AP
Retailers are closing more stores.
- $4, $4, and $4 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 $4 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 $4 is far from over.
Gap said Thursday that it would $4 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 $4.
Earlier in the day, JCPenney said it would $4, including 18 full-line department stores and 9 home and furniture stores. The department store chain said same-store sales fell 4% during the fourth quarter.
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 $4, citing a "decline in performance."
These announcements will bring the number of planned $4 to nearly 4,500.