Weekly Store Openings and Closures Tracker 2018 #32: National Stores and Brookstone the Latest Casualties
KEY POINTS
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.
- Year-to-date 2018, the number of US store closure announcements stands at 4,379 and the number of store openings is 2,239.
- National Stores has filed for bankruptcy and will close 74 stores.
- Mattress Firm is considering store closures and bankruptcy.
- Brookstone has filed for bankruptcy and will close 101 stores.
- Gump’s has filed for bankruptcy.
- Year to date in the UK, there have been 1,215 store closure announcements and 639 store opening announcements.
- Homebase will reportedly close around 60 stores.
- Urban Outfitters will open two stores in November.
- JD Sports is opening a store in Leeds and Netherfield.
- Hobbs is seeking 15 new stores.
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.
2018 Major US Store Openings and Closures
Year-to-date 2018, the number of US store closure announcements stands at 4,379 and the number of store openings is 2,239.
What Is Happening this Week in the US?
National Stores to Close 74 Stores
National Stores, an off-price retailer, has filed for bankruptcy protection and plans to close 74 of its stores in an attempt to restructure its debt load. The company, which is the parent of a number of retail brands, including Fallas, Factory 2-U and Anna’s Linen’s by Fallas, is working with its creditors to formulate a reorganization plan with an aim to return to profitability.
Mattress Firm Considers Store Closures and Bankruptcy
Mattress Firm, the largest mattress retailer in the US, is evaluating filing for bankruptcy and the closure of non-profitable stores. The company was acquired by South Africa-based Steinhoff International Holdings for $3.8 billion in 2016. The company had previously announced that it would be closing 200 stores in 2018.
Brookstone Files for Bankruptcy and Is Set to Close 101 Mall Stores
Brookstone, a mall and airport retailer, has filed for Chapter 11 bankruptcy in what is its second bankruptcy round in four years. The company is set to close all of its remaining 101 mall stores and is expected to keep its 35 airport stores and website running while simultaneously looking for a buyer.
IKEA to Open Its 50th US Store in 2019
Swedish furniture giant IKEA is in the process of building a store in Norfolk, VA which will be its 50th in the US. It is expected to be open for business in spring 2019.
Non-Store-Closure News
Gump’s Files for Bankruptcy Protection
Gump’s, a San Francisco-headquartered luxury department store, has filed for bankruptcy protection. The company is on the lookout for a buyer and intends to liquidate merchandise to settle its debt with lenders.
Year-to-Date 2018 Major US Store Bankruptcies
2017 Major US Store Openings and Closures
2017 Major US Store Bankruptcies
2018 Major UK Store Openings and Closures
Year to date in the UK, there have been 1,215 store closure announcements and 639 store opening announcements.
What Is Happening this Week in the UK?
House of Fraser to Appoint Administrators
As we go to press on Friday, struggling department store chain House of Fraser announced that it will appoint administrators.
Homebase Reportedly to Announce 60 Store Closures
Homebase is reportedly set to announce next week the closure of around 60 stores, though some reports state that this total could be as high as 80. Homebase has already closed 18 stores this year as part of a previously announced total of 40 planned closures. We have not reflected this week’s developments in our chart of store closures, as we await the company’s latest statement.
Urban Outfitters Plans to Open Two Stores in November
Urban Outfitters, an American lifestyle retailer, is planning to open stores in Cheltenham and Oxford in November, while also looking to expand further into Europe.
JD Sports to Open Stores in Leeds and Netherfield
JD Sports, a sportswear retailer, is opening a store in Leeds City Center in what appears to be a flagship store for Leeds. It is expected to be open for business in October. Additionally, a store will also be opened in Victoria Retail Park in Netherfield later this year.
Hobbs Seeking 15 New Stores
Hobbs, a premium womenswear retailer, is on the lookout for around 15 new stores in UK market towns and London, and is also growing its concessions business internationally. We have not included these in our chart of store openings, as we await further details and confirmation on the status and timing of these openings.
