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465 Stores Closed Between Gap, JCPenney, Victoria’s Secret and Foot Locker
The embattled retail sector suffered a rugged week, with another round of closures announced that would result in 465 additional shuttered stores. Major chains, including Gap, JCPenney, Victoria’s Secret and Foot Locker, headlined a 48-hour span of darkened storefronts reported as part of the retailer’s Q4 results.
Gap, JCPenney and Victoria’s Secret blamed declining same-store sales, following the critical holiday shopping season. Foot Locker’s reported growth more than doubled expectations, though it still plans to close around 165 stores across the country.
Just 24 hours earlier, Gap announced it will close 230 stores over the course of the next two years, following a 7% drop in same-store sales during the holiday quarter. The retailer plans to separate sister-company Old Navy into a publicly-traded company, and create a new firm to house its remaining brands.
JCPenney announced Thursday it will close 18 department stores this year, as well as nine of its home and furniture stores.
Closings announced on Wednesday included L Brands’ Victoria’s Secret going dark on 53 stores this year, following a 3% same-store sales decline during the holidays.
Business Insider reports that the latest round of announcements brings the total number of planned store closures this year to more than 4,500.
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