USA Today is reporting that we can add five more businesses to the ever growing list of iconic retailers potentially closing their doors for good.
In an attempt to save the Sears Brand, which is on the brink of bankruptcy, the company may be unloading Kmart. Although the stores have been performing better overall than Sears, the company has closed an additional 273 stores. People are speculating how much longer the chain can hold on.
Limited Brands, which also owns Bath & Body Works as well as Victoria's Secret, recently sold The Limited to Sun Capital Partners, a private equity firm. They closed all 250 stores and laid off 4,000 employees. In doing so, they moved all their merchandise online in an attempt to stay in business. It didn't work, and The Limited has since filed bankruptcy. In a last-ditch effort, private equity firm Sycamore Partners bought the company and once again reintroduced products online.
The toy company took a huge blow when Disney took Frozen and the line of Princess dolls, and gave them to main competitor Hasbro. Added to this is the free falling number in doll sales, with Barbie down 7%, American Girls down 30%, and Monster High & Polly Pocket dropping 42%.
Poor retail sales and a slow Hollywood summer blockbuster season also contributed to the companies falling sales. With Toys "R" Us filing bankruptcy, things aren't looking good for Mattel.
There's no big surprise here. J.C. Penny has come back from the dead many times. The company recently liquidated its women's clothing inventory in and attempt to reset the department, but with Amazon taking over as the largest online apparel retailer, things don't look promising.
People speculated that Bed Bath & Beyond would grow when Linen and Things closed up shop, but in a surprise turn of events, things went in the other direction, and now the housewares store finds itself in trouble. Once again the focus is on Amazon pulling retail sales away from the stores as more and more people shop online.
Bed Bath & Beyond is facing stiff competition from expanded housewares departments at Walmart, Target, and Costco, while relatively new At Home is also making its mark.
well...there goes two of the anchor stores at Westmoreland Mall— Kris Weinschenker (@KWeinschenker) November 11, 2017
Big box stores and online retailers have made it tough out there.
H/T: USA Today