7 Major Brands That Are Shutting Down Locations Across The US In 2021
The U.S. is going to say goodbye to some of the country's favorite and largest stores this year.
Many businesses were hit hard by the COVID-19 pandemic, resulting in mass closures of stores across the country over the past year and into 2021.
Here are seven American stores that we'll have to bid adieu.
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Victoria's Secret
Famed lingerie and clothing retailer Victoria's Secret announced that it would be closing 235 VS stores and three PINK stores across the country.
The brand's sales dropped nearly 50% in the first quarter of 2020 due to the coronavirus.
Pier 1 Imports
The home furnishings giant didn't plan to go out of business, but it announced that nearly half of its 900 stores would close their doors.
"Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down," said Robert Riesbeck, Pier 1 Import's CEO.
Bed Bath & Beyond
The massive home goods chain took a major hit in 2020, forcing plans to close about 200 store locations over the next two years.
There are about 1,500 Bed Bath & Beyond stores across the country, so CEO Mark Tritton is staying positive.
"We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet," said Tritton.
Gap
In October, the shopping mall staple announced that it would close 30% of its stores by the end of 2023.
That 30% also includes Gap Inc. clothing brand Banana Republic.
J.C. Penney
J.C. Penney has had a rough go of it in recent years. The company filed for bankruptcy protection in May 2020 and later said it would permanently close over 200 stores.
The department store has been around since 1902, but CEO Jill Soltau said that the company has been dealing with "unprecedented challenges brought on by the coronavirus (COVID-19) pandemic."
Macy's
In early 2020, Macy's introduced a plan to shutter the doors of roughly 125 of its stores within three years.
Jeff Gennette, CEO of the iconic department store, said that the ones being closed are located in struggling malls that customers were abandoning.
Express
Another mall staple, the fashion retailer announced that it plans to close approximately 100 stores by 2022.
"This includes nine stores that have already closed in 2019, 31 by the end of January 2020, and an additional 35 by the end of January 2021," Express said in a press release.