How many pieces have you read recently about store closings? In the last several months, there have been too many to mention. Sears announced earlier this year that it would be closing underperforming stores only to come back with an announcement later saying they would close an additional 72 stores. After 96 years of selling various electronic gadgetry, Radio Shack announced the closing of 1,000 stores. Payless Shoes says it will close 512 stores, and that’s only the beginning. Teen clothing retailer, Rue21, has filed for Chapter 11 bankruptcy protection and is closing stores.
Then there’s the department stores. Macy’s announced in February that it plans to close about 34 stores in the next few years after it shuttered 66 locations last year. JCPenney is delaying plans to close 138 stores because sales are up since the retailer announced that it was shutting them down.