- Gap, JCPenney, and Victoria’s Secret announced more than 300 store closures over the course of 24 hours this week.
- All three companies reported declining same-store sales during the critical holiday period.
- Tesla also announced it would shutter many of its 378 stores, with job losses.
- These announcements will bring the number of planned store closures this year to nearly 4,500.
Gap, JCPenney, and Victoria’s Secret announced more than 300 store closures over the course of 24 hours this week, sending a clear signal that the fallout from the retail apocalypse is far from over.Tesla also announced it would close “many” of its 378 physical dealerships in favor of online-only sales.
Gap said Thursday that it would close 230 namesake stores over the next two years as it reported that the brand’s same-store sales fell 7% during the holiday quarter. The company also said it would spin off its Old Navy brand.