6 of the world’s most popular brands close thousands of stores, here is the list

Jakarta –

The world-famous company will close thousands of stores this June due to the Corona virus which has hurt the company. According to Coresight Research as many as 25 thousand retail stores in the United States (US) are expected to close permanently this year due to falling demand and shifting trends to online shopping. Last year Corelight noted that 9,302 stores were closed.

Quoted from CNN, Monday (6/29/2020) following several retailers who announced the closure in June.

1. Cheese Chuck E

CEC Entertainment declared bankruptcy which resulted in the closure of a number of outlets in various locations. CEC is the owner of the Peter Piper Pizza brand and a number of other restaurants.

The CEC considers the current conditions to be triggered by the Corona virus pandemic which has reduced demand. This mass closure is estimated to leave 500 outlets.

2. GNC Holdings

GNC is a company that sells health products, such as vitamins, supplements, minerals, herbs, and other health products. The company is 85 years old and has 5,800 stores worldwide, 1,200 of which are in the US.

GNC had stumbled on the problem before the Corona virus pandemic. GNC plans to close 20% of its 5,800 stores.

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