Big Retailers Expected To Close More Stores
They are names many of us have grown up with but with the advent of online shopping they are seeing their revenues and profits steadily decline. 24/7 Wall Street is reporting that 8 big retailers are expected to close between 125 and 600 store locations this year. Which ones are on the list?
- Best Buy– Forecast store closings: 200 to 250
- Barnes & Noble– Forecast store closings: 190 to 240
- Sears Holding Corp–Forecast store closings: Kmart 175 to 225, Sears 100-125
- J.C. Penney– Forecast store closings: 300 to 350
- Office Depot–Forecast store closings: 125 to 150
- Gamestop– Forecast store closings: 500 to 600
- OfficeMax– Forecast store closings: 150 to 175
- RadioShack– Forecast store closings: 450 to 550
The reason that these stores–as well as many others–are closing is that online sales are taking over. More and more people are preferring to shop at home leaving the retail locations increasingly at risk.