SEVERAL store chains are shuttering locations in a year set to become one of the worst yet for brick-and-mortar retail.
Liquidation sales are happening all across the country.
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Numerous iconic store brands are looking to downsize this year as retail apocalypse continues to take its toll.
Forever 21, Macy’s, and Soleply have all announced closures in the coming months.
Altogether, thousands of retail stores are set to close in 2025.
Many of those stores are primarily based in malls.
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Forever 21 announced that it would be closing all of its 350 locations.
The California-based fast fashion retailer filed for bankruptcy in 2019 before being bought out.
Since 1984, the brand has been a fixture in American malls, known for offering budget-friendly clothing.
However, court filings indicate that the company’s debts range from $1 billion to $10 billion.
Meanwhile, Macy’s announced that it would be closing 60 stores this year as part of the next phase of its Bold New Chapter plan.
The plan includes shuttering 150 locations over all across the next three years.
Macy’s CEO claimed that the Bold New Chapter plan involved challenging the status quo.
“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments, and compelling value,” Spring said.
Macy’s C-suite also indicated that it planned to continue investing in its Bloomingdale’s and Bluemercury portfolios.
It plans to open approximately 30 new Bluemercury locations.
Additionally, Soleply – a sneaker retail chain that sells high-end sneakers and apparel – filed for Chapter 11 bankruptcy last week.
The New Jersey-based retailer reported debts of up to $10 million, according to court filings.
The store has been legally threatened by multiple landlords for ending leases.
The landlords allege unpaid rent, lost income, and contract violations.
Retail store closures are estimated to affect around 15,000 brick-and-mortar stores in 2025.
This figure represents more than double the 7,325 shuttered that closed last year.
