Pam Spaulding

The Bush economy: the list of big name retailers going under grows

Filed By Pam Spaulding | November 22, 2008 1:00 PM | comments

Filed in: Living
Tags: bad economy, Bush Economy, retailers going under, shutting down stores, store closings

Wow. The Bush economy is taking a lot of companies down the toilet as Dear Leader and the GOP try to wash their hands of the destruction left during his eight-year reign of terror as he packs his bags and flies to Crawford.

While discussing the general misery of the Bush economy, take note of the businesses listed below that won't get to belly up to the taxpayer buffet like Big Auto and Wall Street. Yet all of these closings translate into a whole lot of people out of work -- people who won't have money to buy a car built by Big Auto. These retailers simply aren't "too big to fail", but enough of these midsize businesses going under will have a big impact on the already craptacular economy. It looks like a lot of malls will be ghost towns soon.

List of store closings and layoffs below the fold.

STORE CLOSINGS AND LAYOFFS:

By the end of Dec. 2008 as announced Circuit City Filed Bankruptcy, they promised to keep all stores open for the holiday season, but afterwards, they plan on closing 155 stores nationwide.

Ann Taylor closing 117 stores nationwide. A company spokeswoman said the company hasn't revealed which stores will be shuttered. It will let the stores that will close this fiscal year know over the next month

Eddie Bauer to close more stores. Eddie Bauer has already closed 27 shops in the first quarter and plans to close up to two more outlet stores by the end of the year.

Cache closing stores. Women's retailer Cache announced that it is closing 20 to 23 stores this year.

Lane Bryant, Fashion Bug, and Catherines closing 150 stores nationwide. The owner of retailers Lane Bryant , Fashion Bug, Catherines Plus Sizes will close about 150 underperforming stores this year. The company hasn't provided a list of specific store closures and can't say ! when it will offer that info, spokeswoman Brooke Perry said today.

Talbots, J. Jill closing stores. About a month ago, Talbots announced that it will be shuttering all 78 of its kids and men 's stores. Now t he company says it will close another 22 underperforming stores. The 22 stores will be a mix of Talbots women's and J Jill, another chain it owns. The closures will occur this fiscal year, according to a company press release.

You might want to rethink getting gift cards from stores that made the list and are still clinging by a thread - they are under no obligation to stop selling gift cards that the company will not be able to redeem down the road when they declare bankruptcy.

Gap Inc. closing 85 stores In addition to its namesake chain, Gap also owns Old Navy and Banana Republic . The company said the closures - all planned for fiscal 2008 -will be weighted toward the Gap brand.

Foot Locker to close 140 stores. In the company press release and during its conference call with analysts today, it did not specify where the future store closures - all planned in fiscal 2008 - will be. The company could not be immediately reached for comment

Wickes Furniture is going out of business. Wickes Furniture is going out of business and closing all of its stores. Wickes, a 37-year-old retailer that targets middle-income customers, filed for bankruptcy protection last month.

Goodbye Levitz / BOMBAY - closed already. The furniture retailer, which is going out of business. Levitz first announced it was going out of business and closing all 76 of its stores in December. The retailer dates back to 1910 when Richard Levitz opened his first furniture store in Lebanon , PA. In the 1960s, the warehouse/showroom concept brought Levitz to the forefront of the furniture industry. The local Levitz closures will follow the shutdown of Bombay .

Zales, Piercing Pagoda closing stores. The owner of Zales and Piercing Pagoda previously said it plans to close 82 stores by July 31. Today, it announced that it is closing another 23 underperforming stores. The company said it's not providing a list of specific store closures. Of the 105 locations planned for closure, 50 are kiosks and 55 are stores.

Disney Store owner has the right to close 98 stores. The Walt Disney Company announced it acquired about 220 Disney Stores from subsidiaries of The Children's Place Retail Stores. The exact number of stores acquired will depend on negotiations with landlords. Those subsidiaries of Children's Place filed for bankruptcy protection in late March. In the news release, Disney said it has also obtained the right to close about 98 Disney Stores in the U.S. The press release didn't list those stores.

Home Depot store closings. Nearly 7+ months after its chief executive said there were no plans to cut the number of its core retail stores, The Home Depot Inc. announced Thursday that it is shuttering 15 of them amid a slumping US. economy and housing market. The move will affect 1,300 employees. It is the first time the world's largest home improvement store chain has ever closed a flagship store for performance reasons. Its shares rose almost 5 percent. The Atlanta-based company said the underperforming U.S. stores being closed represent less than 1 percent of its existing stores They will be shuttered within the next two months.

CompUSA (CLOSED). clarifies details on store closings Any extended warranties purchased for products through CompUSA will be honored by a third-party provider, Assurant Solutions. Gift cards, rain checks, and rebates purchased prior to December 12 can be redeemed at any time during the final sale. For those who have a gadget currently in for service with CompUSA, the repair will be completed and the gadget will be returned to owners.

Macy's. Closing 9 stores

Movie Gallery - 160 stores will close as part of a reorganization plan to exit bankruptcy. The video rental company plans to close 400 of 3,500 Movie Gallery and Hollywood Video stores in addition to the 520 locations the video rental chain closed last fall.

Pep Boys closing 33 stores

Sprint Nextel closing 125 retail locations. New Sprint Nextel CEO Dan Hesse appears to have inherited a company bleeding subscribers by the thousands, and will now officially be dropping the ax on 4,000 employees and 125 retail locations. Amid the loss of 639,000 postpaid customers in the fourth quarter, Sprint will be cutting a total of 6.7% of its work force (following the 5,000 layoffs last year)! and 8% of company-owned brick-and-mortar stores, while remaining mute on other rumors that it will consolidate its headquarters in Kansas . Sprint Nextel shares are down $2.89, or nearly 25%, at the time of this writing.

J. C. Penney, Lowe's and Office Depot will be scaling back and cutting jobs.

Ethan Allen Interiors - The company a nnounced plans to close 12 of 300+ stores in an effort to cut costs.

Wilson's the Leather Experts closing all 260 mall stores.

Pacific Sunwear will close its 154 Demo stores after a review of strategic alternatives for the urban-apparel brand Seventy-four underperforming Demo stores closed last May.

Sharper Image: The company recently filed for bankruptcy protection and announced that 90 of its 184 stores are closing. The retailer will still operate 94 stores to pay off debts, but 90 of these stores have performed poorly and also may close.

Bombay Company. The company unveiled plans to close all 384 U.S.-based Bombay Company stores. The company's online storefront has discontinued operations.

KB Toys posted a list of 356 stores that it is closing around the United States as part of its bankruptcy reorganization.

Dillard's to Close More Stores. Dillard's Inc. said it will continue to focus on closing underperforming stores, reducing expenses and improving its merchandise in 2008. At the company's annual shareholder meeting, CEO William Dillard II said the company will close another six underperforming stores this year.

Starbucks closings: Starbucks will close approximately 600 company- operated stores in the U.S.

Pier 1 closings: Announced that they would be closing an undisclosed number of stores.

Kirklands Closings: A chain of home decor stores will be closing nearly 130 stores nationwide.

Sprint closings: to cut 4500 jobs. and 125 stores.

Linens 'n Things closings: Is closing 120 stores nationwide

Dell Inc. closed its 140 kiosks in the United States

Liz Claiborne, Inc. said it's closing the entire 54-store Sigrid Olsen chain.

Lone Star Steak House closings: 27 stores closing.

84 Lumber closings: 12 stores closing

Rite Aid closings: 28 stores

Big Dollar closings: dollar stores closing 10 stores


Recent Entries Filed under Living:

Leave a comment

We want to know your opinion on this issue! While arguing about an opinion or idea is encouraged, personal attacks will not be tolerated. Please be respectful of others.

The editorial team will delete a comment that is off-topic, abusive, exceptionally incoherent, includes a slur or is soliciting and/or advertising. Repeated violations of the policy will result in revocation of your user account. Please keep in mind that this is our online home; ill-mannered house guests will be shown the door.


That list is appallingly long.

But I have to wonder if it's not needed. Sometimes capitalism means that under-performing companies get weeded out to make room for new ones.

And is it really going to hurt America to lose several places to buy more crap t-shirts, pant suits, cell phones, DVDs, TVs, or steaks?

The list is also a little stale. For example, the Bombay Company declared bankruptcy last year and had closed all US stores by the end of January. Granted, that was under President Bush, but well before current financial panic. Their experience was the result of years of mismangement, not the general economy. I'm sure that some of the others -- Pier 1? Sharper Image? CompUSA? -- reflect a similar internal dynamic as much as they do the broader economy.

I'm really sad to see Catherine's and Lane Bryant on the list. It's really hard for curvy girls to find clothes, let alone a store that caters to them.

I do agree with Bil that perhaps it's a necessary part of scaling down American consumerism. I think we could do without 600 Starbucks stores. The sad part, of course, is that the construction of those Starbucks stores probably shut down one or two independent coffeeshops in the process.

Think about it | November 22, 2008 6:18 PM

I don't see the list as "appalling long," but, rather, wonderfully long.

Scaling back bloated quantities of commercial establishments is a fantastically good thing for the environment. We really don't need any more strip malls to fill with Circuit Cities and such. I'm especially delighted to see Home Depots and Lowe's closing, because that means less open space (woods, fields, farmland) is being wrecked (to build new homes and new subdivisions).

I dislike Bush intensely, certainly, but I think it's a mistake to use this to bash Bush. Slowing economic growth is can be a GOOD THING for everyone's quality of life (while I acknowledge the disruptions caused by stores closing), and especially our heirs, who are facing an overbuilt, overpopulated, f*cked up planet -- if we don't act.

I'm not sorry to see less Starbucks. I've always hated Starbucks; overpriced coffee and staff with an overdeveloped sense of their station in life.

The whole company could tank; we'd be better off.

These unfortunate unemployed are mostly women and computer kids, not the kind of people that will "work on roads and build bridges", Obama's stimulous plan and the only new jobs being created. When I look around me here in California the people doing heavy labor jobs are illegal aliens from Mexico. It might be different in other states.

I'm amazed that no one has noticed that the content in this post is similar to an e-mail which has been debunked on snopes.com: http://www.snopes.com/politics/business/storeclosings.asp

Some stores, such as Bombay, have already closed; other stores, such as the Gap, are still opening new stores (I assume they're just closing underperforming stores as opposed to closing stores because of the recession).

I wish it was only some of the big retailers Bush's economy was taking down the toilet. In fact, the whole economy of the country followed companies down the drain.

Bush was horrible but I seriosly doubt that Obama will do any better.