US Retail Store Closings Down 36% in 1Q
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Store-closing announcements declined 36 percent in the first quarter of the year, with Borders Group, Charming Shoppes and BCBG Max Azria Group Inc.'s Max Rave representing 37 percent of the total, according to a joint report of ICSC Research and PNC Real Estate Research. Retailers disclosed plans to close 1,791 locations, down from 2,806 a year earlier. The tally represents U.S.-based establishments' publicly reported store closings.