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Kirkland's to Close Up to 40 Stores

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Kirkland's joins the growing list of retailers closing stores. However, the firm also does expect to open 15 to 20 stores in the third and fourth quarters.

Home accessories retailer Kirkland's Inc said it expects to close about 35 to 40 stores in fiscal 2009, according to a regulatory filing.

"While the plan for fiscal 2009 represents a further reduction in the store base, we expect the store count to reach a bottom by the end of the year," the company said in a filing with the U.S. Securities and Exchange Commission.

Half of the closings for fiscal 2009, which ends Jan. 30 2010, are expected during the first half of the year, and rest after the holiday season, said Kirkland's.

Bankruptcies and Liquidations:

Potential Bankruptcies & Liquidation Impact: 1,362 confirmed closures out of about 2,713 stores

Announced Closings

Total Closings: up to 1,215 U.S. stores

Potential Impact of All Announcements to Date: 2,577 closures out of up to 3,928 potentially affected U.S. stores

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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