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Confirmed: Payless is closing nearly 400 stores

Confirmed: Payless is closing nearly 400 stores

Mike Timmermann April 6, 2017
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Image Credit: Dreamstime

If you’ve been following lately, you may have noticed that 2017 hasn’t been a good year for some retailers that many people know and love.

With stores big and small announcing sweeping closures, it can be hard to keep up with the changes.

Read more: The harsh reality of what’s happening to America’s shopping malls

2017 retail closings: What you need to know

On the radio show, Clark explained that the retailers on this list are closing stores because they’re not giving people what they want in terms of things like price, fashion and selection.

As a result, shoppers are increasingly turning to online and discount merchants for better deals.

“The reality is that America has been overstored. We have far too many retail locations, shopping centers and branches of different chains,” Clark said. “But stores that are meeting your needs with low prices will continue to thrive.”

In the meantime, here’s our list of major retailers that are closing stores in 2017:

Breaking news

Payless ShoeSource – 400 stores

Payless ShoeSource has filed for Chapter 11 bankruptcy protection and will immediately close nearly 400 underperforming locations in the U.S. and Puerto Rico, the company announced April 4.

“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify. We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process,” W. Paul Jones, Payless chief executive officer, said in a statement.

Payless has approximately 4,400 stores in more than 30 countries. Here’s a list of the stores that are closing.

Department stores

JCPenney – 138 stores

These 10 retailers are closing more than 1,000 stores in 2017

JCPenney has announced that it plans to close nearly 140 locations across the country, many in rural areas.

JCPenney CEO Marvin Ellison said at a conference in early January that the department store chain would have to shut down some of its nearly 1,000 stores, so this announcement was expected.

Here’s a list of the 138 locations that will be closing in June.

Macy’s – 68 stores

These 10 retailers are closing more than 1,000 stores in 2017

Macy’s plans to close about 15% of its locations amid a challenging retail environment.

The retailer revealed in August 2016 that it would close 100 of its 730 stores to concentrate on better-performing locations to “elevate their status as preferred shopping destinations.”

In a January 4 news release, Macy’s announced 68 of the closures. Of the 68, three have already closed, 63 were scheduled to shut down in early 2017, and two will be closed in mid-2017.

The company plans to close approximately 30 additional stores over the next few years.

Here’s a list of the store closings we know about so far.

Sears & Kmart – 150 stores

These 10 retailers are closing more than 1,000 stores in 2017

Could the end be near for Sears and Kmart?

In a March 21 filing with the Securities and Exchange Commission, Sears Holdings issued a warning that it may not be able to stay in business unless it can come up with more cash.

In January, Sears Holdings announced plans to close 150 unprofitable Sears and Kmart locations, and sell its Craftsman business. The company also initiated a restructuring program to save $1 billion a year.

Read more: Can Sears and Kmart survive? Owner says there is ‘substantial doubt’

HHGregg  – 88 stores

These 10 retailers are closing more than 1,000 stores in 2017

HHGregg, the retailer that sells electronics, appliances and furniture, will close 88 stores by mid-April and shut down three distribution centers.

About 1,500 jobs will be cut as a result of the downsizing, the company said.

Here’s a complete list of the 88 stores that will be shut down.

Mall stores

Abercrombie & Fitch – 60 stores

You can add Abercrombie & Fitch to the growing list of retailers that will be closing stores this year.

According to a news release, the company plans to shut down about 60 U.S. locations during fiscal 2017 as leases expire. Fortune reports that A&F will have 670 remaining stores, down from 839 just five years ago.

Guess – 60 stores

Guess is planning to pull the plug on 60 of its stores this year.

CEO Victor Herrero told analysts of the decision during a Q4 earnings call on March 15.  It’s expected that most of the closures will be among the flagship Guess brand stores and Marciano locations.

Guess brands operate 945 retail stores in the Americas, Europe and Asia. Some 400 of those stores are in the United States.

Crocs – 160 stores

Crocs announced in a March 1 press release that the brand will be trimming some 160 stores from its 558-store portfolio by the end of 2018.

The Limited – 250 stores

After more than 50 years in business, The Limited closed all of its nearly 250 stores across the country on January 8. The retailer indicated that its website would live on, but no merchandise is for sale.

Read more: Confirmed: The Limited is closing mall stores across the country

Wet Seal – 171 stores

Bankrupt clothing store Wet Seal has shut down all of its 171 stores, according to the Wall Street Journal. A message on the retailer’s website read, ‘Thanks babe, it’s been real.’

American Apparel – 110 stores

Made in the USA clothing manufacturer American Apparel is expected to close all of its remaining 110 stores very soon.

According to a news release from January 10, Canada-based Gildan Activewear’s $88 million bid at a bankruptcy auction won the rights to American Apparel’s brand and some assets.

However, retail store assets were not part of the purchase, according to Gildan.

Read more: American Apparel is expected to close all 110 stores soon

BCBG – 120 stores

High-end women’s clothing chain BCBG is closing about 120 stores, mostly in the U.S., according to the Minneapolis Star Tribune.

The Star Tribune reported in early February that liquidation sales have started and are expected to run eight to 10 weeks before the stores close for good.

The company’s mini-shops within Macy’s will remain open.

Other retailers

GameStop – 150+ stores

After reporting a drop in fourth quarter sales, GameStop announced March 24 that it plans to close between 2% to 3% of its global store footprint, which means at least 150 stores.

GameStop has struggled due to weak sales of certain video games and “aggressive console promotions” from its competitors.

RadioShack – 552 stores

RadioShack has announced the closure of 552 stores after the ailing electronics retailer filed for Chapter 11 bankruptcy protection for a second time in March.

The closing locations represent 36% of RadioShack’s stores, Business Insider reported. Here’s the list.

Staples – 70 stores

Staples said in March that it will close 70 locations throughout North America by the end of 2017.

During a recent earnings call, Staples said same store sales in North America were down 7% during the fourth quarter of 2016. The drop in sales was blamed on lower foot traffic.

Read more: Staples to shutter 70 stores in 2017

CVS  – 70 stores

Back in December 2016, we first told you that CVS had plans to close 70 locations across the country in early 2017.

In late February, we began to get the first reports from local media about exactly which locations already have been or will soon be shuttered, including more than 10 stores in Illinois.

Read more: New list: These CVS locations will be closing soon

Gander Mountain – 32 stores

Gander Mountain, the outdoor goods retailer, has announced it will close 32 of its 162 locations. The company filed for Chapter 11 bankruptcy protection in March.

More than 1,200 employees will be impacted by the closures. Here’s the list.

Family Christian – 240 stores

Family Christian, the biggest seller of Christian books and merchandise in the nation, announced February 23 that 240 stores in 36 states would be permanently closed.

Read more: Family Christian closing all 240+ locations

Clark’s takeaway: Use those gift cards ASAP!

“If you have any gift cards in your home that are for major retailers, I want you to go and shop. I want you to use them up,’ Clark said. “And when you don’t know what to give somebody, give them a nice card and give them cash. You don’t have to worry about the store closing when you give them cash.”

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Michael Timmermann paid off his mortgage in two years. Now, he shares his money-saving tips on his blog, Save on Almost Everything.
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