The number of retailers closing in Pennsylvania now surge according to a new report provided by CoreSight, signifying a distressed industry.
Retail data provider CoreSight noted a 24% increase in store closures over last year.
Some 3,200 brick-and-mortar stores, including many in Pennsylvania, have closed so far this year, and more are expected to close through the remainder of the year, according to a new analysis.
Retail data provider CoreSight noted a 24% increase in store closures over last year as the retail industry adjusts to a shift in consumer shopping to online outlets, inflation and bankruptcies.
The 30 stores closing some or all of their locations range from anchor stores such as Macy’s and other mall apparel stores to drugstores and discount stores selling items for around $1, reports Patch.com.
“A lot of this year’s closures are related to bankruptcies of chains that have been in trouble for a while, like Rite Aid and Rue21,” Neil Saunders, managing director of GlobalData, told CBS MoneyWatch.
“We’re also seeing several retailers, like Family Dollar, take action to weed out underperforming locations.”
Family Dollar led the retail reshuffling by closing 620 stores, including six in Pennsylvania.
The list of closures also includes traditional mall stores, including clothing retailer Rue21, which announced in May it would close all 543 of its stores as part of its Chapter 11 bankruptcy proceedings.
That includes 21 of the casual women’s and men’s apparel chain’s stores in Pennsylvania.
Other stores that have closed in Pennsylvania include seven Rite Aid locations, and Olive Garden in Abington Township.
Three Red Lobster locations in Pennsylvania are also at risk of closing if the company can’t renegotiate its leases.
According to CoreSight, here are retail closures so far in 2024:
- Family Dollar (620)
- Rue21 (543)
- 99 Cents Only Stores (371)
- CVS Health (315)
- 7-Elevan (272)
- Rite Aid (165)
- Express (105)
- Walgreens Boots Alliance (77)
- Macy’s (51)
- The Body Shop (51)
- Soft Surroundings (43)
- Sam Ash Music (42)
- Sleep Number (40)
- Burlington Stores (39)
- Foot Locker (36)
- Foxtrot/Dom’s Kitchen & Market (35)
- Carter’s (30)
- Abercrombie & Fitch Co. (22)
- Outdoor Voices (16)
- Signet Jewelers (14)
- Big Lots (13)
- Ashley (13)
- Dollar General (12)
- H&M (10)
- Allbirds (10)
- American Freight (10)
- Best Buy (9)
- Mainline Pharmacy (9)
- Alimentation Couche-Tard (9)
- Ross Stores (9)
For more store closure news and updates like this, opt-in for push notifications.
Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Our readers can now donate $3 per month to support independent journalism.
For daily news and updates on your favorite stories, opt-in for push notifications.
Follow Frank Nez on X (Twitter), Instagram, or Facebook.
Support Independent Journalism ✍🏻
Support independent journalism for just $3 per month!
Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.
Thank you for your support!
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.