As more consumers shift to online shopping, the number of closures among department stores, supermarkets, minimarts, and other retail shops continues to grow. And due to the ongoing COVID-19 pandemic, store closures could hit a new high in 2020, with global marketing research firm Coresight Research forecasting over 15,000 gross closures this year ― up from a record-high of 9,548 in 2019. To get a clear picture of how the rise of e-commerce and the threat of the current pandemic have hurt retailers so far, below is a list of companies that have or about to shut down some or all of their brick-and-mortar stores in the U.S. this 2020. The list also includes some notable businesses that closed a huge number of stores in 2019.
General Nutrition Center
The 85-year-old vitamin and dietary supplement company filed for bankruptcy in June, and revealed its plans to shut down 20% of its 5,800 retail stores, which amounts to as many as 1,200 locations across the country. GNC has been burdened with nearly $1 billion of debt and has faced drop in sales at its physical stores long before the pandemic. But after obtaining $130 million in fresh financing from its largest vendor, vitamin supplier IVC, the company aims to emerge from bankruptcy in the fall.