Retail bankruptcies have led to increased vacancies in shopping centers and malls across the U.S. In some areas, new tenants have quickly filled these spaces, often at higher lease rates. However, in other locations, challenges persist, as the type and location of the closed stores can make it difficult to attract new tenants.
Big Lots Inc., based in Columbus, Ohio, recently filed for Chapter 11 and plans to close over 300 stores as part of its restructuring. This follows earlier closures by retailers such as rue21 Inc., Express Inc., and The Body Shop International Ltd., which have also shut down numerous locations. Discount retailer 99 Cents Only Stores LLC announced the closure of all 371 of its stores this spring. Additionally, LL Flooring Holdings Inc., Conn’s Inc., and Red Lobster have filed for bankruptcy, with Red Lobster closing over 100 restaurants, most of which were standalone sites.
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