Real Hell for Retail Industry: This is How Amazon Dominated in 2017 (INFOGRAPHIC)
This year was a real hell for the retail industry. More than 8,053 stores announced about closures.
While one retailer is closing, such giant as Amazon is on top, according to the yearly market value and Australia recent expansion.
Mall traffic has dropped, and retailers such as Payless, Rue21, and Toys R Us have struggled to compete with ecommerce rivals. This year was recording period for stores closing. Here’s a comparison of shutterings through the years.
Nexter made a list of most notable retail bankruptcies in 2017:
Toys R Us
The toy retailer filed for Chapter 11 bankruptcy protection in mid-September. It was taken private in 2005 and tried to compete with both its ecommerce and its brick-and-mortar competitors.
Charming Charlie
The accessories retailer filed for Chapter 11 bankruptcy in December.
Styles for Less
In November, the budget teen apparel filed for Chapter 11 bankruptcy.
Perfumania
The fragrance retailer filed for Chapter 11 bankruptcy toward the end of August. Perfumania planned to recapitalize, trimming its store count to “better align with current consumer shopping patterns,” “increase investments in its e-commerce business,” and to emerge as a private company. According to court papers, the company plans to close 64 of its 226 stores during the bankruptcy process.
Aerosoles
Aerosoles Group filed for Chapter 11 bankruptcy protection in mid-September. Aerosoles had 300 stores around the world at the time it declared bankruptcy.
Vitamin World
The vitamins and nutritional supplements chain announced plans to file for bankruptcy in September. The 345-location chain said it hoped to end certain expensive lease agreements in restructuring.
Alfred Angelo
A chain of 60 Signature stores, with 1,400 other retail locations selling its products worldwide, Alfred Angelo Bridal filed for Chapter 7 bankruptcy liquidation in July.
Rue21
The teen clothing company filed for Chapter 11 bankruptcy protection in mid-May.
True Religion
The denim company filed for bankruptcy in July.
“After a careful review, we are taking an important step to reduce our debt, reinvigorate True Religion’s iconic brand and position the company for future growth and success,” CEO John Ermatinger said in a statement at the time.
Payless
Payless announced it April it had filed for bankruptcy and would immediately close 400 stores in the US and Puerto Rico.
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