Store Closings This Year May Reach 6,000
Overall store closings in the U.S. are expected to rise this year after three years of stability, thanks to a string of recent high-profile bankruptcies, as well as store closings from other companies that have struggled.
That’s according to a New York Times piece published Tuesday, which cited figures from the International Council of Shopping Centers. The data projected that nearly 6,000 stores will close this year- after three years in which the number was under 5,000- which would mark the most closings in any year since the recession of 2001.
The Times attributed the closings to the current economic slowdown and the resulting belt-tightening by consumers. The Sharper Image was mentioned among the bankruptcies, as were several furniture outlets.