economics

8 retail chains closing hundreds of stores in 2016

Macy's | Todd A. Merport/Shutterstock.coms

Sports Authority | CarlaVanWagoner/Shutterstock.com

Sports Authority

Sports Authority, once the nation's largest sporting goods retailer, filed for bankruptcy in March and said it would close 140 of its 450 stores. In May, the company followed up by saying it would close all of its remaining stores. Rival sporting goods chain Dick's would eventually buy the Sports Authority name and other intellectual property, plus 31 store leases, for $23 million.


Wal-mart | The WashingtonPost/Getty Images

Wal-Mart

Even discount retailing giant Wal-Mart isn't safe from the competition from online retail. In January, the chain announced it would close 269 stores worldwide, including 154 U.S. locations. As it moves to grow its online business, Wal-Mart has since agreed to acquire web retailer Jet.com for $3.3 billion.


Kmart/Sears | Joe Raedle/Getty Images News

Kmart/Sears

In April, struggling Sears Holdings Corp. announced it was closing 68 of its Kmart stores and 10 Sears stores. This fall, there have been scattered reports of the company moving to shut down other stores, including a Sears location in Connecticut and seven Kmart stores in Michigan.


Ralph Lauren | Tooykrub/Shutterstock.com

Ralph Lauren

Ralph Lauren announced in June that it would close 50 of its stores and cut 1,000 jobs. The company behind the Polo brand has faced sluggish sales and stiff competition from popular -- and cheaper -- brands like H&M and Zara.

RATE SEARCH: Be ready for the next big sale. Find a low-rate credit card today.


Office Depot | Scott Olson/GettyImages News

Office Depot

Office Depot, which closed 400 stores during the first half of 2016, announced plans in early August to close 300 additional locations within the next three years. The company, which scrapped plans to merge with bigger rival Staples early in the year, has reported seven straight quarters of declining sales.


Aeropostale | Roberto Machado Noa/Lightrocket/Getty Images

Aeropostale

In May, Aeropostale -- a clothing retailer targeted to teenagers -- announced plans to close 113 U.S. locations, along with all 41 of its Canadian stores. The company filed for bankruptcy protection and is struggling to stay afloat with fierce competition from lower-priced chains like Forever 21.


J.C. Penney's | RobertBarnes/Moment Mobile/Getty Images

J.C. Penney

In January, J.C. Penney announced plans to close seven of its U.S. stores. It was the third straight year in which the company had announced closings at the beginning of the year; it shuttered 40 stores in 2015 and 33 in 2014.

RATE SEARCH: Find the best internet-based checking account for you at Bankrate.com.

advertisement

          Connect with us
advertisement
advertisement
advertisement
advertisement

Connect with us