Macy’s announces it is closing all stores due to coronavirus
Macy’s is the latest chain to announce it is closing all of its stores in response to the growing coronavirus. At the end of business Tuesday, the retailer said it would close all stores including Bloomingdale’s locations through March 31.
If it has seemed like going-out-of-business sales are around every corner, there’s a startling reason: Forever 21, Alpha XR, Dressbarn, GameStop, Gap and other chains shut down more than 9,300 stores in 2019 — making it the biggest year ever for store closings.
That’s according to Coresight Research, which says closures jumped about 60% from the 5,844 the firm tracked in 2018.
You think that’s bad? As online shopping continues to grow, another 75,000 stores could be lost by 2026, says investment bank UBS.
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