Stores closed all across the country, from Florida to Hawaii, as Gap Inc. Like sister chain Gap, Banana Republic is dramatically slimming down its brick-and-mortar presence.
Stores closing between 2020 to 2023 in North America: 130 The company also completed its sale of Ann Taylor, Loft, Lane Bryant and Lou & Grey to Premium Apparel LLC for $540 million, and Catherines to FullBeauty Brands Operations for $40.8 million. The company closed all its DressBarn stores in 2019.Īscena later announced that it would shutter all remaining Justice stores by early 2021, after selling the business to Bluestar Alliance LLC for $90 million. This tween retailer known for glittery earrings and sequin-covered tops was yet another casualty of retail conglomerate Ascena’s mounting debt.Īscena, long-time owner of brands like Ann Taylor and Loft, went bankrupt last summer, taking more than 600 of its 826 Justice stores down with it. JusticeĬorey Coyle / Panoramio / Wikimedia Commons Godiva will maintain its online presence and market its products through major retailers like Target and Costco. You’ll still be able to grab your favorite truffles, though.
“Demand for the in-person shopping experience offered through Godiva’s brick-and-mortar locations has waned as a result of the pandemic and its acceleration of changes in consumers’ shopping behavior,” the company told Today Food. Godiva had announced grand plans in 2019 to open 2,000 cafes worldwide, including more than 400 in North America, but COVID-19 decimated its in-store foot traffic. It’s a bitter end for this Belgian chocolate maker, which closed all of its brick-and-mortar stores across North America by the end of March.
“We’ve used the past six months to address the real estate issues and accelerate our shift to a true omni-model.” 5. “We’ve been overly reliant on low-productivity, high-rent stores,” President and CEO Mark Breitbard said at the time in a statement. announced in October that it would shutter 30% of its namesake and Banana Republic stores in North America by the end of 2023, “with the goal of having a smaller and healthier fleet of stores.” The move will shift most of the stores out of malls. Stores closing between 20 in North America: 220Ī new clothing line called Yeezy Gap was due to hit store shelves in the first half of 2021, but even a 10-year deal with Kanye West might not be enough to save this iconic brand.Ĭonsumers are less interested in apparel they now consider “overpriced” and “plain” compared to fast fashion brands like Zara or luxury brands like Nordstrom, says Forbes. Swiss banking giant UBS recently published a note with five key recommendations for investors.
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