Even MORE Stores Announce Closures- JCPenney, Footlocker, Victoria’s Secret, Gap
It hasn't been a good week for some retailers. Or, more specifically, it wasn't a good fourth quarter.
According to Fox 2 Detroit JCPenney, Victoria's Secret, Foot Locker, have all announced store closures this week. This comes along with the news that Gap will close 230 locations in the next two years.
All the stores, aside from Footlocker, reported declining in-store sales during the holiday season.
Even though Footlocker showed growth in the fourth quarter, the company announced Friday that it plans to close around 165 stores across the country, Fox 2 Detroit reports.
According to Business Insider, Footlocker does plan to open 40 more stores though. Footlocker CFO Lauren Peters said, "We continue to prune the fleet of under-productive stores and open a few select, high-profile stores."
Business Insider reports these announcements have upped the number planned store closures this year to nearly 4,500.