Brick and Mortar Retail Deep Freeze: 300+ Store Closings Announced in a Single Day

via businessinsider:

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.