Due to the rise of online shopping, the retail industry is looking at yet another financially depressing year. As of March 2019, over 5,300 US retail stores say they will cease operations. Nearly half of the 2019 closings are Payless, which filed for bankruptcy in February of this year. Charlotte Russe will also close approximately 520 stores. Like Payless, the clothing retail chain filed for bankruptcy in February this year.
In addition, Gymboree will close 805 locations in 2019. The child apparel store filed for bankruptcy back in 2017. In 2018, a record 155 million feet of retail business space closed their doors.
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