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Ten big retailers are closing some stores.

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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 05:04 PM
Original message
Ten big retailers are closing some stores.
<snip>

Your next shopping trip may not be as convenient as it used to be. The second quarter earnings season brought news from several major retailers that they will be shutting down stores. Both Saks (SKS) and Abercrombie & Fitch (ANF) said they were closing stores in several parts of the country. Meanwhile, other stores like the struggling Blockbuster video rental chain, continue to slash stores by the dozens. American Apparel (APP), which is close to defaulting on its loans, just may be next.

See full article from DailyFinance: http://srph.it/9HtlLz
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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 05:06 PM
Response to Original message
1. Keep sending those jobs overseas and this will be the norm. n/t
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HughBeaumont Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 06:23 PM
Response to Reply #1
9. COME on! Lowering disposable income and destroying your customer base isn't awesome for business??
Who knew???

Probably the same people who peddle the bullshit that a tax cut is a viable substitute for a living wage job. Or groceries.
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 09:35 PM
Response to Reply #9
18. Yea, I never really understood that. How do these retailers expect to
make a profit when the very people they sell their crap to can no longer afford to buy their stuff bacause all the manufacturing jobs have left the country?
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femmocrat Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 05:10 PM
Response to Original message
2. More:
"Consumers just aren't shopping the way they used to. Even Wal-Mart Stores (WMT), which typically fares well during tough economic times, is worried. "The slow economic recovery will continue to affect our customers, and we expect they will remain cautious about spending," said president and CEO Mike Duke in a statement that was released during the company's second quarter earnings report."

If Wal-mart is worried, the little guys must be quaking in their boots!
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blueamy66 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 07:17 PM
Response to Reply #2
11. Old Navy was packed yesterday.
Back to school shopping? I don't know, but the line was LONG.
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KILL THE WISE ONE Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 05:15 PM
Response to Original message
3. never shopped at any of them, except block buster, do they sell anything made in the usa
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w4rma Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 06:18 PM
Response to Reply #3
5. Nope. Except for Winn-Dixie, which is so non-union they closed down some union stores in New Mexico.
Most of these stores are high end clothing stores that use foreign sweat shops. Of course under the current "free trade" rules, foreign sweat shops are the only way to make money anymore.

In my opinion, the top executives see the writing on the wall and are looting their businesses as quickly as they can before laws are changed to stop them. That would explain why these businesses that have low overhead on labor are going under.
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Chan790 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 06:20 PM
Response to Reply #3
7. American Apparel does. In fact, they don't sell anything not made domestically.
Their problem is that nobody is going to pay $26 for a thread-bare tee-shirt that only comes in sizes XXS, XS, S or M (but is available in 17 colors); $20/pair for men's briefs; or $12/pair for tube socks.

I respect clothing made in the USA. I'd go out of my way to buy it even and pay a little more for it. I am however going to laugh at you if you try to use that label to screw me.
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tammywammy Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 09:33 PM
Response to Reply #7
17. Plus there's the whole sexual harassment problem
I wouldn't buy their clothes anyway, regardless of the fact that it's made in American, since it's such a crappy company.
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surrealAmerican Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 06:13 PM
Response to Original message
4. I can't see how blockbuster can survive...
... now that people can stream movies off the internet. That's a technological issue. The others are mostly selling to fewer consumers who can afford their merchandise.
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w4rma Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 06:19 PM
Response to Reply #4
6. All these businesses killed themselves by supporting "free" trade and opposing unions.
Edited on Sun Aug-22-10 06:20 PM by w4rma
Now there aren't enough people with enough money to buy from them.
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DCBob Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 06:21 PM
Response to Reply #4
8. BB's demise has nothing do with the economy..
their business model is obsolete.
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sendero Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 07:53 PM
Response to Reply #8
13. Exactly..
... and it coundn't happen to a better company.
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beyurslf Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 07:06 PM
Response to Reply #4
10. I have not been to a blockbuster in YEARS.
Why would I pay 4 bucks to rent a movie that redbox has for 1 dollar or that I can find online or on my tv? I don't see any "fixing" that problem and it has nothing do with off-shoring jobs.
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jmowreader Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 08:44 PM
Response to Reply #10
14. That's why Blockbuster should quit RENTING movies
Instead, stock the stores with classics for sale and lots more games than they have now, and staff with hardcore gamers and serious "Six Degrees of Kevin Bacon" players.
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Dawson Leery Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 07:47 PM
Response to Original message
12. Reaganomics has failed.
30 years of cheap overseas labor and debt as a substitute for wages
has cost us all dearly. Jimmy Carter warned us and the people moaned and cried that they wanted it easy. So they got it, and now they (all of us) will pay for it.
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Kat45 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 09:22 PM
Response to Original message
15. A&P? I thought that store was gone a long time ago!
I had no idea that A&P still existed? There sure haven't been any around here in eons. I also doubt that there are many Blockbusters around anymore either. If I hadn't passed one the other day, I would have thought they were already gone as well.
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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-22-10 09:29 PM
Response to Original message
16. Blockbuster is essentially in liquidation.....they won't be with us at all much longer.
nt
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raouldukelives Donating Member (945 posts) Send PM | Profile | Ignore Sun Aug-22-10 09:39 PM
Response to Original message
19. Local thirfts & goodwills are booming here
But donations have been dropping. Conversely I haven't been finding many screaming deals lately. Yard sales are even worse. Everyone is scratching for any extra dimes these days and it really shows at the ground floor. I have a feeling we'll be seeing incredible deals on items from many retailers after this Xmas season and a lot of surprised economists wondering why it was so dismal.
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