Two More Companies Closing Stores
Two more big retail businesses are closing stores all over the country and some here in the Mid-Michigan area. The two stores that are closing stores are the GAP and Charlotte Russe. In the case of Charlotte Russe they are liquidating all of their stores and effectively shutting down. In the case of The GAP the are closing half of their stores over the next few years.
First with Charlotte Russe, they are the Women's fashion retailer and they are beginning the liquidation process by having liquidation sales in all of its 500 plus stores on March 7. They are having to get rid of all of their merchandise by April 30th. With the stores closing the company still hopes to stick around in another way as they own the name and intellectual property. There are two Charlotte Russe stores in the Lansing-Area as they are located at the Meridian and Lansing Malls. See more on their closing here.
Next, with the GAP, they are preparing to close roughly 230 of its stores worldwide over the next two years. This isn't all of their stores as half will remain open, but they are closing these stores as they under-performed. But look for the GAP to have a new look soon as they plan to spin off its sister store, Old Navy, into its own company. More on the Gap and their closing and split here.