Sears becomes latest victim of ‘retail apocalypse’: 130-year-old chain closes four stores
- Sears to close four stores – years after being rescued from bankruptcy
- Closing sales saw prices fall by up to 70%
- It comes after many shops were revealed to be closing due to a high crime rate
Iconic retailer Sears is set to close four of its stores as it becomes the latest victim of the so-called ‘retail apocalypse’.
The 130-year-old retailer was rescued from bankruptcy protection in 2018 and has since seen hundreds of its locations removed.
In 2018, there were 700 Sears outlets across the country, but only 12 will remain after the latest round of closures.
The closing stores are located in Fort Collins, Colorado, Lafayette, Louisiana, Lower Allen Township, Pennsylvania and Greensboro, North Carolina.
In Fort Collins, prices have already been slashed by up to 40% as it prepares to end on June 18 – after 50 years in business.
Iconic retailer Sears set to close four of its stores years after filing for bankruptcy
Meanwhile, shoppers in Greensboro are expected to see prices drop 70% before it closes in late May, according to the local NBC affiliate. WXI.
Sears is known for selling a range of homewares and furniture. It was previously the largest retailer in the United States before the rise of Walmart.
Its remaining stores are three in California and Florida, respectively.
Other locations include Massachusetts, New Jersey, Washington, and Puerto Rico.
It comes as thousands of physical stores have been forced to close.
An Insider tally calculates that more than 2,000 stores are expected to close in 2023 alone.
In April, retail giant Bed Bath and Beyond closed its last 360 stores after filing for bankruptcy.
The statement came after months of poor financial news, which culminated in the closure of 236 stores in February.
It comes after retail giant Bed Bath and Beyond closed its last 360 stores after filing for bankruptcy in April
By the end of the year, Walmart will have closed 60 stores since 2021
Since then, Bed Bath & Beyond had struggled to maintain its 360 branded storefronts and 120 Buybuy Baby stores in the face of nearly $5.2 billion in debt.
Its demise has been partly attributed to the success of Amazon and other online giants which have cemented their place in the market.
And by the end of the year, Walmart will have closed 60 stores since 2021 while Nordstrom Rack will also close 15 stores by the end of next year.
But experts recently warned that the closures were due to a rising crime rate rather than low attendance.
Earlier this month, Nordstrom announced its decision to leave the San Francisco area following rampant thefts.
Nordstrom stores manager Jamie Nordstrom blamed the state of San Francisco in recent years for reducing foot traffic “and our ability to operate successfully.”
Westfield Mall said in a statement to The Washington Post that the move was prompted by the “deteriorating situation in downtown San Francisco” which put customers and staff at risk.
Other stores like Target have been reduced to enclosing all of their inventory behind glass to deter shoplifters.
