Another fashion retail chain suddenly closing stores, liquidating

It would be nearly impossible to find a retailer that got through the past several years unscathed. 

It's hard to believe, but it's already been five years since the onset of the Covid pandemic, which sent many businesses into something of a free fall — at least temporarily. 

Related: Huge furniture company closing forever, laying off staff

When entire cities across the U.S. more or less shut down, visits to restaurants, shops, salons, gyms, and even the supermarket went to about zero. 

At least for some period of time, most every operation that relied on in-person business was closed up. 

And even when things began to reopen, customers remained fearful. 

It was hard to convince people to come back in-person to shop around and mingle. The pandemic had such an outsized effect on the average consumer's psychology that many retailers ultimately went under. 

And some that didn't fold are still grappling with a new world. Relying on foot traffic for a majority of your business just doesn't cut it anymore. 

Most self-respecting operations need to have at least some kind of online presence — or risk another unprecedented event sweeping them away with the chaos.

Many stores are facing new challenges

For retailers that did manage to keep their heads above water, many wouldn't necessarily tell you that business is booming. 

It's true that some have indeed recovered from the aftermath of Covid. In some cases, foot traffic has returned to pre-pandemic levels — particularly in high-interest urban areas.

More closings:

• Iconic retail chain closing nearly 500 stores
• Another discount retailer closing over 1,000 stores
• Another struggling mall retail chain closing more stores

But there's always a new challenge coming. And in the most recent case, that's President Donald Trump's new tariffs. 

Tariffs, or the duties companies pay to import non-domestic goods, are set to make many of the goods we consume more expensive. 

And some of the proposed tariffs stand to hit America's largest trading partners. These are:

• China: 145%
• European Union: 10%
• Japan: 10%
• South Korea: 10%
• Vietnam: 10%
• Taiwan: 10%
• India: 10%
• U.K.: 10%

Popular retailer closing U.S. stores

And now, the popular Canadian retailer Frank and Oak is closing up stores amid the tariff chaos. 

Frank and Oak announced it will shut down its U.S.-based stores by the end of April 2025. 

The retailer is currently liquidating many of its stores across the U.S. and Canada, but it added that pressure from tariffs is accelerating the move.

Related: Another national furniture company warns of bankruptcy

"The closure was moved up due to growing uncertainty around tariffs and customs, which made it challenging to continue cross-border operations," Frank and Oak wrote on its website. 

It also plans to close around 10 stores in Canada by the end of May 2025 as a part of the Canadian Bankruptcy and Insolvency Act (BIA). 

Frank and Oak added that its website will continue to operate during the liquidation. It's currently holding a liquidation sale, which will see these transactions as final sales.