The coronavirus outbreak is continuing to wreak havoc on retail, with the impact going beyond store shutdowns to online business being shuttered. Companies that closed their ecommerce operations in recent days include fashion brands Reformation, Marysia and The Frankie Shop, and retailers TJ Maxx, Marshalls and HomeGoods.
Macy’s Inc. announced plans to close 125 stores within three years in an effort to find profitability amid an ongoing shopper flight from malls and department stores, while consolidating its headquarters in New York and cutting 2,000 corporate jobs. This will leave 400 Macy’s stores in place; about 30 will close in 2020.
Pier 1 Imports said it plans to close up to 450 stores, nearly half of its 942 locations, reduce headcount and shutter some distribution centers along with other expense reductions as the company is reportedly weighing bankruptcy. The company reported a 11.4% drop in same-store sales and a 13.3% drop in net sales in Q3.
In order to rationalize costs and focus more on omnichannel, Chico’s FAS plans to close 120 locations through 2017, including 35 this year.