Target Canada is closing up shop. I was told that most retailers in this country have taken on a bit of a restructuring in some form. Unfortunately that format involves shrinking stocks and closing more stores. The Laval distribution centre will close in 2021, affecting 545 jobs. May 19 to 23. The news comes in the wake of competitor Nordstrom closing all locations across the country due to the growing COVID-19 pandemic. We’re going to see more bankruptcy filings. I think we’re going to see a substantial amount of store closures in Canada — probably the most we’ve seen in our lifetimes in such a short period of time.”. After days of silence, Canada's iconic department store announced on Tuesday that it will close all 89 locations across the country, effective immediately. © 2020 Retail Insider Media Ltd. All Rights Reserved. In Canada, stores will also remain closed, and workers are being paid 80 percent of their base pay, plus health benefits. I am listing below 14,454 store units that will close this year. Hudson's Bay is closing down stores across Canada due to COVID-19. Others will scrape by with e-commerce running full tilt and store traffic lower than last year but enough to pay the bills. Microsoft has seven stores in Canada, which will all be closing. Building owners and their lenders will adapt and governments will need to get out of the way so as not to impede or delay the transformation of retail properties as they enter a new era to better serve the consumers in the markets where they are situated. The store-closing list of 2020 is vast thanks to COVID-19 and a reliance on online shopping. L Brands, the company that owns VS, announced this week they will close about 250 stores in the U.S. and Canada this year. These Pictures Show Why They Were Such a Failure. Structured Finance Association’s SFCanada 2020 at Fairmont Royal York - cancelled . Canada’s Main Streets and Small Businesses Face Uncertainty with Declining Foot... Ontario Retail Shutdown Extension into January 2021 will Cause Severe Harm... Canada Goose to Open 1st Ottawa Store as it Unveils 3rd Toronto Location, Shaw Communications to Open 12 New Concept Stores in Western Canada [Photos]. Closures will have a major impact on retailers, large and small, hoping for Christmas and Boxing Day rushes at physical stores. At the same time, there are government supports which have helped keep businesses afloat at least for now. All Hands On Data - A ... discount department store business in the United States and Canada… Read more: These major retailers are closing stores in 2017. Bed Bath & Beyond Inc. plans to close approximately 200 stores or 21% of Bed Bath stores over the next two years, the company announced Wednesday. The Toronto Vocal Arts Festival - postponed until September 22 to October 4. Over 50% of department stores in malls predicted to close by 2021, real estate services firm says. Target Is Closing All of Its Stores in Canada. ... stores nationwide and in Canada, 262 stores … 7. There will be many late packages though, arriving after December 25 as delivery capacity will be no match for online demand, he added. The giant ‘Bay’ store in Winnipeg, already hurting from changing shopping habits, has now succumbed to COVID. Updated November 20, 2019 10:46 am. “Some will have a hard time securing inventory for the all-important fourth quarter with cash in short supply and credit tapped out. You have entered an incorrect email address! Along with this, it’s closing 350 stores worldwide this year, and ceasing operations in 40 countries, including Canada. The Board of Directors resolved to approve 11 May 2021 as the date of the 2021 AGM and 23 March 2021 as the closing date for shareholders to submit to the Board issues for inclusion in the notice of the AGM. Here are the stores Lowe’s is closing in Canada in the new year. The list of store closings is already very long and may be much longer by the end of the year. Bed Bath & Beyond Inc. plans to close 200 stores or 21% of Bed Bath stores over the next two years. For those that were caught with outdated business models, weak balance sheets, less than exciting brands, short-term investors or near-sighted landlords the holiday will be their swan song,” said Bruce Winder, author of RETAIL Before, During & After COVID-19 and President of Bruce Winder Retail. “But when those supports go away, I think we’re going to see more closures. But depending on things like a second wave, we don’t know where that’s going to go. Ascena Retail Group filed for Chapter 11 bankruptcy in July and … It began in 2010 when brick-and-mortar stores started to close and has only gotten worse over time. GNC, which has been selling nutrition and diet products since 1935, is slimming down in a big way. The vitamins and supplements retailer has filed for Chapter 11 bankruptcy and says it will close 800 to 1,200 of its stores. With a focus on online sales, all of the more the than 800 Justice locations will be permanently closed by early 2021. Chico’s FAS, the parent … Sales will continue to be weak,” he said. Published Wed, Apr 29 2020 1:14 PM EDT Updated Wed, Apr … News. Chicos. “Now we’re seeing a fairly substantial number of bankruptcy filings. BREAKING: Hudson's Bay has made the decision to temporarily close all its stores, effective immediately. Michael Kehoe, Broker/Owner of Fairfield Commercial Real Estate in Calgary and a veteran of the industry, said retail is always changing and evolving, and we have seen 10 years of change in the past seven months in this time of accelerated disruption. “Some will live to fight again. CCAA is limited to those with $5 Million or more in liabilities and the cost of a restructuring would be prohibitive to already cash strapped retailers. Updated November 20, 2019 10:46 am. ... 30 Under 30 2021. “For many retailers, sadly, this will be their last holiday season. Ascena’s other brands in Canada, Puerto Rico and Mexico would be permanently closing an additional 7 stores. Private Equity will not bother with retail it is a hands off this sector. Chico’s has announced that it will be closing up to 250 stores in 2020. Find out which stores could be closing near you. It will be interesting to see what happens in the communities where a Walmart will be closing. The content on this website is protected by the copyrights of Retail Insider Media Ltd. or the copyrights of third parties and used by agreement. Others are restructuring. Corporate employees in Canada are working reduced hours — 32 hours a week. As people move to online sales, Forever 21 realized that traditional stores just won’t make it.