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Many retailers not shutting stores are scaling back plans for new ones.
Last year it spent £162m on rent, so shutting stores is expected to play a vital role in reducing fixed costs.
Without a capital injection from investors, HMV must rely on raising cash via asset sales, as well as shutting stores and offloading expensive high-street leases.
J. C. Penney is shutting stores and securing better terms from suppliers at its Eckerd drugstore chain to cut costs as Allen I. Questrom, its chief executive, tries to revive sales.
Other retailers have been shutting stores, but Dollar General plans to add 500 new ones to its existing 8,577 this year.The company is expected to cash in in another way soon, with an initial public offering (IPO) that will be one of the biggest in recent years.
His disgraced predecessor, Phil Clarke, had already pulled Tesco out of Japan and the US and Mr Lewis has followed his lead, selling its Blinkbox entertainment arm; slashing up to 10,000 positions and shutting stores; closing down Cheshunt and putting its £1bn Clubcard data business Dunnhumby and its South Korean arm up for sale.
Similar(51)
Rationalizing does not necessarily mean that Gap will shut stores.
Several internal entrances at the Citigroup Building, 54th Street and Lexington Avenue, to be shut; stores accessible only from the street.
Krispy Kreme Doughnuts said losses narrowed in the second and third quarters after it shut stores that were poorly performing.
Ames Department Stores said yesterday that it would close 47 stores and lay off about 2,000 employees, or 6percentt of its work force, the second time the company has shut stores because of the slowing economy.
On the eve of the Olympics, where it is a major sponsor of athletes such as Jamaica's Usain Bolt, it said it is likely to shut stores and cut jobs after suffering a 29% drop in net profits.
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