Weekly Store Openings and Closures Tracker #31: True Religion Exits Bankruptcy and RadioShack Gets Exit Approval

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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 2017, the number of store closure announcements in the US has increased 228% year over year, bringing the total number of stores to be closed to 6,636.
  • RadioShack receives court approval to exit bankruptcy and close around 1,470 stores.
  • Book World plans to close all 45 stores.
  • Jeans maker True Religion exits Chapter 11 bankruptcy.
  • Year to date in the UK, there have been 854 store closure announcements from major retailers, significantly lower on a year-over-year basis. The 750 store openings, however, are a slight increase compared to 2016.

2017 Major US Store Openings and Closures

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 and furniture.

What Is Happening this Week in the US? 

RadioShack Cleared to Exit Bankruptcy and Close Around 1,470 stores

Electronics retailer RadioShack received approval from the US Bankruptcy Court for its Chapter 11 reorganization plan, which entails restructuring to exist primarily online and through its dealer network. The company has closed all but 30 of its 1,500 retail locations.

Book World to Close All 45 Stores

Bookstore chain Book World announced it will close all 45 of its stores in the US by January 15, 2018. The company said the “national shift in the retail marketplace towards e-commerce” is the main reason for its decision to close its stores.

 

Non-Store Closure News

True Religion Exits Bankruptcy

Jeans maker True Religion has emerged from Chapter 11 bankruptcy, according to a company press release. True Religion’s reorganization plan allows the company to greatly deleverage its balance sheet, reducing its term loans from $471 million to $113.5 million and extending its debt maturities to 2022.

 

2016 Major US Store Openings and Closures

 

2017 Major UK Store Openings and Closures

 

 

2016 Major UK Store Openings and Closures