4 major retail chains announce massive store closures

Big names like Victoria's Secret, Gymboree, Payless, and even JCPenney are saying they have multiple store locations going out of business all across the country and calling it the "retail apocalypse.
1:29 | 03/04/19

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Transcript for 4 major retail chains announce massive store closures
Back now with what some are calling the retail apocalypse. Over the last few days, hundreds of stores have closed. We're talking about some big-name national brands. Here's Diane Macedo. Reporter: Four major chains announcing almost 500 store closings in 48 hours. And experts say the rest of 2019 doesn't look any better. So far this year, retailers already have announced more than 4,300 store closures. When you see a huge shift in the way consumers are shopping, this is bound to happen. Rorter: Like the Victoria's secret fashion show, the chain just announced it's closing 53 stores this year. Kidswear giant gymboree closing 800 stores and filing for bankruptcy. And Payless also filing for bankruptcy, saying it will close all of its 2,500 stores. Even department store giants are struggling, with JCPenney saying it will close 27 stores in 2019, and anticipates even more next year. It's not the end of business, it just means business is consolidating, and changing for the better. Reporter: While some companies are abandoning ship, others are changing strategy. Gap closing 200 gap stores, but is turning old Navy into a separate company, where sales are up. Tom? Diane, thank you. And when we come back, what

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