Macy's: Forever 21 and Macy's closing over 250 stores

Many well-known retailers, including Forever 21 and Macy's, are closing over 250 stores by the end of 2025. This year is becoming one of the toughest for physical retail as many iconic brands make drastic cuts amid a ongoing retail crisis. Forever 21 announced it will shut all of its 350 locations. The fast fashion retailer, a mall staple since 1984, filed for bankruptcy in 2019. The company carries significant debt, estimated between $1 billion and $10 billion. Macy's will close 60 stores this year as part of its "Bold New Chapter" plan. This initiative aims to improve customer relations through better shopping experiences and more relevant products while planning to open 30 new Bluemercury stores. Additionally, Soleply, known for high-end sneakers, filed for Chapter 11 bankruptcy recently with debts up to $10 million. Legal troubles with landlords over unpaid rent have compounded their challenges. In total, around 15,000 brick-and-mortar stores are expected to close in 2025, more than double last year's closures.