Since the recession of 2008, American workers and businesses have suffered through the slowest economic recovery since World War II. The U.S. lost nearly 300,000 manufacturing jobs during this period. While the share of Americans in the work force dropped to lows not experienced since the 1970s, the national debt doubled, and middle class got smaller.
Although President Donald Trump has outlined an aggressive plan to create 25 million new jobs in the next decade and return to 4 percent annual economic growth, it appears to be too late for many retailers. Payless recently filed for bankruptcy and Sports Authority liquidated. Last week, stocks Lululemon, Urban Outfitters, and American Eagle hit several years record lows. Some of the reasons include America’s over-saturation of mall square footage and locations; increased purchases on the Internet, and consumers tapering off of higher costing clothes.
Following is a list of the known retail brands closing stores in 2017.
Abercrombie & Fitch closed 54 stores last year, and recently announced another 60 will be shuttered up this year.
Aeropostale. After filing for Chapter 11 bankruptcy protection last year, they plan to close 113 stores in both the U.S. and Canada.
American Apparel filed for bankruptcy protection in 2015. Canadian clothing maker Gildan bought the brand for $88 million. American Apparel is closing all of its 110 retail stores, and its headquarters in Los Angeles.
BCBG Max Azria, high-end women’s apparel and accessories retailer says they are closing about 120 stores.
Crocs shoes will close 158 stores.
CVS Pharmacy chain are in the process of closing 70 stores.
Family Christian Stores. After 85 years, they filed for bankruptcy protection in 2015. They will close all of their 240 stores this year.
Gander Mountain filed for Chapter 11 bankruptcy protection recently and will close 32 of 162 stores in 11 states.
Guess recently closed 10 stores with plans to close 60 more this year.
JCPenney, starting this week will begin closing 138 of its weakest stores.
Jos. A. Bank and Men’s Wearhouse are closing 250 stores this year, including all their outlets.
Kmart locations have been closing consistently since 2011. There are 108 stores due to close in 2017.
Macy’s will close more than 60 stores.
Office Depot dropped the plan to merge with Staples. They will close about 300 more stores in the next three years to help cut costs. They closed 400 last year.
RadioShack is quickly closing 552 stores.
Sears has slowed their closing with only 42 stores getting the axe in 2017.
Staples. After closing 40 stores last year, they plan to close another 70 locations this year.
The Limited unexpectedly closed all of its physical stores permanently in January after filing for Chapter 11 bankruptcy protection.
Vanity filed for Chapter 11 last month and is closing all 137 stores across 27 states.
Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Steakhouse are closing a total of 42 locations this year. Ruby Tuesday has 95 restaurants up for sale.