8. DSW
Year Established: 1969
Store Closures: 65 stores over the next four years*
It was especially difficult for Designer Brands, or DSW, to emerge from 2020 undamaged. The company, like many others, has to find a means to make up for the 36% decline in revenue it suffered as a result of temporary store closures. The company intends to close 65 locations over the course of the following four years. Longtime fans of the apparel store might be shocked by this, but it’s simply one of many design businesses trying to recover financially after a difficult time.
8. DSW
9. Neiman Marcus
Year Established: 1907
Store Closures: 4 Branches*
Since the news regarding Neiman Marcus first surfaced in mid-April 2020, it is currently uncertain how many of the 113-year-old retailer’s stores would close. Reuters was informed by insiders at Neiman Marcus that the Dallas-based company is in the midst of filing for bankruptcy and arranging an emergency loan with creditors. Fortunately, the process was concluded in late 2020, and a number of investment groups acquired Neiman Marcus with the intention of restoring the business to its previous level of success. The beloved company is attempting to regain its footing and grow its online presence as of mid-2021, all the while clinging to its physical locations. Neiman Marcus was once a “symbol of luxury,” according to the New York Times. However, it’s unclear if more of its locations will close in 2022.
9. Neiman Marcus
