STORE CLOSING COLLAPSE

U.S. retailers are on track to permanently close 25,000 stores this year, led by high-profile bankruptcies of J.C. Penney and Pier One, among others, according to Coresight Research, a global analysis firm.
The figure would set a record and more than doubles last year’s 9,832 closings.
So far this year, major chains have closed or announced pending closures of more than 5,400 locations.
By 15 July, 69 percent of retailers had paid their month’s rent, compared to 88 percent that had paid their March rent by the middle of that month, Datex Property Solutions reported.
Among the clothing industry, Gap will close 98 stores and Victoria’s Secret 215. Modell’s Sporting Goods will go dark in 153 storefronts, GameStop in 132. GNC, the nutrition emporium, will close 743 locales. Department store losses include 169 J.C. Penney sites, 42 of Kmart’s, and 21 Macy’s stores.
In a sign of the times, Dollar General will open 979 new stores this year; Dollar Tree, 307; and Family Dollar, 140.