Retailer's Closing Their Doors
Announcements continue to roll in from retailers that have decided to close stores, slow expansion plans or cease operations altogether.
From Blockbuster to Payless, we update our 2009 roundup with the latest news from the third quarter. See which retailers are closing (at least some) of their doors.
Payless ShoeSource
Announced: September 3, 2009
Collective Brands Inc., the operator of Payless ShoeSource, announced that during the quarter it closed 33 Payless stores and relocated four stores. During fiscal year 2009, the company expects to close another 143 Payless stores.
Zales
Announced: August 6, 2009
The Texas-based jewelry company has shut down 118 locations over the past quarter and 191 so far in 2009. 160 were stores, while 31 were kiosks. There are almost 2,000 locations still in operation.
Blockbuster Video
Announced: September 15, 2009
The struggling video rental chain said they may shut down up to 20% of their stores before 2011. The move would mean closing between 810 and 960 of its 4,356 U.S. stores.
Smith & Hawken
Announced: July 9, 2009
The upscale garden store said it will shut down all of its 56 stores, currently located in 22 states and D.C. The 30-year old chain tried to find a buyer for over a year. The CEO said "While this is a sad outcome, the combination of a weak economy and the lack of scale proved too great to overcome."
Crabtree & Evelyn
Announced: July 1, 2009
The bath and body chain, founded in 1973, filed for Chapter 11 bankruptcy protection. The 126-store chain plans to close underperforming stores in the coming months.
Big 10 Tires
Announced: July 29, 2009
According to CoStar Group, Mobile, AL-based Big 10 Tire Stores filed chapter 11 bankruptcy in April. At the time of the filing, the 104-store chain announced no intention to close stores but said it would attempt to obtain rent relief from its landlords. Through bankruptcy reorganization, Big 10 is now requesting lease cancellations on eight stores in Alabama, 14 in Florida and 10 in Georgia.
Bank of America
Announced: July 28, 2009
CEO Ken Lewis said he is planning to shrink the bank's 6,100-branch network by about 10 percent. The move would be a pullback from the bank's two-decade expansion.
Citigroup
Announced: September 24, 2009
Citigroup announced that it is going to lower the number of U.S. retail outlets, limiting the banks to six major metropolitan areas. It is likely the bank will be a presence mainly in New York, Washington D.C., Miami, Chicago, San Francisco, and Los Angeles. It will release its plans in October.
PacSun
Announced: August 20, 2009
In its most recent quarterly report, PacSun said it expects it will close a total of 40 stores during 2009 -- it closed 16 of them during the first half of this year. As of August 1, PacSun leased and operated 916 U.S. stores.
AND, THERE ARE 55 MORE CHAINS GOING DOWN OR UNDER!
HOW MUCH MORE OBAMA ECONOMICS CAN WE TAKE? IMPEACH HIM NOW!
Hat tip to wtuckerlll. Hat tip to Larry P for the picture.
Of course Obamie has such great help!
No comments:
Post a Comment