Weekly Store Openings and Closures Tracker #25: Aerosoles and Toys“R”Us File for Bankruptcy Protection
KEY POINTS
FGRT tracks store openings and closures for a select group of retailers in the US, and, as of last month, in the UK as well.
- This week, Aerosoles filed for bankruptcy protection and plans to close up to 74 retail stores.
- Toys“R”Us filed for bankruptcy protection in an effort to restructure its debt obligations.
- Family-owned Rothman Furniture is closing all six of its stores.
- Year-to-date 2017, the number of store closure announcements has increased 182% year over year, bringing the total number of stores to be closed to 6,098.
- For the UK market, year to date, there have been 584 store closure announcements from major retailers, significantly lower on a year-over-year basis. The 543 store openings, however, are a slight increase compared to 2016.
2017 Major US Store Openings and Closures
FGRT has a dedicated team tracking news about store closures and openings, bankruptcies and management changes. Our Weekly Store Openings and Closures Tracker focuses on department stores and specialty retail, including, but not limited to, softlines, hardlines, consumer electronics and furniture.
What Is Happening this Week in the US?
Aerosoles Files for Bankruptcy Protection and Is Expected to Close up to 74 Retail Stores
Footwear shoe retailer Aerosoles filed for Chapter 11 bankruptcy protection and is expected to close up to 74 retail stores as part of its reorganization. The company expects to complete the restructuring process within the next four months or so. The reorganized business will focus on the e-commerce, wholesale and international businesses.
Toys“R”Us Files for Bankruptcy Protection
Toys“R”Us announced that it has filed for Chapter 11 bankruptcy protection in the US and Canada in an effort to restructure its debt obligations. The company’s operations outside of the US and Canada, including its approximately 255 licensed stores and joint-venture partnership in Asia, are not part of the Chapter 11 filing. Toys“R”Us emphasized that its roughly 1,600 locations worldwide will continue to operate as usual ahead of the holiday season.
Rothman Furniture Closing All Six of its Stores
Rothman Furniture, a family-owned furniture retailer, will close all six of its stores after 90 years in business. Stiff competition from much larger companies such as IKEA, Ashley Furniture and Bob’s Discount Furniture contributed to the decision to exit the business.
Dollar Tree Names Gary Philbin as CEO
Discount retailer Dollar Tree Inc. announced on Monday that it had promoted Gary Philbin to CEO, effective immediately. Former CEO Bob Sasser will assume the role of Executive Chairman of the board. Philbin joined the company in 2001 as Senior VP of stores. He was then promoted to COO in 2007, and subsequently to President and COO in 2013. In July 2015, Philbin assumed the role of President and COO of Family Dollar. In January 2017, he was promoted to Enterprise President, responsible for both Dollar Tree and Family Dollar Stores Inc.
2016 Major US Store Openings and Closures
2017 Major UK Store Openings and Closures
2016 Major UK Store Openings and Closures
