As more consumers shift to online shopping, the number of closures among department stores, supermarkets, minimarts, and other retail shops continues to grow. And due to the ongoing COVID-19 pandemic, store closures could hit a new high in 2020, with global marketing research firm Coresight Research forecasting over 15,000 gross closures this year ― up from a record-high of 9,548 in 2019. To get a clear picture of how the rise of e-commerce and the threat of the current pandemic have hurt retailers so far, below is a slideshow of companies that have or about to shut down some or all of their brick-and-mortar stores in the U.S. this 2020. The list also includes some notable businesses that closed a huge number of stores in 2019.
Department store chain Century 21 announced in September that it filed for bankruptcy and is shutting down its business. Currently comprised of 13 stores, Century 21 was already struggling even before the COVID-19 pandemic, but the New York-headquartered retailer ultimately decided to close down after it did not get $175 million it had filed for under its business interruption insurance for the revenue it lost when the global health crisis forced store closures last March.
“We now have no viable alternative but to begin the closure of our beloved family business because our insurers, to whom we have paid significant premiums every year for protection against unforeseen circumstances like we are experiencing today, have turned their backs on us at this most critical time,” said Century 21 co-CEO Raymond Gindi.