The coronavirus pandemic has crippled many businesses across the U.S., but few have been as harshly affected as the retail industry. Day after day, iconic companies and stores are being forced to shut their doors and the latest victim is a nearly 100-year-old footwear brand: Naturalizer. The store’s parent company, Caleres Inc., announced that it is closing 133 Naturalizer stores in the U.S. and Canada, and by the end of the fiscal year, only two will remain in the U.S. Read on for the details, and for another recent closure that has many shoppers disappointed, check out This Adored Restaurant Chain Just Filed for Bankruptcy.
During Caleres’ third-quarter earnings call this week, the company’s SVP and CFO Kenneth Hannah said Naturalizer stores have been significantly affected by the coronavirus pandemic, “putting pressure and putting a number of those stores into a loss position,” according to Retail Dive. “We went from stores that were generating [a] decent amount of revenue and obviously that reduction [in foot traffic] has put a lot of pressure on the bottom line,” Hannah said. “Now is just a good time to go ahead and exit.”