CORAL SPRINGS, FL – As many as 25,000 retail stores in cities across the nation – including Coral Springs – are expected to close for good this year, largely the result of economic pains from the coronavirus pandemic, according to a firm that tracks the industry.
Already this year, more than 4,000 stores have said they will permanently close, based on a report from Coresight Research, a retail research and advisory firm.
Of the store closures this year, the firm estimated that up to 60 percent will be in the nation’s malls, such as Coral Square Mall in Coral Springs.
According to Coresight Research, media reports, and court records, among the parent companies of retailers with Coral Springs stores that have announced their intentions to close, downsize, or file for bankruptcy protection are:
- Pier 1 Imports (next to Coral Square Mall on University Drive) has announced that it will go out of business and permanently close all 540 of its stores by the end of the year.
- JC Penney’s (Coral Square Mall) announced in a bankruptcy filing that up to 30 percent of its 846 locations would shut down by the next fiscal year. Nearly 200 stores are expected to close this year, and another 50 the following year.
- GNC (three stores in Coral Springs) plans to close roughly 900 locations by the end of 2020.
- Victoria's Secret (Coral Square Mall) is closing about 250 stores in the U.S. and Canada this year.
- Bath & Body Works (Coral Square Mall) is closing 51 stores in the U.S. and Canada this year.
- Tuesday Morning (store on N. State Road 7) filed for bankruptcy in May and said it planned to close 230 of its roughly 700 stores.
- Macy’s (Coral Square Mall) plans to close 125 stores and cut corporate jobs over the next three years.
- Starbucks (at least six locations in Coral Springs) announced that it will close up to 400 company-owned locations in the next 18 months.
Know a story we should share with our readers? Email editor Leon Fooksman (firstname.lastname@example.org) and tell him about it.