15 Big Box Stores That Will Probably Disappear Soon
Some big box stores are in big trouble. Many of them are closing stores or scrambling to make last-minute changes in an effort to win back customers. If they keep up the pace, these retailers will likely be out of business in no time. Now that shoppers are spending more time and money online, some retailers are struggling to attract customers to shop at their physical stores.
Here are 15 big box stores that will probably disappear soon.
1. Barnes & Noble
One of the nation’s favorite bookstores might not be around much longer if sales continue to slip. Barnes & Noble reported a downturn in comparable sales at its stores, saying fewer customers are leaving home to make in-store purchases. In addition, online sales plunged 12.5% because of a bad site relaunch, reports Fortune. Amazon seems to be moving into Barnes & Noble’s territory. The online retailer opened its first physical bookstore in November 2015 in a Seattle mall that was the former home of a Barnes & Noble store until 2011.
Next: This store is not the shining star it once was.
Macy’s has been trying to breathe life into the brand by making changes to its wedding business as well as teaming up with Apple. However, sales have not improved. Back in August 2016 Macy’s announced it would close 100 stores nationwide, which is approximately 15% of the retailer’s department stores. Sixty-eight of those stores were set to close in 2017, reports CNBC. Furthermore, the Chicago Tribune reports the department store is planning to sell part of its Chicago flagship store.
Next: This store is looking for ways to stay relevant.
Big-box retailer Target announced plans to close 12 stores by early 2018, according to StarTribune. The store is also working on updating the design of its remaining stores, which involves remodeling 1,000 of its 1,800 stores by 2020. A Target spokeswoman told the newspaper the company has a rigorous process for evaluating the performance of a store. She said a store is closed after several years of declining profits.
Next: This mall favorite is starting to fall from its top spot.
JCPenney used to be a mall favorite, but times have changed. In 2017, the retailer announced plans to close up to 140 of its stores and offer buyouts to 6,000 workers. Declining sales are a result of competition from online sellers and niche retailers, reports USA Today. The store plans to add toys, beauty products, appliances, and household items to boost sales and better serve its customer base, which is 70% women.
Next: This store is looking to team up with other companies.
Back in 2016, Kohl’s made the decision to close 18 stores and lay off more than 1,500 employees after a 20% drop in fourth quarter profit, reports Business Insider. The following year, the store announced plans to make remaining stores smaller. Also, in a move to boost store sales, Kohl’s recently partnered with Amazon. Physical Kohl’s stores now display products such as Amazon Echo and Kindles through Kohl’s Amazon shop.
Next: Clothing stores aren’t the only ones taking a hit.
Office superstores are also taking a hit during the retail apocalypse. Staples announced it would close 70 stores throughout North America by the end of 2017. The retailer said during an earnings call that a reduction in foot traffic was negatively impacting sales. Same-store sales declined 7% during the fourth quarter of 2016.
Next: Staples has some company.
7. Office Depot
Another office store that isn’t faring well is Office Depot. Last year, the chain store announced it would close 300 locations over the next three years. They said the closings are part of a $250 million cost savings program. The retailer said in a statement the program involves implementing a more effective customer coverage model, reducing indirect procurement costs, lowering overall general and administrative costs, and optimizing U.S. retail stores.
Next: It hasn’t been a good year for some sporting goods retailers.
8. Eastern Mountain Sports
The sporting goods industry hit a rough patch recently. In 2016, the former parent company of Eastern Mountain Sports, Vestis Retail, filed for bankruptcy twice. The company was eventually purchased by UK retailer Sports Direct. However, analysts aren’t too optimistic about the deal, noting the company’s stock prices have been on a downturn.
Next: Can this company be saved?
9. Bob’s Stores
Bob’s, a sister store of Eastern Mountain Sports, could also be extinct in a few years. Dozens of stores were closed as a result of its former parent company’s bankruptcy filing. Bob’s was part of the deal stuck by Sports Direct to purchase 50 Bob’s and Eastern Mountain Sports stores for $101 million. However, only time will tell if the chain store can be saved.
Next: This store used to be a customer favorite.
Sears has been struggling for a while. However, this might not be much of a surprise considering the stores aren’t as crowded as they once were. The company announced it would close roughly 63 stores going into 2018, reports USA Today. Also, in an effort to bring in cash, Sears is scrambling to sell as many items as it can by putting everything on sale. The store announced it would be offering up to 50% off everything.
Next: These stores are slowly disappearing.
Kmart, a sister store of Sears, has also been struggling. The chain said it would close roughly 45 Kmart stores going to 2018, according to USA Today. Similar to Sears, Kmart is also having a big sale on all of its items. The retailer offered up to 40% off everything in stores during its 2017 Thanksgiving sale. More recently, Sears said it would close an additional 103 stores (64 Kmart and 63 Sears) in 2018.
Next: Your favorite childhood store might go away forever.
12. Toys “R” Us
Toys “R” Us filed for bankruptcy in September 2017. However, the chain store still pushed sales during the holiday season. Toys “R” Us revealed it’s working on restructuring its outstanding debt in the hopes of securing long-term growth. Despite the store’s woes, Dave Brandon, chairman and chief executive officer of Toys “R” Us, said in a statement he expects the store’s financial troubles to be addressed and the chain to remain in business. Everyone will just have to wait and see if his expectations will be met.
Next: This store is trying its best to hold on.
It appears more customers are turning to online retailers to grab discounted perfume. In August 2017 discount perfume retailer Perfumania filed for Chapter 11 bankruptcy protection and planned to close 64 of its 226 stores, according to CNN Money. The retailer said in a news release it will become a privately held company after the restructuring.
Next: You might have to look for furniture rentals somewhere else.
14. Rent A Center
If you were ever in a situation where you had to rent furniture, it’s likely you turned to Rent-A-Center for help. However, the store is now experiencing significant difficulty due to low foot traffic. The company’s stock used to trade close to $40, but as of this writing is now hovering around $11. Despite the company’s troubles, Vintage Capital Markets made an offer to buy the company for $13 per share in a bid to breathe new life into the chain store.
Next: A scandal coupled with changing preferences is likely to have caused this retailer’s slowdown.
15. Lumber Liquidators
From clothing to office supplies, retailers in just about every category are experiencing resistance from customers who would rather shop from the comfort of their homes. Lumber Liquidators is among the large chains closing stores and looking for ways to stay alive. One thing that didn’t help was a scandal the company became involved in after being accused of using high levels of formaldehyde in its flooring.
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