the official transfer of 1,932 stores to Walgreens. The transaction was valued at more than $ 4 billion.
Click on the link to find out more about the retailers Americans spend a lot.
Payless started going bankrupt in April 2017 and has undergone a major restructuring. But the channel should record a second time this month.
The company will start closing physical stores in March, but most sites will remain open until May.
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