It's simple peeps......
......200+ stores.....not economic.
Retain the top 30-50 (likely) profitable stores and move the rest of the sales to the interweb.
As stated by a previous poster RS manage to have some retail presence, a good range and quick overnight delivery for obscure stuff.......so the model works.
It's just when you have Vulture Capitalists, who are primarily accountancy based, looking at business models where loading debt onto the operation (because we can take out interest and also it gives us first ranking in the receivership deals) makes more sense then keeping it as an ongoing (although slimmed down) trading operation these rinse and repeat fly by nights have driven many a savable operation into the wall.