Coresight Research predicts over 15,000 store closures in 2021

  • US store closures to outpace openings in 2021
  • Coresight Research predicts 15,000 locations to close this year
  • Party City, Big Lots, Kohl’s and Macy’s leading the trend
  • Bankruptcy and restructuring driving closures
  • Kohl’s plans to close 27 underperforming stores

Coresight Research has reported that US retailers are expected to close more stores than they open this year, with Party City, Big Lots, Kohl’s and Macy’s leading the trend. The closures have been driven by liquidations, distressed companies scaling back their fleets, and changes in brick-and-mortar strategy. Party City filed for bankruptcy and plans to close all of its nearly 700 stores, while Big Lots is in bankruptcy but has made a deal with Variety Wholesalers to acquire some locations. Kohl’s, despite not being near bankruptcy, plans to shut down 27 underperforming stores. Macy’s, the most financially healthy company among them, has scaled back its store footprint significantly over the years.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the closures of various retailers’ stores due to financial struggles or changes in their business strategy. It cites specific examples and sources (Coresight) to support its claims.
Noise Level: 3
Noise Justification: The article provides relevant information about store closures and bankruptcy announcements from major retailers. However, it lacks in-depth analysis or exploration of the underlying causes and potential solutions for these trends.
Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses bankruptcy and store closures of retailers such as Party City, Big Lots, Kohl’s, and Macy’s, which have financial implications for these companies and can impact the stock prices and overall performance of their respective industries. It also mentions restructuring efforts by some of them.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text and it does not meet the criteria of an extreme event happening in the last 48 hours.

Reported publicly: www.retaildive.com