More than 300 store closures are announced in a single day, as the retail apocalypse rips through JCPenney, Gap, and Victoria's Secret
- Gap, JCPenney, and Victoria's Secret announced more than 300 store closures over the course of 24 hours this week.
- All three companies reported declining same-store sales during the critical holiday period.
- These announcements will bring the number of planned store closures this year to nearly 4,500.
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.Gap said Thursday that it would close 230 namesake stores in 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.
Victoria's Secret's same-store sales also fell during the holidays, dropping 3% during the quarter. The company said late Wednesday that it would close 53 stores this year, citing a "decline in performance."These announcements will bring the number of planned store closures this year to nearly 4,500.
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