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Retail Stores & Chains Close Their Doors!

Carlos Gonzales

New member
Here is the list as reported on the news tonight. Hope this does not affect any of you on the commercial side:

Supervalue announced Jan. 14 it will begin closing 50 grocery stores from various chains it owns, including Cub Foods, Albertsons, Shop 'n Save, Shaw's Star and others.

Tennessee-based Goody's, which just emerged from bankruptcy protection in October, announced Jan. 14 that it was again filing for Chapter 11 bankruptcy protection. The company also said that it would liquidate its remaining 282 stores.

Department store operator Macy's announced Jan. 8 that it would shutter 11 stores. CEO Terry J. Lundgren says that "While new store growth has slowed in the current economy, our long-term strategy is to continue to selectively add new stores while closing those that are underperforming."

Woolworths Group of Great Britain announced on Dec. 11, 2008 that it will liquidate its inventory with a 50 percent off sale. The company will close its 815 outlets across the country on Christmas Eve.

On Dec. 10, office supply chain Office Depot said that it would shutter 112 stores over the next three months as part of an effort to cut costs amid a slumping economy. The closures will affect 2,200 jobs.

In early November, the investors who own electronics chain Tweeter decided to close down all of its locations, about a year after filing for bankruptcy. The chain, which began in Boston in 1972, was still a fixture in the local area. At its height, the company had 150 locations.

Circuit City, the second-biggest U.S. electronics retailer reached an agreement with liquidators Jan. 16 to sell the merchandise in its remaining stores. The company filed for bankruptcy protection in November.

Ailing department store chain Mervyns announced in mid-October that it would liquidate its remaining 149 stores. Mervyns filed for Chapter 11 bankruptcy protection in July after vendors held up shipments and lenders withheld financing when the shop fell silent about its finances.

Home goods retailer Linens 'n Things filed for bankruptcy protection in May, and several months after failing to find a buyer the company began a liquidation sale.

In its latest attempt to boost profitability, 99 Cents Only announced in mid-September that it would close all of its 48 Texas locations. The discount chain also revealed that it was raising prices to 99.99 cents to cope with rising inflation.

Following $2.9 million in losses this year in the New England market, Mattress Discounters said in September that it would close 48 stores there. The discount retailer also filed for Chapter 11 protection.

In August, Goodyear, the largest U.S. tire maker by sales, plans to close 92 of its 742 stores in the U.S. that are not producing "acceptable returns." The company recently closed a tire plant in Australia.

In July, Metromedia Restaurant Group, the parent company of Bennigan's and Steak & Ale restaurant chains, filed for Chapter 7 bankruptcy protection and closed 150 of it's company-owned stores.

After years of ambitious expansion, coffee retailer Starbucks announced in early July that it would close 600 U.S. stores, most of which were opened only in the last two years. Starbucks said it would try to place affected employees in neighboring coffee shops.
 

plainpainter

New member
Wow - I am surprised mattress discounters is going down - I've bought a few mattresses from them. I always liked that business - now I think about it, I haven't heard their jingle/commercial in a while. So much competition in the furniture world in New Englad it seems 1 in 3 commercials is a furniture commercial.
 

Ken Fenner

Active member
I know I may be holding onto the minority opinion but this is all a normal cycle. Retailers get caught with their pants down when they ride high on bull markets and a robust economy and do not plan for the inevitable equilibrium of downturns. Yes, this downturn is measurably worse than any most of us have seen in our lifetime but consumers are still going to buy goods.

Without the glut of artificial housing costs rise, some may not have the expendable income they had three years ago, but anyone savvy is still way ahead of the game compared to where they were 8 years ago. The ultra savvy do not count on their personal home as a source of wealth and do not manipulate ownership of their holdings (stocks, funds, bonds etc) based on short term economic swings. These people will still have income and may divert their money as opposed to pulling it out of the market. These people will also realize that this is a great time to buy cheap and finance cheap. Their position when the economy rebounds AND IT WILL REBOUND, will be strong. Unfortunately the old adage holds true.. the rich get richer. That is why I target upper middle class and above.. much more recession proof. (I'm not talking about the nouveau rich that are leveraged up to their necks)

On a secondary look at these closings, he whom markets best, wins the game. Circuit City ran ads 1:8 with Best Buy. Goodnight, Circuit City. Like I mentioned above, consumers are still going to buy goods. Once you have your marketing in place, you strategize managed growth. Those are the two things that make any business successful including pressure washing companies.

The bottom line is the old cliche.. survival of the fittest. This economy can have one of two effects on those business owners reading this post. Put you out of business because you ran without a business plan, marketing plan and enough cash flow to stay afloat or be the time when you make your business lean and mean and able to weather the next storm that comes up the river. Big companies will get bigger and stronger and little ones are going to have to be run by smart owners that understand long term growth.
 
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Jim Chesmore

New member
I know I may be holding onto the minority opinion but this is all a normal cycle. Retailers get caught with their pants down when they ride high on bull markets and a robust economy and do not plan for the inevitable equilibrium of downturns. Yes, this downturn is measurably worse than any most of us have seen in our lifetime but consumers are still going to buy goods.

Without the glut of artificial housing costs rise, some may not have the expendable income they had three years ago, but anyone savvy is still way ahead of the game compared to where they were 8 years ago. The ultra savvy do not count on their personal home as a source of wealth and do not manipulate ownership of their holdings (stocks, funds, bonds etc) based on short term economic swings. These people will still have income and may divert their money as opposed to pulling it out of the market. These people will also realize that this is a great time to buy cheap and finance cheap. Their position when then economy rebounds AND IT WILL REBOUND, will be strong. Unfortunately the old adage holds true.. the rich get richer. That is why I target upper middle class and above.. much more recession proof. (I'm not talking about the nouveau rich that are leveraged up to their necks)

On a secondary look at these closings, he whom markets best, wins the game. Circuit City ran ads 1:8 with Best Buy. Goodnight, Circuit City. Like I mentioned above, consumers are still going to buy goods. Once you have your marketing in place, you strategize managed growth. Those are the two things that make any business successful including pressure washing companies.

The bottom line is the old cliche.. survival of the fittest. This economy can have one of two effects on those business owners reading this post. Put you out of business because you ran without a business plan, marketing plan and enough cash flow to stay afloat or be the time when you make your business lean and mean and able to weather the next storm that comes up the river. Big companies will get bigger and stronger and little ones are going to have to be run by smart owners that understand long term growth.

I agree :yes:
 
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