Weekly Store Openings and Closures Tracker #38: H&M to Close More Stores; Bon-Ton Misses Interest Payment
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 229% year over year, bringing the total number of stores to be closed to 6,985.
- H&M to close more stores next year.
- Bon-Ton misses a $14 million interest payment.
- Year to date in the UK, there have been 921 store closure announcements from major retailers, significantly lower on a year-over-year basis. The 887 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?
H&M to Close More Stores Next Year
H&M announced a transformation plan as sales in the fourth quarter were significantly below the company’s own expectations. The plan includes continued integration of the physical and digital stores, and intensifying the optimization of the H&M brand’s store portfolio—leading to more store closures and fewer openings. H&M will announce its full-year results for 2017 on January 31, 2018.
Non-Store Closure News
Bon-Ton Misses a $14 Million Interest Payment
Department store operator Bon-Ton Stores said it failed to make a $14 million interest payment and has moved into a 30-day grace period with its lender. The retailer announced in November that it would close at least 40 underperforming stores, out of a total of 260 stores, in 2018.
2016 Major US Store Openings and Closures
2017 Major UK Store Openings and Closures
2016 Major UK Store Openings and Closures
