Weekly Store Openings and Closures Tracker 2018 #5: Bon-Ton to Close Five More Stores
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 1,773 and the number of store openings is 1,510.
- Bon-Ton might close a further two more stores and sell another three.
- Nine West is reportedly close to finalizing a deal that would include a bankruptcy filing with asset sales.
- Revlon President and CEO Fabian Garcia is stepping down.
- Mattress Firm announced that CEO Ken Murphy will step down and Executive Chairman Steve Stagner will take on the additional CEO responsibilities.
- Year to date in the UK, there have been 76 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 1,773 and the number of store openings is 1,510.
What Is Happening this Week in the US?
Bon-Ton Outlines Turnaround Plan Amid Restructuring Talks
Department store chain Bon-Ton and consulting firm AlixPartners have outlined a turnaround plan to stanch sales losses and create momentum for growth. In addition to the previously announced 40 store closures, the company might close a further two stores and sell another three.
Nine West Reportedly Close to Bankruptcy Filing
Nine West is prepared to file for Chapter 11 bankruptcy if necessary. The timing will likely be determined by a looming March 15 interest payment. Its bankruptcy entails closing its remaining 16 stores across the country, according to the store locator on the retailer’s website.
Non-Store-Closure News
Revlon CEO Fabian Garcia Stepping Down
Revlon President and CEO Fabian Garcia is stepping down to “pursue other opportunities” after less than two years on the job. Garcia has served as President and CEO since April 2016, overseeing the company’s reorganization after Revlon acquired Elizabeth Arden later that year. Board member Paul Meister will become Executive Vice Chairman and oversee the day-to-day operations on an interim basis, with Garcia helping with the transition through February.
Mattress Firm Taps New CEO
Mattress Firm announced that CEO Ken Murphy will step down and Steve Stagner, President and Executive Chairman, will take on the additional CEO responsibilities, effective March 1. According to the company, the move “reflects the need for a singular voice of leadership for the company as it navigates the next phase of its growth story.”
2017 Major US Store Openings and Closures
2018 Major UK Store Openings and Closures
Year to date in the UK, there have been 76 store closure announcements and 455 store opening announcements.
This week, Marks & Spencer (M&S) announced its latest phase of closures, naming 14 full-line stores that it expects to shut in the coming months. Our total of 22 M&S full-line store closures is a calendarized full-year estimate based on the company’s indicated total closures.
2017 Major UK Store Openings and Closures
