New Jersey Retail Stores Continue to Close

by | Apr 7, 2023 | Business & Commercial Bankruptcy, Chapter 11 |

The pandemic as well as inflation has led to the closing of numerous retail stores in New Jersey. Early in the pandemic, the number of retail stores closing at various New Jersey Malls like the Cherry Hill Mall and the Moorestown Mall actually led to the Malls filing for Chapter 11 bankruptcy although they have remained open. Some of the retail stores that closed had filed bankruptcy for the purpose of terminating the leases at some of the less profitable locations and reorganizing others. Other stores avoided bankruptcy and simply closed various locations as the lease ran out. The struggles of retail businesses that began with the pandemic continues. In January 2023 Party City filed a chapter 11 bankruptcy. Party City, the largest retailer of its kind according to USA Today, filed for bankruptcy to reduce costs and close less profitable locations. The company filed for relief in the U.S. Bankruptcy Court for the Southern District of Texas. South Jersey locations such as those in Voorhees, Delran and Mount Laurel remain open. The pandemic had another impact on retail store, at least the brick and mortor kind. More people shopped on line then ever before and even when the retail stores had reopened, the internet shopping continued. That will continue to have an impact going forward regardless of the economic conditions.


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