The pickings for back-to-school shopping are going to be that much slimmer this season, as ten leading retailers are closing down or drastically reducing their stores.
Economic recovery seems to be going at a much slower pace than economists predicted and it looks like retailers are going to feel this crunch during the 2010 holiday season as well.
Is America in for a culture shock where we’ll be making Christmas gifts instead of splurging on luxury items?
Some of the biggest store closings include:
Saks – The high-end fashion store is closings five stores around the country, but opening more of their Off 5th discount outlets.
French Connection – This clothing company closed 17 stores, leaving only six remaining in the U.S. They plan to sell clothes in department stores.
American Eagle Outfitters – This brand is closing 28 stores and plans to focus on the under-25 crowd with its American Eagle, Aerie and 77kids chains.
Bebe – Did the Kim Kardashian fashion line run this clothing store into the poor house? Nah. Bebe was already going through declining sales and thought the reality star could rejuvenate the brand, but it didn’t work. They are closing all 48 stores, but will expand their discount line 2b Bebe.
Abercrombie & Fitch – The company will close 60 of their under-performing stores, but has been focused on expanded its Hollister locations