Are more store closings coming? As many as 25,000 stores could shutter in 2020 due to COVID-19 impact
Pier 1 will close nearly half of its stores. Macy's will close about a fifth of its locations over three years. J.C. Penney will close six stores. Wochit
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COVID-19 has hit retailers who were already in debt harder than others and bankruptcy filings have increased due to the pandemic with J.C. Penney, Neiman Marcus and J. Crew recently filing for Chapter 11.
Pier 1 Imports is closing all of its stores in bankruptcy after previously planning to close half of its stores. Victoria's Secret plans to permanently close approximately 250 stores in the U.S. and Canada this year.
Closing sales are expected to begin this week at the first wave of 242 J.C. Penney stores that will permanently close in bankruptcy. (See the list of the first 154 stores set to close.)
Coresight expects more bankruptcies will also be filed.
COVID-19 liquidation sales: JCPenney, Tuesday Morning, Pier 1 going-out-of-business sales different because of coronavirus
Store closings 2020 due to COVID-19
These retailers are permanently closing stores.