Are we really headed toward a recession ???

addisonshopper · Jun 2nd, 2008, 03:25 PM

I just got this email and I had to read it 3 times to fully comprehend where we are headed... Most of these stores are located in malls or strip malls and I am sure the effect will trickle down to the actual Retail Buildings...
and then from there on out...I am sure its going to get bad before it gets worse...
All these people losing jobs and familys... It has to be almost in the millions....(correct me if I overstated- but i am thinking about all the trickling down to the very bottom of the chain..)
I dont know how truly accurate all the information is- I got it from my aunt and she rarley forwards emails and no junk stuff.....

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, 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 the 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.
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 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
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.

addisonshopper · Jun 2nd, 2008, 03:25 PM

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. Walt Disney in the news release 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
ATLANTA - 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 U.S. 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 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.
http://www.news.com/8301-10784_3-9834177-7.html
Macy's - 9 stores
Movie Gallery - 160 stores as part of reorganization plan to exit bankruptcyThe 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.
Pacific Sunwear - 153 Demo stores
Pep Boys - 33 stores
Sprint Nextel - 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 are scaling back
Ethan Allen Interiors: The company announced plans to close 12 of 300+
stores in an effort to cut costs.
Wilsons the Leather Experts - 158 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. To see the list of store closings, go to the KB Toys Information web site, and click on Press Information
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.

chynaxdawl · Jun 2nd, 2008, 04:28 PM

headed? i thought we were already in it.

UK2ME · Jun 2nd, 2008, 05:00 PM

I'm already seeing some of those stores disappearing in my local mall - Wilsons Leather being the one on the top of my head.

If the big stores are feeling this kind of pinch, are the little mom-and-pops doing worse? Or are they actually better positioned because they can be more nimble in tough times? I'm not an economist, and I don't know the answer.

kcf68 · Jun 2nd, 2008, 05:03 PM

What goes up must come down! What goes down eventually goes up! The law of economics.... Recession definately...

barcreperie · Jun 2nd, 2008, 05:18 PM

Some of the stores listed have become so pervasive in the past few years that I've wondered how the market can support all of them. I didn't see Victoria's Secret on the list, but wouldn't be surprised to hear that some of them are closing in the next year or so.

With the globalization that's going on, jobs being offshored and U.S. companies moving to lower cost areas outside the U.S., I believe the standard of living in the U.S. will lower as these lower cost areas' standard of living increases. Things will equalize at some point and the lower cost areas will no longer be lower cost. In the meantime, many of the commercial establishments being supported by our historically higher standard of living will go by the wayside. And maybe that needs to happen.

But that's just my opinion.

addisonshopper · Jun 2nd, 2008, 07:00 PM

^excellent point. I always wondered the same thing about that. So mant of the same stores opening brand new stores everywhere. This is a one of the direct results of the RE boom and sudden fall.

esiders · Jun 3rd, 2008, 08:21 AM

Quote:

Originally Posted by barcreperie

Some of the stores listed have become so pervasive in the past few years that I've wondered how the market can support all of them. I didn't see Victoria's Secret on the list, but wouldn't be surprised to hear that some of them are closing in the next year or so.

EXACTLY!!! There is a mall near me that had two Gap stores....one at each end of the mall. And I'm talking two regular Gap stores...not a Gap and a Baby Gap. It's unfortunate, but it's time for the retail industry to clean house. Look at Starbucks...they are like the virus of the retail world! I swear there is a Starbucks within a 5-10 block radius in Manhattan alone. That's insane.

Does anyone remember 1993-1995 which was the last time I remember the retail industry cleaning house. That's when Macy's started shuting down stores and other stores starting doing overhauls (like Banana Republic)....its all cyclical.

LeeMiller · Jun 3rd, 2008, 11:05 AM

^^, LOL "virus of the retail world!"

Well alot of these stores weren't doing well anyways. The new luxury and old luxury brands/stores don't seem to be on there, like Tiffany, Saks, Neimans, Coach...Regarding a recession the WSJ just had an article on maybe why we won't have on. But the economy certainly isn't doing well and the housing correction is taking its toll in other areas. Personally, I just haven't felt like spending so much because I think that there will be more sales/bargains this year and my investments aren't doing so hot. I'm lucky to not be in an area of work that's affected by this and since I don't drive or own a home yet those costs/corrections don't affect me either. I really feel for the people who are in trouble though!

HitchcockBlonde · Jun 3rd, 2008, 08:26 PM

Quote:

Originally Posted by chynaxdawl

headed? i thought we were already in it.

Totally agree.

The Ann Taylor in my city already shut down a month or two ago. Even more scarily than all the stores shutting down for me is how many fewer jobs there are out there... (I know this, unfortunately, because I've been job hunting and have never seen this few listings in my field any other time I've ever looked...including during the dot.com crash!)

Just to add a ray of sunshine...lol. But we'll get through it as a country, we always do!

TropicalGal · Jun 3rd, 2008, 08:34 PM

Hell yes we are in a recession. Cost to fill your car with gas has doubled. Food is getting more with each day. Less disposable income means stores close...

This is it ladies, this is it. Welcome to your recession. Hold on tight, it's going to be a bumpy ride.

sphere99 · Jun 3rd, 2008, 09:31 PM

How long do we think this will last?

maxter · Jun 3rd, 2008, 09:48 PM

Watch the debate in the senate very closely this week, the farce called America's Climate Security Act.

With average gas prices across the country approaching $4 a gallon, it may be hard to believe, but the U.S. Senate is considering legislation this week that will further drive up the cost at the pump.

The Congressional Budget Office (CBO) says the act would effectively raise taxes on Americans by more than $1 trillion over the next 10 years. Approximately an additional $1 per gallon tax on gas.

The federal Energy Information Administration says the bill would result in a 9.5% drop in manufacturing output and higher energy costs.

It will also hinder U.S. competitiveness, transferring American jobs overseas to places where environmental regulations are much more lenient.

While the average American spends 4% of their income on heating their homes or other energy needs, the poorest fifth of Americans spend 19%. The cost of this bill will affect them more than anyone else.

Anyone ever heard of Smoot-Hawley Tarriff? This bill is part 2 and will sink the economy into a depression.

sphere99 · Jun 3rd, 2008, 10:05 PM

Goodness! When will it stop!

LadyLinda · Jun 4th, 2008, 06:47 AM

If the patient feels sick and has pain, it doesn't matter if the doctor says, "Technically speaking, you're not sick and that pain might not be real." The patient still feels sick and the pain is real to them. Same with this recession. Maybe it isn't technically a recession, but it feels like one to most of the U.S. population.

I'd bank on things getting worse before they get better. I'm watching the retail sector, and it's not looking good.

Jun 2nd, 2008, 03:25 PM	#1
addisonshopper Bootyliscious Joined: Sep 2006 Location: WASH/DC/VA Posts: 2,841	I just got this email and I had to read it 3 times to fully comprehend where we are headed... Most of these stores are located in malls or strip malls and I am sure the effect will trickle down to the actual Retail Buildings... and then from there on out...I am sure its going to get bad before it gets worse... All these people losing jobs and familys... It has to be almost in the millions....(correct me if I overstated- but i am thinking about all the trickling down to the very bottom of the chain..) I dont know how truly accurate all the information is- I got it from my aunt and she rarley forwards emails and no junk stuff..... 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, 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 the 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. 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 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 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. __________________ Last edited by addisonshopper; Jun 2nd, 2008 at 03:30 PM.

Jun 2nd, 2008, 03:25 PM	#2
addisonshopper Bootyliscious Joined: Sep 2006 Location: WASH/DC/VA Posts: 2,841	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. Walt Disney in the news release 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 ATLANTA - 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 U.S. 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 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. http://www.news.com/8301-10784_3-9834177-7.html Macy's - 9 stores Movie Gallery - 160 stores as part of reorganization plan to exit bankruptcyThe 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. Pacific Sunwear - 153 Demo stores Pep Boys - 33 stores Sprint Nextel - 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 are scaling back Ethan Allen Interiors: The company announced plans to close 12 of 300+ stores in an effort to cut costs. Wilsons the Leather Experts - 158 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. To see the list of store closings, go to the KB Toys Information web site, and click on Press Information 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. __________________ Last edited by addisonshopper; Jun 2nd, 2008 at 03:29 PM.

Jun 2nd, 2008, 05:00 PM	#4
UK2ME Go on, I dare ya! Joined: Mar 2008 Location: Maine Posts: 474	I'm already seeing some of those stores disappearing in my local mall - Wilsons Leather being the one on the top of my head. If the big stores are feeling this kind of pinch, are the little mom-and-pops doing worse? Or are they actually better positioned because they can be more nimble in tough times? I'm not an economist, and I don't know the answer. __________________ *Wear clean knickers!* (As my mother always told me, you just never know when you'll be run over by a bus.)

Jun 2nd, 2008, 07:00 PM	#7
addisonshopper Bootyliscious Joined: Sep 2006 Location: WASH/DC/VA Posts: 2,841	^excellent point. I always wondered the same thing about that. So mant of the same stores opening brand new stores everywhere. This is a one of the direct results of the RE boom and sudden fall. __________________

Jun 3rd, 2008, 08:34 PM	#11
TropicalGal Member Joined: Jan 2007 Posts: 3,579	Hell yes we are in a recession. Cost to fill your car with gas has doubled. Food is getting more with each day. Less disposable income means stores close... This is it ladies, this is it. Welcome to your recession. Hold on tight, it's going to be a bumpy ride. __________________ Visit me! www.theportablemother.blogspot.com

Jun 2nd, 2008, 04:28 PM	#3
chynaxdawl Member Joined: Sep 2006 Posts: 370	headed? i thought we were already in it.

Jun 2nd, 2008, 05:03 PM	#5
kcf68 Handbag Addict Joined: May 2007 Location: Finally on the West Coast!!! Posts: 568	What goes up must come down! What goes down eventually goes up! The law of economics.... Recession definately...

Jun 2nd, 2008, 05:18 PM	#6
barcreperie Member Joined: Aug 2006 Posts: 637	Some of the stores listed have become so pervasive in the past few years that I've wondered how the market can support all of them. I didn't see Victoria's Secret on the list, but wouldn't be surprised to hear that some of them are closing in the next year or so. With the globalization that's going on, jobs being offshored and U.S. companies moving to lower cost areas outside the U.S., I believe the standard of living in the U.S. will lower as these lower cost areas' standard of living increases. Things will equalize at some point and the lower cost areas will no longer be lower cost. In the meantime, many of the commercial establishments being supported by our historically higher standard of living will go by the wayside. And maybe that needs to happen. But that's just my opinion.

Jun 3rd, 2008, 11:05 AM	#9
LeeMiller Member Joined: Jun 2007 Posts: 1,723	^^, LOL "virus of the retail world!" Well alot of these stores weren't doing well anyways. The new luxury and old luxury brands/stores don't seem to be on there, like Tiffany, Saks, Neimans, Coach...Regarding a recession the WSJ just had an article on maybe why we won't have on. But the economy certainly isn't doing well and the housing correction is taking its toll in other areas. Personally, I just haven't felt like spending so much because I think that there will be more sales/bargains this year and my investments aren't doing so hot. I'm lucky to not be in an area of work that's affected by this and since I don't drive or own a home yet those costs/corrections don't affect me either. I really feel for the people who are in trouble though!

Jun 3rd, 2008, 09:31 PM	#12
sphere99 Too Obsessed... Joined: Dec 2006 Location: Chicago Posts: 1,879	How long do we think this will last? __________________

Jun 3rd, 2008, 09:48 PM	#13
maxter Member Joined: Feb 2006 Location: :heart:land Posts: 5,148	Watch the debate in the senate very closely this week, the farce called America's Climate Security Act. With average gas prices across the country approaching $4 a gallon, it may be hard to believe, but the U.S. Senate is considering legislation this week that will further drive up the cost at the pump. The Congressional Budget Office (CBO) says the act would effectively raise taxes on Americans by more than $1 trillion over the next 10 years. Approximately an additional $1 per gallon tax on gas. The federal Energy Information Administration says the bill would result in a 9.5% drop in manufacturing output and higher energy costs. It will also hinder U.S. competitiveness, transferring American jobs overseas to places where environmental regulations are much more lenient. While the average American spends 4% of their income on heating their homes or other energy needs, the poorest fifth of Americans spend 19%. The cost of this bill will affect them more than anyone else. Anyone ever heard of Smoot-Hawley Tarriff? This bill is part 2 and will sink the economy into a depression.

Jun 3rd, 2008, 10:05 PM	#14
sphere99 Too Obsessed... Joined: Dec 2006 Location: Chicago Posts: 1,879	Goodness! When will it stop! __________________

Jun 4th, 2008, 06:47 AM	#15
LadyLinda Member Joined: Jul 2007 Location: Philadelphia Posts: 582	If the patient feels sick and has pain, it doesn't matter if the doctor says, "Technically speaking, you're not sick and that pain might not be real." The patient still feels sick and the pain is real to them. Same with this recession. Maybe it isn't technically a recession, but it feels like one to most of the U.S. population. I'd bank on things getting worse before they get better. I'm watching the retail sector, and it's not looking good.