As September draws to an end, several retailers have announced that they will be closing stores by the end of 2020. These retailers have cited the financial wrath of the coronavirus pandemic on their business, causing them to reduce their retail footprint and, in some cases, file for bankruptcy on top of closing stores. Here’s a look at all the retailers that announced they were closing stores in September.
Century 21 said it was liquidating all 13 of its stores after filing for Chapter 11 bankruptcy protection in early September. The 60-year-old retailer has locations in New York, New Jersey, Pennsylvania, and Florida.
Century 21 filed for bankruptcy after incurring $175 million in losses from the pandemic. The company started liquidation sales immediately, offering discounts on designer apparel, home goods, and beauty products.
Bed Bath & Beyond
Home goods retailer Bed Bath & Beyond announced that it would be closing 63 stores under its restructuring plan. The company, which also owns the buybuy BABY, Harmon Face Values, and World Market brands, said the store closures will save it between $250 and $350 million annually.
The store closure announcement follows the layoff of 2,800 workers in August, in another cost-cutting move that is expected to save the retailer $150 million a year.
During an earnings call, American Eagle said it would be closing from 40 to 50 stores in 2020 with the possibility of shuttering as many as 500 locations over the course of the next two years, CNN reported. The reason for the closures was an increase in digital sales for the company, which rose by 48% for the second quarter of 2020 compared to the same timeframe a year earlier.
Mike Mathias, chief financial officer for the retailer, said on the call (via CNN), “Our