Gap, JCPenney, Victoria's Secret, Foot Locker: 465 shop rods for 48 hours – Story
FOX NEWS – "Apocalypse" is alive and this week with big chains like Gap, JCPenney, Victoria's Secret and Foot Locker, all announcing massive closures, a total of over 465 stores died in the course of the last 48 hours.
All four companies reported the fourth quarter results this week during the critical holiday period, while three of them (Gap, JCPenney and Victoria's Secret) reported a decline in the same store, while Foot Locker reported growth more than doubled. expectations.
Nevertheless, despite the good news. Foot Locker announced on Friday that it plans to close around 1[ads1]65 stores across the country under investor calls.
It comes less than 24 hours after Gap announced it would close 230 of the name stores over the next two years after the brand's sales in the same store fell 7 percent during the holiday season. It also announced that it will separate its sister company Old Navy into its own listed company and create a new company to house its remaining brands.
To top it off, earlier that day on Thursday, JCPenney announced that it would also close 18 of its stores this year, including the three already announced in January.
In addition, it said they are planning to close nine residential and residential stores to coincide with their previous announcement to stop selling large applications and furniture at all by the stores by the end of February.
Bob Phibbs, CEO of New York-based consulting firm, believes Retail Doctor believes JCPenney will be forced to announce more closures down the road.
"It's shocking that JC Penney still thinks they have time when the clock has run out, and there's no real plan. Closing 18 stores is barely a drop in the bucket of JC Penney's more than 850 stores. a big, bold effort to reinvigorate the brand, they would have announced that they closed hundreds of stores and invested in an unparalleled experience in their other locations, said Phibbs to FOX Business.
He added that JCPenney "still desperately needs" an inspiring vision for its brand as more and more customers come to Target, Walmart and Amazon.
Finally, late Wednesday, L Brands & Victoria's Secret also reported that the stores in the same store fell during the holidays, dropped 3 percent and there will have to close 53 stores this year.
According to a Business Insider report, these announcements will bring down the number of scheduled stores in over 4,500.
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