Toys R’ Us has filed for bankruptcy right before the holiday shopping season, becoming the latest brick-and-mortar retailer to fall victim to the growth of e-commerce and discount stores. More than 300 companies have filed for bankruptcy in 2017 so far, here’s a look at the most significant casualties.
Some of the United States’ most prominent retailers are shuttering stores in recent months amid sagging sales in the troubled sector.
The rise of ecommerce outlets like Amazon (NASDAQ:AMZN) has made it harder for traditional retailers to attract customers to their stores and forced companies to change their sales strategies. Many companies have turned to sales promotions and increased digital efforts to lure shoppers while shutting down brick-and-mortar locations.
FOX Business continues to tally a list of some of the top retailers to close stores.
Abercrombie & Fitch
Facing declining sales, the once-prominent fashion brand announced last March that it would close 60 of its U.S. stores with expiring leases during its 2017 fiscal year. The chain has closed hundreds of store locations over the last few years while placing an increased emphasis on online sales.
The New Jersey-based women’s footwear company filed for bankruptcy last year and announced plans to move forward with a “significant reduction” of its retail locations. While it’s unclear how many of Aerosoles’ 88 locations will be affected, the chain said it plans to keep four flagship stores in New York and New Jersey operational, NJ.com reported.
A fashion brand known for its edgy offerings, American Apparel shuttered all of its 110 U.S. locations last year after filing for bankruptcy. The brand has since been acquired by Canada-based Gildan Activewear, which acquired its intellectual property in an $88 million deal.
The Los Angeles-based brand listed liabilities of more than $500 million when it filed for bankruptcy last February. The chain closed 118 store locations nationwide last year, though more than 300 remained in operation under a company-wide reorganization.
The women’s apparel chain closed all of its remaining 168 stores by last May, days after it said it was exploring “strategic alternatives for the company” amid plunging sales.
Bon-Ton Stores Inc.
The struggling department store filed for Chapter 11 bankruptcy, according to court papers filed in February. The chain, which operates 256 stores in 23 states, also announced it plans to close 42 stores in 2018 as part of a restructuring plan.
The Children’s Place
A fixture at shopping malls, the children’s clothing retail said it will close hundreds of store locations by 2020 as part of a shift toward digital commerce.
The pharmacy retailer said…