BOSSES of a popular clothing chain have announced plans to close 180 stores across the country over the course of the year.
The closures will be in addition to 26 stores that shut down last year.
A popular clothing retailer is preparing to cut its store numbers by closing 180 outlets (stock)[/caption]
Torrid bosses closed 26 of its stores last year (stock)[/caption]
The retailer, which prides itself on plus-size clothing for women, has more than 630 stores across the country, but this number will dramatically be cut.
Torrid chiefs revealed the stores set for closure are underperforming.
Lisa Harper, the brand’s CEO, revealed the motive behind the shutdowns.
She explained it will help boost the brand’s long-term growth strategy.
Harper said the closures will help the retailer, founded in 2001, to reduce its costs.
She also revealed that more customers turn to the brand’s digital platforms, rather than brick-and-mortar stores.
In a bid to reassure shoppers, she revealed that the company wouldn’t be disappearing.
“We remain in a strong financial position and are executing with clarity and focus,” she said in a statement.
“I’m incredibly proud of our team’s commitment to delivering innovative product, deepening customer connections, and building a more agile, resilient business for the future.”
Torrid chiefs have penned a note to customers about what they should expect moving forward.
The brand said it is evolving so it can better meet shoppers needs.
“We’ve thoughtfully chosen which stores stay open so many of you will continue to have a store in your area,” the note shared on Instagram said.
“And although it’s incredibly hard to shut the doors of some of our beloved stores, we’re very excited for the future.”
Chiefs also revealed the stores will be transformed into showrooms.
US braces for ‘45,000 store closures’
Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.
Several major retailers have announced store closures or gone out of business altogether in recent years.
In 2023, chains such as Foot Locker announced plans to close up to 400 outlets by 2026.
While, other well-known retailers like Tuesday Morning and Mitchell Gold + Bob Williams filed for bankruptcy in 2023.
Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.
The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.
UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.
Despite that, the report says that certain stores should thrive while others decline.
It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners.
“Most importantly, we’ll be able to better support our amazing store associates so they can continue to deliver the best personalized service,” the note said.
Bosses have closed 26 stores since May 2024.
It’s not just retailers such as Torrid that are undergoing shakeups.
Retailers with rich histories such as JCPenney and Macy’s are closing locations.
Seven JCPenney stores closed last month.
The closures impacted shoppers in California, Colorado, Kansas, North Carolina and West Virginia.
But, another JCPenney store – in Monaca, Pennsylvania – will be closing later this year.
Shoppers can grab a bargain as the prices of items have been cut by 20%.
Macy’s chiefs are also in the process of closing stores, and dozens of Kohl’s stores permanently disappeared from the map.
A total of 150 stores will be closed over a three year period.
Lisa Harper, the CEO of Torrid, has revealed the reason why the stores are closing[/caption]
