A fresh round of distress signals sounded in the retail industry this week, as another big-name chain announced hundreds of new store closings and still others moved aggressively to recalibrate their businesses for the online shopping stampede.
Payless ShoeSource filed for Chapter 11 bankruptcy and outlined plans to immediately close nearly 400 of its 4,400 stores globally. Ralph Lauren is shuttering its flagship Polo store,
a foot-traffic magnet located on tony 5th Avenue in Manhattan, the
latest step in a massive cost-cutting effort. Big-box office supplies
stalwart Staples is reportedly considering putting itself up for sale.
The shake-out among retailers has been building for years, and it is now arriving in full force.
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