Retail Apocalypse Strikes Georgia, Virginia, Maryland In 2018

ATLANTA, GA -- The list of massive, big-box retail closings in 2018 contains some of the nation's longest-standing, most recognized names in commerce. Their downfall was yet another indication that customers' buying habits are shaped more and more by the internet and the popularity of worldwide e-commerce.

As of December 2018, 16 US retailers had filed for bankruptcy or announced liquidations, as reported by Business Insider. Sears and Toys R Us were among the most notable names to shutter operations in 2018. In Virginia, 21 Toys R Us closed, while 15 closed in Georgia and 13 in Maryland.

Toys R Us' bankruptcy filing came amid slumping sales and mounting debt, which grew to about $5 billion. The chain has faced increasing competition from Amazon, Walmart and Target. Isaac Larian, the billionaire CEO of MGA Entertainment, the company behind the Bratz dolls, ceased his efforts to save Toys R Us when he was reportedly unable to come to an agreement with lenders.

Toys R Us, based in Wayne, New Jersey, rejected Larian's bid to save 274 U.S. stores. CNN reported that the company will continue operating in other countries, including Canada.

Sears was another iconic retailer to feel an economic pinch. The struggling 125-year-old retailer filed for Chapter 11 bankruptcy Oct. 15, the same day a $134 million debt payment was due from the chain. In its bankruptcy filing, it listed 142 unprofitable locations slated for closure by the end of 2018. Over the past year and a half, Sears has shuttered stores in waves, including one in Virginia, three in Georgia and five in Maryland.

Sears Holdings, the parent company of Sears as well as Kmart, made the filing in federal court in New York, and the financially strapped business closed two Kmart stores in Georgia and three in Virginia. Sears, which last year sold off its famous Craftsman brand, has about 700 remaining stores and 68,000 employees —down from the 1,000 stores and 89,000 workers it had in early 2018, according to CNN.

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The year ahead isn't looking much better for retailers across all services. Even global coffee behemoth Starbucks said in June 2018 it plans to close about 150 locations by the end of 2019. While the company has not yet said which locations will close, a notice to investors said the closures will affect "underperforming company-operated stores in its most densely penetrated markets" in urban areas. Starbucks said the anticipated 150 store closings is up from a historical average of 50 closings per year.

Starbucks has more than 9,000 company-owned stores and more than 14,000 total stores (both company-owned and licensed) in the U.S.

Subway, which has more than 25,000 restaurants across America, will have closed more than 500 locations across the U.S. by the end of 2018. this week announced plans to close more than 500 U.S. locations and open 1,000 new restaurants overseas. Subway's sales slipped by 4.4 percent in 2017, Fortune reports.

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