The firm anticipates closures will only get worse this year and set a new annual record this year. Last year, Corelight recorded a record 9,302 closures.
Chuck E. Cheese
CEC, which also owns Peter Piper Pizza, said it will use Chapter 11 protection to “achieve a comprehensive balance sheet restructuring that supports its re-opening and longer-term strategic plans.” It partially blamed Covid-19 for the bankruptcy, but it’s also dealing with declining profits prior to the pandemic.
The company will have around 500 company-owned locations left following the closures.
GNC was already in trouble, but Covid-19 compounded its problems. It blamed stay-at-home orders for preventing it from accomplishing its refinancing plans because of the abrupt “dramatic negative impact” on its business.
Gap said it will “leverage Hill City styles, fits, and innovation into future men’s lines at its other brands, starting with Banana Republic.”
JCPenney said it expects 200 of those closures will happen by the end of this summer, with the remaining 50 closing by next summer. Most of the 13 stores in the latest round will start liquidation sales on or around July 3.
Inditex said the closures were part of its broader post-pandemic plans that includes the $3 billion investment over the next three years to develop a “fully integrated store and online model.”
Several Inditex brands’ stores will face the ax, including Zara, Bershka, Massimo Dutti and Pull&Bear with closures mostly affecting its locations in Europe and Asia. Some stores in the Americas will also be closed.
— CNN Business’ Chris Isidore contributed to this report.