American retailers are closing stores at a record pace this year as they feel the fallout from decades of overbuilding and the rise of online shopping.
Just this past week, women’s apparel chain Bebe Stores Inc. said it would close its remaining 170 shops and sell only online, while teen retailer Rue21 Inc. announced plans to close about 400 of its 1,100 locations.
“There is no reason to believe that this will abate at any…
SOURCE: Suzanne Kapner
Wall Street Journal