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The article I read about it (I think on CNN) said that the stores that will close have been on their "watch list" for a year. They've been watching these stores to see if their sales would increase and they have not, so they are closing.
Closing some stores in areas where there is a glut of them and opening new ones in areas where there currently are none would still make sense from a business perspective. What doesn't make sense is that they opened so many so close to each other to begin with.
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