In another blow to the retail industry, The Limited closed its 250 stores over the weekend and laid off 4,000 people, reports Business Insider. The move underscores the larger shift the retail industry is facing as shopper traffic declines amid the rise of e-commerce.
“We’re sad to say that all The Limited stores nationwide have officially closed their doors,” according to a company statement. “But this isn’t goodbye. The styles you love are still available online — We’re just a quick click away 24 hours a day.”
The Limited, now owned by private equity firm Sun Capital after L Brands (ticker: LB) spun it off in 2010, is hardly the only retailer struggling right now.
In addition to The Limited, Sears Holdings Corp. (SHLD) recently announced it would be closing 108 Kmart locations and 42 Sears stores, and Macy’s Inc. (M) said it would go ahead with 68 store closings and get rid of 10,000 jobs.
“In an increasingly challenging environment for mall-based retail and women’s apparel, we are very disappointed that the company has had to make the difficult decision to close its retail locations,” Sun Capital said in a statement to Reuters.
Morningstar analysts found last year that $48 billion worth of mall property-funded loans are at risk. As Sears, Macy’s and J.C. Penney Co. (JCP) have closed unprofitable stores, it’s negatively affected shopping malls.
“Properties in secondary and tertiary markets, anchored by department-store chains that have shuttered locations, such as Macy’s, Sears, and JCPenney, are particularly susceptible to dramatic devaluation,” analysts wrote.
People took to Twitter to express their frustration over The Limited and concern for the future of retail.
The #Limited closing all their stores..#Macy‘s closing many. If this keeps up where will we shop?
— Debra Beckman (@SeptemberAcres)
@TheLimited If you are going to close all your stores can you please try to keep everything in stock on your #website I am a #sad #bosslady
— Stephanie Lamouroux (@SLamouroux)
@SuperDU I’m so sad, one of my favorite retailers, EVER! #TheLimited
— Erica Bush (@elbush)
The Limited was a must-visit store during any trip to the mall in the ’80s. Kinda sad to see it close its stores. https://t.co/2lTrnBGkVr
— Meg McCormick (@megster67)
Certainly not good enough to help Sears, Macy’s, Kohl’s, and the Limited, and probably many others. That’s a lot of potential job losses. https://t.co/d2rzBFTMku
— Russ Kamp (@RussKamp)
.@sarahhalzack I recall when The Limited went south, years ago. From the mall promenade, the Limited interior was drab. I never went back.
— Waterdancer411 (@jhb430)
Now that @TheLimited has closed all of their brick-and-mortar stores, I want to buy all the things from their online shop. Just in case!
— Elena Allegra (@Elena_Allegra)
It’s A Retail Apocalypse: Sears, Macy’s And The Limited Are All Closing Stores https://t.co/SSE38F428r
— Cornelius Duncan (@corndnc1)
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The Limited Closed All of Its Stores Over the Weekend originally appeared on usnews.com
