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Store Closings Surge To Highest Level Since Pandemic: Why 2025 Could Be Worse Store Closings Surge To Highest Level Since Pandemic: Why 2025 Could Be Worse
Store Closings Surge To Highest Level Since Pandemic: Why 2025 Could Be Worse Retail store closures surged in 2024, reaching their highest levels since the start of the pandemic, a new study said. A total of 7,325 U.S. stores closed in 2024, driven by inflation and an increasing shift toward online shopping, according to retail data firm Coresight Research. The closings marked the steepest decline in brick-and-mortar retail since nearly 10,000 stores closed in 2020. While 5,970 stores opened—the highest yearly number since 2012—closures outpaced openings by a net loss of 1,355 stores.  "Retailers that were unable to adapt supply chains and implement t…

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by Chris Spiker
Business
Kohl’s Closing 27 Stores Across The US Including In MD Kohl’s Closing 27 Stores Across The US Including In MD
Kohl’s Closing 27 Stores Across The US Including In MD Kohl’s announced Thursday, Jan. 9, the closure of 27 underperforming stores, including locations in Pennsylvania, New Jersey, Massachusetts, and Virginia, as part of its 2025 real estate changes. The closures are expected to be finalized by April 2025 and are part of the company’s strategy to strengthen its store portfolio while adapting to evolving consumer trends. Among the affected locations are stores in Pennsylvania, New Jersey, Massachusetts, and Virginia. Pennsylvania Pottstown – 351 W Schuylkill Rd. New Jersey East Windsor – 72 Princeton Hightstown Rd. Massachusetts Stoug…

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by Jillian Pikora
Business
Macy's Employee Hid Up To $154M In Expenses Since 2021, Company Says Macy's Employee Hid Up To $154M In Expenses Since 2021, Company Says
Macy's Employee Hid Up To $154M In Expenses Since 2021, Company Says A Macy’s employee misstated up to $154 million in delivery expenses over several years, the company just said. The development forced the retailer to delay its third-quarter earnings report. The employee, whose name has not been released, has been fired. According to the company, the employee responsible for accounting small package delivery expenses made erroneous accrual entries to conceal the costs from the fourth quarter of 2021 through the most recent quarter. During that time, Macy’s reported a total of $4.36 billion in delivery expenses. The company conducted an independent investi…

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by Joe Lombardi