Coresight Research tracks store openings and closures for a select group of retailers in the US and the UK, as well as major US store bankruptcies.
Coresight Research tracks news about store closures and openings, bankruptcies and management changes. Our Weekly Store Openings and Closures Tracker focuses on department stores and specialty retail, including, but not limited to, softlines, hardlines, consumer electronics, grocery and furniture.
Year-to-date 2018, the number of US store closure announcements stands at 3,335 and the number of store openings is 1,699.
What Is Happening this Week in the US?
Nine West Declares Bankruptcy, Vacates 71 Stores
Women’s shoes and accessories retailer Nine West has filed for bankruptcy protection amid a tough retail environment. Interim CEO Ralph Schipani said in the filing that the company has sold or removed “substantially all” inventory and vacated 71 of its remaining 72 stores. On the bright side, the company said that it has a $200 million stalking horse bid from Authentic Brands Group for its intellectual property tied to its namesake Nine West and Bandolino brands, and that it has received $300 million in bankruptcy financing and has entered into a restructuring agreement with creditors controlling most of its secured and unsecured debt.
Adidas to Close Stores in Online Push
Adidas CEO Kasper Rorsted announced that the sportswear retailer plans to close down stores in the coming years as part of a shift toward online retailing. “Over time, we will have fewer stores but they will be better,” said Rorsted, adding that over the coming year, the number of Adidas stores was expected to contract slightly. Adidas wants to more than double its e-commerce sales to €4 billion ($4.9 billion) by 2020 from last year’s €1.6 billion ($1.9 billion). The retailer has 2,500 stores globally and 13,000 additional mono-branded franchise stores.
Two US Mall Owners Set to Save Bon-Ton from Closing All of its Stores
US mall owners Washington Prime Group and Namdar Realty Group will reportedly bid together to save department store chain Bon-Ton from liquidation. Bon-Ton, which operates other mall-based chains including Carson’s, Younkers and Herberger’s, is a tenant of both Washington Prime and Namdar. “With the help of our advisors, we will evaluate all qualified bids and are committed to maximizing value and pursuing the best path forward for the company and our stakeholders,” said Bon-Ton CEO Bill Tracy.
Year to date in the UK, there have been 221 store closure announcements and 491 store opening announcements.