Weekly Store Openings and Closures Tracker 2018 #4: Toys“R”Us to Close 182 Stores; JCPenney to Close Four Stores

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KEY POINTS

FGRT tracks store openings and closures for a select group of retailers in the US and the UK.

Year-to-date 2018, the number of US store closure announcements stands at 1,768 and the number of store openings is 1,510.
Toys“R”Us plans to close 182 stores.
JCPenney has said it will close four stores.
Lidl announces it will open 20 stores in the US this year.
Abercrombie & Fitch’s Executive Chairman steps down.
Lowe’s announces three board appointments.
Casper hires two new executives.
Year to date in the UK, there have been 48 store closure announcements and 455 store opening announcements.

FGRT has a dedicated team tracking 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 1,768 and the number of store openings is 1,510.

What Is Happening this Week in the US?

Toys“R”Us Plans to Close 182 Stores
Toy retailer Toys“R”Us announced that it will close up to 182 underperforming stores across the US as it navigates bankruptcy proceedings. Store closings are scheduled to begin in early February and run through mid-April. The retailer also plans to convert some Toys“R”Us stores into combined Toys“R”Us and Babies“R”Us stores.

JCPenney to Close Four Stores
Department store operator JCPenney announced plans to close four stores by May. Three of the stores are smaller stores and the fourth one is in a dead mall.

Lidl to Open 20 Stores in the US this Year
Klaus Gehrig, CEO of the group that owns Lidl, said that the company will open 20 stores this year, falling short of its plan to open up to 100 stores by this summer. The retailer has opened 48 stores since June 2017.

Non-Store-Closure News

Abercrombie & Fitch’s Executive Chairman Steps Down
Upscale casual wear retailer Abercrombie & Fitch announced that Arthur C. Martinez will step down as Executive Chairman of its board of directors on February 3, the end of the current fiscal year. Terry L. Burman, lead independent director and Chair of the nominating and board governance committee, will be appointed as Non-Executive Chairman at that time.

Lowe’s Announces Three Board Appointments
Lowe’s announced that it has appointed David Batchelder, Lisa Wardell and Brian Rogers to its board of directors effective March 22. The appointment came after talks with activist hedge fund D.E. Shaw Group, which recently built a stake in the home improvement chain.

Casper Hires Two New Executives
Casper, an online mattress retailer, announced that it has appointed Greg Macfarlane as CFO and Jeff Brooks as Chief Marketing Officer (CMO).