Which Chains Closed the Most Stores In 2020

Storefronts were already having a rough time with the shift to online retail. According to Coresight Research, a record 9,500 stores shut off their lights in 2019 alone.

The global Covid-19 pandemic has only exacerbated the situation. Coresight believes that as many as 25,000 storefronts may have closed their doors permanently in 2020.

Big name retailers were no exception to the rule. The following list are those chains that have been most affected. 

GNC

GNC has formally filed for Chapter 11 bankruptcy. The nutrition and diet retailer had to close up to 1,200 of their storefronts in 2020.

The company has been in business selling diet and nutrition products since 1935. GNC operates 7,300 stores around the world, of which 3,600 are located within the United States.

Furthermore, it operates another 1,600 mini GNCs within Rite Aid pharmacies.

GNC was in trouble before the pandemic. Management maintains it was making progress towards keeping up with online retail and paying down debt, and then the pandemic hit.

“The COVID-19 pandemic created a situation where we were unable to accomplish our refinancing and the abrupt change in the operating environment had a dramatic negative impact on our business,” the company said in a statement 

Pier 1 Imports

Pier 1, in business since 1962, was another big name retailer that had to file for Chapter 11 bankruptcy in 2020. That wasn’t originally the plan.

First, Pier 1 made the decision to close half of its 936 stores. Pier 1 was hoping to find a buyer that would solve its financial woes.

Unfortunately, that never materialized, and the only option Pier 1 was left with was to close its 936 stores.

“Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down,” CEO Robert Riesbeck said in a release.

Men’s Wearhouse, Jos. A. Bank

Tied at number three for store closings are Men’s Wearhouse and Jos. A. Bank.

Both retailers are owned the parent company Tailored Brands. Tailored Brands plans to close 500 of its 1,400 stores across the United States and Canada.

The reasoning is simple. Suit sales have dramatically fallen off.

With the new work from home culture, people don’t feel the need to spend as much on suits, if at all.

In a statement, CEO of Tailored Plans Dinesh Lathi said Tailored Brands wants to become “a stronger company that has the financial and operational flexibility to compete and win in the rapidly evolving retail environment.” 

Recommended Articles

Delaying Retirement Can Potentially Delay Dementia

They say that retirement should be viewed as a new life adventure. But it is really a budgeting lifestyle for post-working life. And there are a lot of considerations to

Attention Ladies: These Herbs Are Important to Your Health

Women have so many demands on their bodies and minds that any relief is a blessing. That is why you need to start taking these herbs to help increase your

4 Rules That Will Bombproof Your Retirement

Financial markets often are directly correlated to the macroeconomic, social and political factors far out of our control. Herds of investors are prone to reacting in extremes whenever these macro

4 Types of Retirement Income That Will Be Taxed

As well all know, expenses may change from one year to the next, and the amount you spend may change throughout retirement as well. That's why, for many current and

Study Finds Risks of Two Commonly Taken Antidepressants

Depression is a serious mental illness — one that affects more than 15 million adults in the U.S. For some women, pregnancy can bring about new depression symptoms, or worsen

Live Near Water? You Probably Paid Too Much for Your House. Here’s Why (Map)

Even a cynic recognizes that opportunity is a key to prudent business timing. Consider home buying. If you’re in the market for a new home, and are informed and discerning

3 Reasons to Should Avoid Life Settlement Policies

Most Americans don’t take life insurance for granted because almost one out of every two Americans don’t have it. According to the Insurance Information Institute, only about 54% of Americans

Feeling Hangry? How to Avoid Food-Related Mood Swings

Food that you eat is processed into simple sugars, free fatty acids and amino acids. The nutrients are moved into the bloodstream where they are assimilated by organs, tissues, and

How to Put Your Investments On Autopilot — and Win

Are you committed to investing a part of your monthly income towards retirement? You can insulate your financial future against unforeseen emergencies and economic risks if you use an automatic

Best Time to Sell or Buy a Home? It Depends…

When's the best time to buy or sell a home? That's a great question. A lot depends on who you are, seller or buyer. Traditionally, the best time of year

6 Sneaky Habits That May Be Causing Your Overeating

Overeating? Many people vastly underestimate how many calories they consume in a day. Even if you believe you restrict your daily calorie consumption, you may be consuming more calories than

How Shark Tank Judge Barbara Corcoran Nearly Lost $400,000 — Just by Reading an Email

According to a 2017 FBI Internet Crime Report, individuals and companies lost over $5.5 billion between 2013 through 2017 due to email phishing scams. Email phishing scams are deceptive emails