Sunday, January 11, 2009
Store Chains in Danger of Closing
Wake Up Mr. Bess?!?!?!?!?
I wish I could have today, but today had to be one of the slowest days at work in a while. Gas prices are beginning to rise again, people are not going out as much, people are trying to hold on to their money, and many stores are in jeopardy of closing. Many major chains have already begin to make cut backs by shutting down low performing stores, and laying off many workers due the fact that the economy is on a decline right now. Snopes.com has gathering information from various news accounts on chains that are planning, or have made the following cut backs:
-The Circuit City Chain of retail electronic stores filed for chapter 11 bankruptcy protection in 2008 and is closing 155 stores across the U.S.
-The Dillards department store chain announced the closure of 21 outlets in 2008, and said it expects more store closure in 2009
-The Foot Locker chain of shoe stores chain closed 274 outlets in 2007 and another 60 in 2008, with more such closures likely.
-The Macy’s Chain of department stores (which includes Bloomingdale’s) closed 11 outlets in 2008.
-Sprint announced in January 2008 that it would be closing 125 out of its 1,400 retail outlets.
That wasn’t even the whole list of chains provided in the article. I just chose 5 out of 28 of them, just to give you an idea of how things are looking right now. I know it will take some time but I hope that change will come soon!