Weekly Store Openings and Closures Tracker #33: Vitamin World to Close 124 Stores; Fashion to Figure Files for Bankruptcy
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 235% year over year, bringing the total number of stores to be closed to 6,765.
- Vitamin World to close 124 stores.
- Belk to close two stores next year.
- The parent company of Fashion to Figure files for Chapter 11 bankruptcy.
- Sears opens new appliance and mattress stores.
- LVMH announces management changes.
- Year to date in the UK, there have been 914 store closure announcements from major retailers, significantly lower on a year-over-year basis. The 837 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?
Vitamin World to Close 124 Stores
Vitamin World has increased the number of store closures to 124 and plans to sell the remaining stores to another company. The retailer initially proposed closing 51 of its 334 locations in more than 30 states. The stores slated for closure have been identified as underperforming or unprofitable by company executives.
Belk to Close Two Stores Next Year
Department store chain Belk is closing two stores next year, in line with the company’s strategy to close underperforming stores, refurbish profitable ones and open new locations.
Parent Company of Fashion to Figure Files for Chapter 11 Bankruptcy
The parent company of plus-size women’s retailer Fashion to Figure has filed for Chapter 11 bankruptcy protection. The retailer did not state any immediate impact on its 26 stores nationwide.
Sears Opens New Appliance and Mattress Stores
This week, Sears announced the opening of two appliance and mattress stores in Camp Hill, Pennsylvania and Honolulu, Hawaii. The first appliance and mattress store was opened in Pharr, Texas in in June. Last week, the retailer said it would close an additional 63 Sears and Kmart stores.
Non-Store Closure News
LVMH Announces Management Changes
LVMH announced that Sidney Toledano would step down as Chairman and CEO of Christian Dior Couture to become the Chairman and CEO of the Fashion Group. He will be replaced by Pietro Beccari, who has been Chief Executive of LVMH’s Fendi brand.
2016 Major US Store Openings and Closures
2017 Major UK Store Openings and Closures
2016 Major UK Store Openings and Closures
