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Imploding US Economy

Updated on July 16, 2010

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.

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    • Phil Plasma profile image

      Phil Plasma 

      7 years ago from Montreal, Quebec

      This was written two years ago; I wonder how may more jobs have been lost since then. You did a great job hubbing about some terrible news.

    • profile image

      Mala Morrow 

      8 years ago

      The world has so many people that we're consuming its resources at an alarming rate.

      United States has been using more things than any other country. We have to look at the possibility of sacrifising our insatiable appetite. Less shoes, less cloths, less cars, less food. Bicycles instead of cars. Battery operated bikes that recharge from the energy we use to peddle. (a metaphor for all that we consume in energy.) So we need less stores. Jobs have to be locally created with a barter system. A banking system that's small and therefore easily checked for accountability. Less reckless more sustainable. Most of all we have to understand, its either a society built around

      consumption without "profit" or extinction because of our greed. A lessening of retail stores is in order.

    • profile image

      dreamreachout 

      8 years ago

      Never been on this hub bearlier .. vote up!! :)

    • James A Watkins profile image

      James A Watkins 

      9 years ago from Chicago

      You have a great idea! This will be, or is, an exploding field. Maybe I will get into it myself. Thanks for the valuable insight.

    • magnoliazz profile imageAUTHOR

      magnoliazz 

      9 years ago from Wisconsin

      I am sorry to hear that James A Watkins, but even during bad times there is opportunity out there!

      A friend of mine and I want to start up a Home Care business. Home Care is an exploding field. With the boomers getting older, there is more demand out there for home care every year. The good thing is that the state pays for all of this, as we work closely with social services. All we do is hire and train the workers and then assign them to the various clients. There is more money when you take care of people who have mental health issues. These people are taken care of in group homes which is less expensive than a nursing home. It is a win/win situation for all involved, plus I hope to bring needed jobs into my county.

      Of course there is a lot of paperwork involved, but it is all becoming computerized which makes it possible for one person to handle all of it.

      In the end, once the business is up and running, you can hire other people to do many of the tasks, leaving you with a good income and more free time.

      I urge anyone out there who is looking to start a business to do something in the health care field. There will always be a need in this field, and no matter who you are, there are aspects of the health care field that appeal to every kind of personality. You really do not even need a backround in healthcare, you can learn as you go.

    • James A Watkins profile image

      James A Watkins 

      9 years ago from Chicago

      There is a bit of pruning going on right now in the world of business,as always during the downturns.  The companies who survive on their own power will be strong when things turn around.  Unfortunately, mine won't be among them.

    • LondonGirl profile image

      LondonGirl 

      9 years ago from London

      I think part of the issue here is the movement from shopping on the High Street to internet shopping - it's not all about financial trouble.

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