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Numerous well-known retailers have already announced plans to close substantial numbers of their locations, illustrating the severity of the retail crisis. For instance, Macy's intends to shut down 65 locations and has included the closure of 150 unproductive stores as part of a broader strategy by 2026.
Other major retail chains are also feeling the heat:
Walgreens: Plans to close 1,200 stores, with around 500 shut down by 2025.
CVS: Another pharmacy giant set to close hundreds of its locations.
Starbucks: The coffee titan will close several stores in 2025 to optimize its operations.
Party City: Recently filed for bankruptcy and is closing all locations after 40 years in business, a direct result of inflation and debt pressures.