Wednesday, May 29, 2019
Decelerating Retail News
Pier 1 Imports Inc. plans to close at least 45 of its 970 stores, and potentially up to 100 more, as it seeks to cut costs after a disappointing holiday season...Office Depot is closing 50 stores this year under both its namesake and OfficeMax banners, part of a three-year plan announced in 2016 to shutter roughly 300 stores...CVS Health is closing 46 “underperforming” stores. The cuts represent fewer than 1% of the 9,600 CVS Pharmacy stores nationwide...Party City plans to shutter about 45 of its approximately 870 locations in 201…Potbelly Sandwich Shop plans to close 15 to 22 restaurants, including 9 to 12 company stores. The company closed the quarter with 481 restaurants... Discount chain Fred’s is closing 104 more stores by the end of June. The closures are in addition to the 159 stores closings announced in April. Once the closures are completed, Fred’s will have roughly 300 stores across the southeastern US…As part of a multiyear plan to close 300 stores by 2020, The Children’s Place will close another 40 to 45 stores in 2019. The Children’s Place has 971 stores. Since 2013, the company has closed 213 stores... Dressbarn, owned by Ascena Retail Group, is winding down operations, including the eventual closing of its approximately 650 stores... Arcadia Group has confirmed plans to close or sell off all of its 11 Topman and Topshop stores in the US.