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 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

6 Exotic Vacation Spots Where a Dollar Goes Farthest

The average cost for an American to go on vacation is just about $1,200. Depending on where you go, that cost might barely cover the airfare. That’s the thing about

4 Safe Ways to Earn Steady Retirement Income

Retirement should be a time to relax and experience the good things of life that you probably missed when you were working full-time. However, to have a truly good time

Restless Leg Syndrome — Is It All in Your Head?

If you’ve ever felt tingling, crawling or tugging sensations in your legs, seemingly for no reason at all, you might have thought you were going crazy. These feelings may keep

11 Money-Burning Impulse Buys You Must Resist

The average American spends over $5,400 every year on unnecessary impulse buys. Think about what you could do with an extra $5,400. Setting aside that amount in a retirement plan

5 Questions to Ask Before You Take Money from a 401(k)

Sometimes even the most financially prudent individuals may go through an unforeseen emergency that forces them to consider making an early retirement withdrawal. However, while in your moment of difficulty

10 Ways to Spend and Live Well With No Cash

Living a healthy lifestyle isn’t always easy, and it can weigh heavily on the wallet. Organic food can cost a pretty penny and holistic healthcare models are often paid out

Save Hundreds by Being Your Own Pest Control Service

The average cost of a pest control visit can be anywhere between $150 to about $1,500, depending on the severity of the problem. Most new homeowners don’t appreciate that when

How to Protect Your 401(k) in the Event of a Market Crash

It's normal for investors, especially those close to retirement age, to worry about fluctuations in the market and how it will affect their 401(k) plans. And while there's no way

Would You Eat Ugly Carrots to Save Money?

“Ugly produce” a is term for aesthetically unpleasing food that usually goes unsold in lieu of more cosmetically appetizing fruits and vegetables. Bruised, blemished, or misshapen apples, double-headed carrots, or

credit score boost

Credit Score Boost: How Your Behavior Affects Your Credit

A credit score is a lot like your personal economic statement. Getting a credit score boost improves your money life immediately. Any time you apply for a loan, a mortgage,

Retiring? Here’s 4 Cities Where You Can Live on $1,500 Monthly

Retirement should technically be a wondrous time of life where you stop living to work and start working on living. However, retirement in real life is nothing like the pop-culture

8 Things to Do the Moment You Start Feeling Sick

Some days, you just know something’s got you. When you feel that heaviness in your head, an aching in your joints or scratching in the back of your throat, it’s