Torrid Closing 180 Struggling Stores

Torrid Holdings Inc. (City of Industry, Calif.) says it plans to close up to 180 stores this year, as it continues to shift its focus to online sales. The company made that disclosure in a press release about its financial results for the quarter ended May 3, which saw it report lower revenues and net income when compared to the year-ago period.

“… Digital continues to be our customer’s preferred channel, now approaching 70 percent of total demand,” says CEO Lisa Harper. “We’re accelerating our transformation to a more digitally led business, which includes optimizing our retail footprint. We now plan to close up to 180 underperforming stores this year—allowing us to reduce fixed costs and reinvest in areas that drive long-term growth, including customer acquisition and omnichannel enhancements.”

The retailer closed two stores in its first quarter, leaving it with a total of 632. Its sells apparel, intimates and accessories for women sized 10 to 30.