Each year, as malls die out and consumers continue to buy more online, the number of retailers closing stores continues to climb. In fact, we’ve seen a record-breaking number of stores that just haven’t been able to stay in business.
With a rash of bankruptcies and retail store closings, it’s left many wondering which stores will be next on the chopping block.
Is this the end of brick and mortar stores as we know them? Here are some of the stores that just haven’t been able to survive the ongoing retail apocalypse.
Stein Mart first announced that it had filed for Chapter 11 bankruptcy protection, and would be closing “a significant portion, if not all” of its brick and mortar stores across 30 different states. The discount department store had been in business since 1908.
However, it was only one day later that Stein Mart decided to close up all 279 of its store locations for good. In a press release, CEO Hunt Hawkins said that a “challenging retail environment” has made it very difficult for the company to stay in business after more than 110 years.
The brand that once stood for chic and youthful fashion will effectively no longer exist. Drastic changes are being made at PVH Corp, which owns the likes of Calvin Klein and Tommy Hilfiger. Those changes include closing all Calvin Klein retail stores.
After the unexpected departure of Calvin Klein’s creative director, the company first planned on rebranding the line. Instead, they decided to terminate the collection entirely.
Mall staple Papyrus, best known for selling upscale greeting cards and stationary, is done. The company has experienced a revenue decline over several years leading up til now, so it shouldn’t come as much of a surprise.
The parent company of Papyrus, Schurman Retail Group, filed for Chapter 11 bankruptcy protection, but the store didn’t make it. They then announced that they are closing all Papyrus stores across the United States and Canada — 254 locations in total.
Up until last year, Lord & Taylor was America’s oldest department store, operating since 1826. The flagship store on Fifth Avenue in New York City had been operating since 1914. Unfortunately, stores need more than a long history to survive the current retail apocalypse.
They started by filing for Chapter 11 bankruptcy and liquidating several locations, but the company just couldn’t stay afloat. The rest of the brick-and-mortar stores soon followed. All of Lord & Taylor’s assets were purchased by Saadia Group, which has now revived the brand as an online-only store.
Like other stores that rely on shopping mall traffic, New York & Company isn’t seeing the foot traffic needed to stay in business. Parent company RTW Retailwinds, Inc. announced that they filed Chapter 11 bankruptcy protection and that it had already “launched a store closing and liquidation process,” but it just wasn’t enough.
It was only a couple of short weeks later that all New York & Company stores had already begun liquidation sales. Merchandise, store furniture, fixtures, and other equipment were all sold off.