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STORE CLOSINGS AND LAYOFFS
If you have gift cards, hurry up and use them!!
ANN TAYLOR closing 117 stores nationwide. A company spokeswoman said the
company hasn't revealed which stores will be shut down. It will let the
stores that will close this fiscal year know over the next month.
EDDIE BAUER to close more stores. Eddie Bauer has already closed 27 shops
in the first quarter and plans to close up to two more outlet stores by the
end of the year.
CACHE closing stores.
Women's retailer Cache announced that it is closing 20 to 23 stores this
LANE BRYANT, FASHION BUG, CATHERINES closing
150 stores nationwide. The owner of retailers Lane Bryant, Fashion Bug,
Catherine's Plus Sizes will close about 150 underperforming stores this
year. The company hasn't provided a list of specific store closures and
can't say when it will offer that info, spokeswoman Brooke Perry said.
TALBOTS, J. JILL closing stores.
About a month ago, Talbots announced that it will be shutting all 78 of its
kids and men's stores. Now the company says it will close another 22
underperforming stores. The 22 stores will be a mix of Talbots Women's and
J. Jill, another chain it owns. The closures will occur
this fiscal year, according to a company press release.
GAP, INC. closing 85 stores.
In addition to its namesake chain, Gap also owns Old Navy and Banana
Republic. The company
said the closures - all planned for fiscal 2008 will be weighted toward the
FOOT LOCKER to close 140 stores.
In the company press release and during its conference call with analysts
today, it did not specify where the future store closures - all planned in
fiscal 2008 - will be. The company could not be immed iately reached for
WICKES is going out of business.
Wickes Furniture is going out of business and losing all of its stores,
Wickes, a 37-year-old retailer that targets middle-income customers, filed
for bankruptcy protection last month.
LEVITZ & BOMBAY closed already.
The furniture retailer is going out of business. Levitz first announced it
was going out of business and closing all 76 of its stores in December. The
retailer dates back to 1910 when Richard Levitz opened his first furniture
store in Lebanon, PA. In the 1960s, the warehouse/showroom concept brought
Levitz to the forefront of the furniture industry. The local Levitz
closures will follow the shutdown of Bombay.
BOMBAY COMPANY - (Freehold Mall store closed)
The company unveiled plans to close all 384 US based Bombay Company stores.
The company's online storefront has discontinued operations.
ZALES, PIERCI N G PAGODA closing stores.
The owner of Zales and Piercing Pagoda previously said it planned to close
82 stores by July 31. Today, it announced that it is closing another 23
underperforming stores. The company said it's not providing a list of
specific store closures. Of the 105 locations planned for closure, 50 are
kiosks and 55 are stores.
The Walt Disney Company announced it acquired about 220 Disney Stores from
subsidiaries of The Children's Place Retail Stores. The exact number of
stores acquired will depend on negotiations with landlords. Those
subsidiaries of Children's Place filed for bankruptcy protection in late
March. Walt Disney in the news release said it has also obtained the right
to close about 98 Disney Stores in the U.S. The press release didn't list
HOME DEPOT store closings.
(E. Brunswick just put up their closing sign), ATLANTA - Nearly 7+ mo nths
chief executive said there were no plans to cut the number of its core
retail stores, The Home Depot Inc. announced Thursday that it is closing 15
of them amid a slumping U.S. economy and
housing market. The move will affect 1,300 employees. It is the first time
the world's largest
home improvement store chain has ever closed a flagship store for
performance reasons. Its shares rose almost 5 percent. The Atlanta-based
company said the underperforming U.S. stores being closed represent less
than 1 percent of its existing stores. They will be closing within the next
COMP (CLOSED) clarifies details on store closings.
Any extended warranties purchased for products through CompUSA will be
honored by a third-party provider, Assurant Solutions. Gift cards, rain
checks, and rebates purchased prior to December 12 can be redeemed at any
time during the final sal e. For those who have a gadget
currently in for service with CompUSA, the repair will be completed and the
gadget will be
returned to owners.
MACY'S - 9 stores closing.
MOVIE GALLERY & HOLLYWOOOD VIDEO
160 stores as part of reorganization plan to exit bankruptcy. The video
rental company plans to close 400 of 3,500 Movie Gallery and Hollywood Video
stores in addition to the 520 locations the video rental chain closed last
PEP BOYS - 33 stores.
125 retail locations New Sprint Nextel CEO Dan Hesse appears to have
inherited a company bleeding subscribers by the thousands, and will now
officially be dropping the ax on 4,000 employees and 125 retail locations.
Amid the loss of 639,000 postpaid customers in the fourth quarter, Sprint
will be cutting a total of 6.7% of its work force (following the 5,000
layoffs last year) and 8% of company-owned brick-and-mortar stores, while
remaining mut e o n other rumors that it will consolidate its headquarters in
Kansas. Sprint Nextel shares are down $2.89, or nearly 25%, at the time of
J.C. PENNEY, LOWE'S and OFFICE DEPOT are scaling back.
ETHAN ALLEN INTERIORS - the company announced plans to close 12 of 300+
stores in an effort to cut costs.
WILSONS THE LEATHER EXPERTS - 158 stores closing.
PACIFIC SUNWEAR will close its 154 Demo stores.
After a review of strategic alternatives for the urban-apparel brand its
Seventy-four underperforming Demo stores closed last May.
SHARPER IMAGE - closing 90 stores.
The company recently filed for bankruptcy protection and announced that 90
of its 184 stores are closing. The retailer will still operate 94 stores to
pay off debts, but 90 of these stores have performed poorly and also may
KB Toys - 356 stores closing
Posted a partial list of stores that it is closing ar ound the United States
as part of its
Bankruptcy reorganization. To see the list of store closings, go to the KB
Toys Information web site, and click on Press Information.
DILLARD'S to close more stores.
Dillard's Inc. said it will continue to focus on closing under-performing
stores, reducing expenses and improving its merchandise in 2008. At the
company's annual shareholder meeting, CEO William Dillard II said the
company will close another six underperforming stores this year.
That's all pretty sad news. When everyone overbuilds to try to compete for every last consumer dollar during good times, they expose themselves to contraction disasters like this one in bad times.
If they had focused on the best possible service and prices for their existing costomers in their strong markets they would not be bleeding so badly now. Instead, by trying to build new stores everywhere - in all markets- they are spread dangerously thin.
No doubt a misdirected management incentive program that rewarded total sales at the expense of all else. The piper is now to be paid. We must learn from history, or we repeat it!.