It’s 2023, And These Illinois Retailers May Close Their Doors
Running a retail business is never an easy task, but when you've dealt with the pandemic and its aftermath, along with "The Great Resignation" where people have quit their jobs in droves, and you've also been handed some very difficult economic circumstances--it shouldn't come as much of a surprise that some of these businesses simply aren't going to make it.
According to widespread reporting, as sad as the reality is, some big names in retail here in Illinois are already making plans for permanent shuttering, and some have already taken that step.
Let's Not Forget That Even Before The Pandemic, Some Illinois Retailers Were Already Suffering Badly
According to a report at BusinessInsider.com, the ten years before the pandemic were "disastrous for American retail companies, particularly malls and department stores: As many as 9,300 stores closed in 2019 alone, the result of these brands being saddled with mountains of debt at a time when shoppers were increasingly turning to e-commerce."
The point being that as much as we'd like to chalk up all business misfortune to the pandemic, things were heading south in retail long before the coronavirus joined the party.
Let's Take A Look At Some Possible Candidates For Permanent Closure In Illinois, Along With Some Other Retailers Who've Already Shut Their Doors For The Final Time
Bed Bath & Beyond already made news last year with their announcement that they'd be shuttering over 150 stores, which would include 6 Illinois locations. Now after a terrible earnings report, management at BB&B are considering company-wide bankruptcy, which would force a lot more than 150 of their stores to close up permanently.
CVS released information in November of 2021 that indicated that there's a big problem there. CVS said it would be closing over 900 stores over the next three years, or about 300 per year. No CVS store closings here in Illinois were included on a list, but that could all change.
Nordstrom will be "under pressure" to close during the first half of this year, according to BusinessInsider.com.
Kohl's was reportedly going to be bought out by JCPenney, with the sale to include all 66 Illinois Kohl's locations--but it looks like that deal may have fallen through. Patch.com says "instead, Kohl's doubled down and increased its Kohl's/Sephora concept stores in Illinois and in other states."
Read more about possible retail closures in Illinois by clicking here.