The Container Store and Party City join a growing list of struggling retailers
Storch Advisors CEO and former Toys”R”Us and Target executive Gerald Storch reacts to November’s strong retail report and explains how industry winners are ‘value-based players’.
It’s been a tough year for some of the country’s best-known retailers and restaurants, some of which once marked the fabric of local communities and are now closing their doors or shrinking their footprints.
This year, store closings in the US outnumber openings, something not seen in 2023 or 2022, according to CRE Daily.
This comes after 2023 saw more than 4,000 stores announce plans to close, twice as many as last year, according to an analysis by the Daily on Retail, an investor-focused consumer research platform, cited by the National Retail Federation.
FOX Business has a domino effect hitting US retailers and restaurants.
DIFFERENCE: It won’t be a Merry Christmas for The Container Store, which filed for Chapter 11 protection on Sunday. However, the seller offers a glimmer of hope for the organization’s enthusiasts … keep reading here.
THE PARTY IS OVER: That’s the wrap of Party City. The one-stop shop for everyone planning a bash is calling it quits after 40 years in business… keep reading here.
MACY’S STORE: Macy’s, once a marquee department store, said it will close more stores than originally planned… keep reading here. This as an activist investor presses the table on how the seller can save himself … keep reading here. Check out the shares of Macy’s is here.
WALGREENS: The drugstore chain filed for Chapter 11 bankruptcy last month. The company is now increasing the number of store closures, which could be around 500… keep reading here. Check out Walgreens share here.
CVS SHAKE-UP: The pharma and healthcare industry forced its CEO this year to… keep reading here. The move follows plans to cut 2,900 jobs… keep reading here and plans to cut a total of 900 stores by the end of 2024. Check out CVS share here.
SLURPEE SLUMP: 7-Eleven has a competitive problem. Besides being the home of the popular Slurpee drink, we plan to close hundreds of underperforming stores… keep reading here.
BIG BREAKS: The discount retailer filed for Chapter 11 bankruptcy last month. The company is now increasing the number of store closures, which could be around 500… keep reading here. It started its “Going Out of Business” sale in December… keep reading here.
FULL SUPPORT FOR SELLERS
SHRIMP FAILURE: Red Lobster’s never-ending deal on shrimp eventually sank the seafood chain, which filed for bankruptcy. Now, the new CEO is thinking about how to keep the brand in line with new ideas… keep reading here.
HAPPY HOUR: TGI Fridays, once a familiar face in supermarkets and airports, has been closing locations in the US and UK… keep reading here.
HOME IMPROVEMENT HIT: LL Flooring, born out of the former Lumber Liquidators, is about to retire… keep reading here. Additionally, furniture and home goods Conn’s is closing 70 stores in 13 states… keep reading here.
WELL WELL: Bob’s Stores has thrown in the towel and is closing nearly two dozen of its locations and has come out with a bunch of big sales… keep reading here.
STOP BUYING: Once a prominent grocer in the Northeast, the chain is now closing 32 stores in early November*… keep reading here.
JOANN’S: After 81 years, the textile and crafts retailer is filing for Chapter 11 bankruptcy protection with its future hanging in the balance… keep reading here.
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* This was originally published on 10/20/24.
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