Some have said the slump in the economy might be at the trough of the slowdown and we should expect a recovery to start at anytime. I was hoping for the same but after I received an email from a friend that listed many major retail stores that are scheduled to close their doors I'm not so sure we've even close. I verified a few of these store closings in case the email was fraudulent. I don't know about you but when I saw this list I immediately foresaw a series of further declines on Wall Street each day these stores close their doors for good.
Here is the list of stores closing some locations or closing completely:
- Ann Taylor- 117 stores nationwide are to be shuttered
- Lane Bryant, Fashion Bug,and Catherine's to close 150 stores nationwide
- Eddie Bauer to close stores 27 stores and more after January
- Cache will close all stores
- Talbots closing down all stores
- J. Jill closing all stores
- GAP closing 85 stores
- Footlocker closing 140 stores more to close after January
- Wickes Furniture closing down
- Levitz closing down remaining stores
- Bombay closing remaining stores
- Zales closing down 82 stores and 105 after January.
- Whitehall closing all stores
- Piercing Pagoda closing all stores
- Disney closing 98 stores and will close more after January.
- Home Depot closing 15 stores 1 in NJ (New Brunswick)
- Macys to close 9 stores after January
- Linens and Things closing all stores
- Movie Galley Closing all stores
- Pacific Sunware closing stores
- Pep Boys Closing 33 stores
- Sprint/ Nextel closing 133 stores
- JC Penney closing a number of stores after January
- Ethan Allen closing down 12 stores.
- Wilson Leather closing down all stores
- Sharper Image closing down all stores
- K B Toys closing 356 stores
- Lowes to close down some stores
- Dillard's to close some stores
A few these stores that are closing in Paducah occupy buildings that cost tens of thousands of dollars in rent each month. It's hard to imagine these stores could pay that much money in rent, employees, utilities, supplies, inventory, etc..
On the brighter side, compared to what we've been paying for gas I feel like the oil companies are practically give it away now. On top of the lower prices I used a discount from a local SuperValue today. They provide a discount on their gas when you receive certain products in the store. With the two discount receipts I had I saved 48 cents on gas with a 15 gallon limit. I filled up my Lincoln Navigator for just $1.02 per gallon!
Thanks for sharing the list of stores. That is crazy. I frequently shop at home depot and lowes. I hope the stores near me will remain in business.
This economic mess hasnt showed all its cards yet. I dont think this will be the last of your list. So many lost jobs.
Some of these on your list are shocking. I'll be anxious to see if this is going to happen in our area. I knew Linens & Things was out, but I can't imagine Lowes & Home Depot being on that list. Ours is always packed.
Hopefully things will be better after some of these closings - there are too many stores. We don't need a lowes and home depot in every town.
Definitely a sign of very tough times ahead. Alot of people, even agents will have to adapt to a new way of life.
Brad and Angela Lawrence
Greensboro Real Estate
I don't think this means they are going out of business in most cases. They are probably closing stores in the less profitable areas.
You would think they would have some great going out of business sales!
Bill, I think everyone is tightening their belts and the unproductive stores are closing. I know we have been trying to sell our building on Broadway for 2 years now. Such a great building but the traffic can't be justified for that location.
I can't believe all of those stores are going out of business! I hope we can right this ship fast!
The economic challenges do cause even the strong to re-evaluate its decisions and streamline. In the end some will be stronger.
Bill, I just went to the J Jill website and they have posted a notice that they are NOT closing stores and that this is an email rumor. Perhaps some of the other closings are rumors as well. Let's all pray that this is the case.
All I know is that a LOT of clients of mine feel uneasy about the economy.....I would hope that maybe this opens things back up for the "small retailer" who has a better idea and can jump into business.
Bill - I wondering how many stores will be closing after the holiday's. I think it is really going to be a bad year for retailers.
It's a sign of the times unfortunately ;-(
They are big names too. This is not easy to see.
Informative post, Bill. Wow, that's a long list of stores when you see it right in front of you. I think you're right that with the state of rental prices, it's almost impossible for some places to survive.
I saw this email too, with the warning NOT to give gift cards to any of these stores.
I am naturally wary of such emails, so I always go go snopes.com for verification, and they say: It's a "mixture of accurate, inaccurate and outdated information." But it does confirm several closings.
We are feeling the economic slowdown everywhere it seems. It makes me wonder how long will it take to pull everything together again and what kind of change will it bring?
Hi Bill;
Things are bad in our country and around the world, I do hope things get better very soon.
Thanks for the info, this is very useful as I do occasionally purchase gift cards to some of these places. I will either be purchasing gifts this year or give the cash! Thank you.
I think we all just need to try and keep our chins up. There is a lot to be said for a good outlook even though things seem to be rather gloomy. I for one think by April things will start getting better across the board.
Bill,
Look at the bigger picture, Some of us are shocked becuase we like to shop at those stores, but if they're not profitable at that location or at all, they need to close. This is part of the free market economy. Some overexpanded. The alternative is to apply for the growing list of bailout applicants. :)
Steve
Wow! These are mainstream stores. Appreciated the "heads up". We might only be half way along this dropping of the 20th Century models, and the birth of some 21st Century options. A very confusing time.
It is sad thanks for the list-no gift cards for these stores. Hopefully things will get better next year.
It's too bad that all of these stores are closing. I hope things turn around in the near future.
Yes, as Pacita said above- this email is a FAKE.
Sorry, but you got duped. This is a fraudulous email chain. See Snopes for details.
http://www.snopes.com/politics/business/storeclosings.
Actually, if you look further down the page you'll see that many of these stores closings are correct. You can see another page that appears to validate these findings at http://forwomenonline.com/tag/lowes/