- Personal Finance
Imploding US Economy
More Store Closings, Thousand of Jobs Lost
The Coming Worldwide Depression Up Close and Personal, US Store Closings
If the current state of financial affairs has not impacted your life yet, it certainly will in the near future. Even if you are lucky enough to have money in your pocket to spend, you may not be able to spend it at your favorite stores.
Here is a list of store closings across the USA....
Mervyn's, the giant department store chain, filed for bankruptcy and will be forced to close all their stores, possibly as soon as late fall, before the holiday season. Linens ‘n Things and Ann Taylor are closing their stores, Eddie Bauer has already closed 27 stores nationwide with plans to close more after the holiday season. Women's clothing stores are especially hard hit with Lane Bryant, Fashion Bug, and Catherine's closing 150 stores nationwide. Cache, another women's clothing chain has discontinued 23 of their stores, with no plans of re-opening, ever. No one is going to fall into the Gap anytime soon as they will be shutting down 85 of their stores with plans of closing other under performing stores in the near future, possibly within the next few weeks. Old Navy and Banana Republic are also on the hit list and most of these stores will be locked up by the holidays with a dubious future at best. Foot Locker is also another financial victim of these times with 85 stores already closed. If this is not all bleak enough Wickes Furniture is going out of business - after 37 years. Levitz (since 1910) will close all 76 of its stores after Christmas 2008. The fact that many of these stores are closing down before the holiday shopping season speaks volumes of the coming financial time bomb that is ready to detonate any time soon.
Comp USA has already closed all of its stores, leaving hundreds of employees high and dry. Macy's, an American icon will be throwing the towel , with 9 stores going down the tubes along with Pacific Sunwear which will close the doors to 153 of its stores. Movie Gallery filed for bankruptcy, and plans to close 400 of 3,500 video stores. Last fall, it shut 520. Home Depot will lose 15 outlest stores, with the loss of 1300 jobs. Sprint Nextel sealed 125 retail locations and will fire 4,000 employees after losing 639,000 customers. Last year, Sprint laid off 5,000. Then there is Wilson's, the Leather Experts plans to shut 158 stores. Bombay Company will close all 384 U.S.-based stores. Bankrupt KB Toys will close 356 stores. If your head is not spinning by now it should be, because all these closing mean just one thing, the loss of jobs for thousands of people.