Retail Chain Torrid Closes 151 Stores, Plans More Closures Amid Shift to Online Sales

Torrid, a leading mall retailer, has closed 151 stores in 2023 with plans to close up to 30 more this year. The chain has struggled to find the right balance between its stores and online sales. Despite mall traffic stabilizing, mid-tier apparel chains like Torrid are still losing ground as more sales shift online. The chain's CEO, Lisa Harper, has tried to put a positive spin on the results, highlighting $1 billion in net sales and $63.6 million in Adjusted EBITDA in 2023.