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12 Major Retailers Closing Stores Like Crazy!! Sears, Walgreens, JC Penneys and more

Posted By: RumorMail
Date: Sunday, 3-Jul-2016 18:12:26

If these stores were smart they'd offer bargains via internet, too.

(more on link)
http://time.com/money/4386499/retail-stores-closing-locations/

Call it the Amazon Effect.

Itís the age of Amazon, and brick-and-mortar retailers are feeling the pinch.

Amazonís dominanceóbolstered by mostly lower prices, more options and increased convenience for shoppersĖhas caused stores across the mall to take a hit. Teen-apparel retailer Aťropostale filed for bankruptcy in May. Later that month, JC Penney announced that it would cut payroll and freeze overtime for its employees. The bad news isnít only recent: In 2015, Penney announced it would close 40 locations, while fellow mall giant Sears has shuttered more than 200 locations over the past two years.

Meanwhile, in its most recent earnings report, Amazon posted profits for the fourth consecutive quarter. The price of shares of Amazon stock has spiked by about 30% since February. On the heels of Aprilís stellar earnings, the fortune of its CEO and founder, Jeff Bezos, has soared by $6 billion in just a few hours. The companyís first-ever Amazon Prime Day proved to be a bigger sales event than Black Friday last summer, and Amazon is planning a repeat with tens of thousands of sales slated for July 12.

Still, some physical store closings are not a sign of troubled times, but rather the sacrifices necessary to achieve greater profitability. Thatís the case with drug store chain Walgreens, which prepared to sell off more than 1,000 in order to seal a lucrative merger with competitor Rite Aid.

These are some of the most prominent brick-and-mortar stores suffering from a retail slump:

In an effort to reduce expenses, Penney has been steadily closing underperforming stores at the beginning of each year: 33 in 2014, 40 in 2015, and seven in early 2016. In May, the Plano, Texas-based retailer, which has currently more than 1,000 locations nationwide, also announced cost-cutting measures like cutting payroll and eliminating overtime hours for employees. Shares of JC Penney have fallen by more than 25% since March.





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