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Tuesday, November 25, 2008

Business Closings

There is little to no doubt that you have received a comprehensive listing of all of the retail establishments that are being forced to close their doors due to the current economic recession our nation is engulfed in. Having worked in retail for a number of years I have to say that I would be interested to have a look at some of these organizations same store sales and profit and loss reports to see just how terrible they were doing. I mean, you can only get so much information from a forecast.
Anyway, I was amazed to see some of the stores listed in the emails as no longer being viable. Here are a few of the stores listed in the aforementioned email;
  • Ann Taylor closing 117 locations
  • Lane Bryant, Fashion Bug, Catherines closing 150 locations
  • Eddie Bauer closing 27 locations
  • Talbots closing all locations
  • Gap closing 85 locations
  • Footlocker closing 140 locations
  • Zales closing 187 locations by January
  • Disney closing 98 locations
  • Home Depot closing 15 locations
  • Linens and Things closing all locations
  • Movie Gallery closing all locations
  • Pacific Sunwear closing all locations
  • Pep Boys closing 33 locations
  • Sprint/Nextel closing 133 locations
  • JC Penney closing undisclosed number of locations
  • KB Toys closing 356 locations
The above list was just some of the big named stores that are closing their doors between now and January! As I mentioned before, having worked in retail management for a number of years I think I can say that this is not good for anybody. Not only will a number of businesses on Main St. be going under, but a lot of quality people will be out of work for the new year. These businesses are not guilty of poor business models or anything in that regard. They are instead victims of the crisis that has started on Wall St. and are likely not to be given any assistance by Washington. It is upsetting to see so many jobs lost between now and January and what is more upsetting is the fact that this information is nowhere to be found on the network news.