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Lakewood Times

Lakewood Times

Lakewood Times

    3 Stores Struggling or Closing in 2020

    3 Stores Struggling or Closing in 2020

    It’s been a rough past few years for the retail industry, and 2020 is looking no different. With Amazon and other online shopping sites booming, it seems as if fewer and fewer people are making the trek to malls to purchase their goods.

    Here are just a few of the stores that will be closing or struggling to stay open this year.

    1. Forever 21

    According to USA Today, Forever 21 filed for bankruptcy in September 2019 and has been closing stores left and right. The iconic women’s fast-fashion brand will close 111 stores in the U.S. and a majority of their shops in Europe and Asia.

    “It’s cheap fast fashion,” says Christina Auck, a Lakewood High School senior. “I think that corporate is getting dinged for their cheap labor and the incredibly small profit margins that come with selling their products at such a cheap price.

    Company executives hope that their choice to file for bankruptcy will secure Forever 21’s financial future, but there is still a chance that business will continue to spiral down the drain.

    2. Pier 1 Imports

    Pier 1 is in the process of closing around half of all its stores, a total of about 450. CNN reports that the store—specializing in home goods—lost $59 million last quarter. Among the stores closing, 3 will be from the Cleveland area; the Great Northern, Strongsville, and Legacy Village locations will soon be shuttered.

    Meanwhile, other stores with similar products are thriving, from Target to HomeGoods to At Home, and their business is sure to grow with the absence of a competitor.

    3. Papyrus

    Papyrus isn’t a conventional retail store—you won’t find clothes, makeup, or many home furnishings on its shelves. Instead, the chain’s shops are filled with cards and other paper goods like notebooks and wrapping paper.

    Unfortunately, Papyrus plans to close all of its locations in 2020, including the one located in Westlake’s popular Crocker Park shopping center. The chain’s owner, The Schurman Retail Group, recently filed for bankruptcy, says Business Insider. The Group also owns American Greetings, which is based in Cleveland.

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