Major retailers close hundreds of stores, sparking job losses.

Clothing retailer Rue21 has filed for Chapter 11 bankruptcy, leading to the closure of all 543 of its U.S. stores within the next two months. The company plans to conduct large “going out of business” sales and sell its intellectual property. Sam Ash, a music store chain, is also closing all its remaining stores, resulting in approximately 500 job cuts, unless a buyer is found.

Sam Ash is shutting down all its remaining stores permanently, resulting in about 500 job cuts #MacroEdge https://t.co/eVnTvyviCj

— MacroEdge (@MacroEdgeRes) May 3, 2024