It’s a dog eat dog world for retailers, and many are shuttering stores in 2020 in hopes of survival.
Retailers have confirmed about 1,700 closings for 2020, and that number will certainly grow as the year progresses.
In 2019, there were more than 9,300 store closings.
Retailers shuttering stores this year include Sears, Pier 1, Kmart, Walgreens, Macy’s, and more.
Shares of Pier 1 Imports, Inc. fell almost 17% on Monday after the retailer posted a large decline in same-store sales and announced plans to close 450 stores.
“Reducing the number of our brick-and-mortar locations is a necessary business decision,” CEO Robert Riesbeck said in the statement.
As of early November 2019, the company had more than 950 stores.
Latest Videos: What to Watch in 2020