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Gerald Storch, CEO of Storch Advisors and former Toys”R”Us and Target executive, reacts to a strong November report and explains how the industry’s winners are “value-based” players.
It’s been a tough year for some of the country’s best-known retailers and restaurants, some of which marked the fabric of local communities and are now closing their doors or shrinking their footprints.
This year, U.S. store closings are outpacing openings, something not seen in 2023 or 2022, according to CRE Daily.
That comes after more than 4,000 stores announced plans to close by 2023, twice as many as last year, according to analysis by the Daily on Retail, an investor-facing consumer research platform, cited by the National Retail Federation .
FOX Business summarizes the domino effect affecting retailers and casual dining stores in the United States.
DISORGANIZATION: It won’t be a Merry Christmas for The Container Store, which filed for Chapter 11 protection on Sunday. However, the retailer is offering some hope to fans of the organization… continue reading here.
THE PARTY IS OVER: That’s a wrap for Party City. The one-stop retailer for anyone planning a party is calling it quits after 40 years in business… continue reading here.
MACY’S MALICE: Macy’s, once a marquee department store, said it will close more stores than originally planned… continue reading here. This is how an activist investor sets the stage for how the retailer can save itself… continue reading here. Check the actions of macy’s here.
Walgreens: The drugstore chain filed for Chapter 11 bankruptcy last month. The company is now ramping up the number of store closings, which could be as many as 500… continue reading here. Check out Walgreens share here.
CVS REFORM: The pharmacy and healthcare chain forced its CEO to resign this year… continue reading here. The move followed plans to cut 2,900 jobs… continue reading here and plans to cut a total of 900 stores by the end of 2024. Check CVS share here.
SLUMP SLUMP: 7-Eleven has trouble competing. Despite being home to the iconic Slurpee drink, it plans to close hundreds of underperforming stores… continue reading here.
LARGE BATCHES: The discount retailer filed for Chapter 11 bankruptcy last month. Now the company is ramping up the number of store closings, which could be as many as 500… continue reading here. He started his “Going Out of Business” sales in December… continue reading here.
SHRIMP FAILURE: Red Lobster’s never-ending shrimp deal ended up sinking the seafood chain, which filed for bankruptcy. Now, the new CEO is pondering how to keep the brand afloat with new ideas… continue reading here.
UNHAPPY TIME: TGI Friday’s, once a familiar face in malls and airports, has been closing locations in the US and UK… continue reading here.
HOME IMPROVEMENT HIT: LL Flooring, born out of former Lumber Liquidators, calls for resignation… continue reading here. Also, furniture and home goods staple Conn’s is closing 70 stores in 13 states… continue reading here.
goodbye: Bob’s Stores is throwing in the towel and closing all of its nearly two dozen locations and is coming out with a huge sales… continue reading here.
STOP AND BUY: Once a dominant grocer in the Northeast, the chain is now closing 32 stores in early November*… continue reading here.
JOAN: After 81 years, the fabric and crafts retailer files for Chapter 11 bankruptcy protection with its future pending… continue reading here.
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* This was originally published on 10/20/24.
