As Americans do more and more of their shopping on their devices instead of at the store, traditional retailers are reeling. Some are being forced to shrink — or go out of business altogether.
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According to a story in foxbusiness.com:
Already 2017 has been a year of massive store closings, led by these chains.
Gymboree is scaling back its playground. It’s closing more than a quarter of its kids’ clothing stores as it tries to adapt to an “evolving retail landscape.”
The company filed for Chapter 11 bankruptcy protection on June 11; exactly one month later, it announced it was shutting down 350 of its Gymboree and Crazy 8 locations, out of a total of nearly 1,300.
Payless ShoeSource filed for Chapter 11 bankruptcy protection in April and said it would shut down around 400 of its weaker stores. In May, the company indicated it could close 408 additional locations.The discount footwear chain — founded more than 60 years ago in Topeka, Kansas — has found itself running behind online competitors.
RadioShack used to be everywhere, but now the electronics chain has largely vanished from the retail map. The company that once operated 7,300 stores says it closed more than 1,000 of its remaining locations over Memorial Day weekend — leaving just 70 stores still operating.
The retailer that began in Boston in 1921 says the closings continue a move from brick-and-mortar stores to RadioShack.com.
Mall mainstay J.C. Penney says it’s shutting down as many as 140 of its department stores — up to 14 percent of the total — by mid-2017. The company is offering 6,000 employees early retirement.
Closing stores will allow Penney to “effectively compete against the growing threat of online retailers,” chairman and CEO Marvin Ellison said in a news release.
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