Retail Apocalypse: All These Big-Name Stories Closing
Macy’s, JCPenney, others laying off hundreds of thousands of employees
WND
WASHINGTON – Christmas is over. Now get out.
That was the word this week as two of the nation’s giant retailers announced to employees and shoppers the closings of dozens of stores.
Macy’s is closing 14 of its 790 stores across the country.
JCPenney is closing 39 of its stores and laying off 2,250 workers.
And that’s just the beginning of the retail earthquake hitting America, say analysts.
“I believe that we are on the verge of a number of business failures of specialty retailers as well as some national general retailers which in turn will have a domino effect on those dealing with the retail industry,” says bankruptcy expert Chuck Tatelbaum. “Because of the changes in buying habits of U.S. consumers, as a result of the continuing hesitancy to spend, the 2014 holiday season was not sufficiently successful for many retailers that have either over expanded, fell out of favor or had insufficient capital and merchandise.”
The last few years have not been kind to major store chains. Many once revered brands have been closing stores. Apparently some were only staying open through the Christmas season, which will prove to be their last.
“Our business is rapidly evolving in response to changes in the way customers are shopping across stores, desktops, tablets and smartphones,” explained Terry Lundren, Macy’s chief executive officer. “We must continue to invest in our business to focus on where the customer is headed – to prepare for what’s next.”
Sears has been around for 122 years, but it, too, is closing 235 under-performing stores. Sears and Kmart lost $296 million in 2014.
Sears Holdings, which has more than 1,830 Sears and Kmart stores, said in its earnings announcement that the company “expects to migrate the shopping activity of highly engaged members who previously shopped closed stores to alternative channels.”
During 2014, Sears Holdings closed about 200 of the Sears and Kmart stores.
Reposted with permission
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Article title: “All These Big-Name Stories Closing”?
Why’d you delete my comment, it wasn’t crude/rude/sarcastic/etc.
Again…they just opened a new JC Penny close to me. So meh…
The move to electronic systems to buy and sell stuff is not an accident, or a matter of chance, its by design. Its being orchestrated. Soon, all buying and selling will be done without physical money as a result of people increasingly using their smart phones, tablets, pc’s, etc.. Soon, without an electronic device “on” you, you will not be able to buy or sell at all! Just a matter of time now.
Retailers will soon be gone. Direct buying and selling, cutting out the retailers, is being facilitated by the increasing dominance of the Online marketplace. One can buy just about any product Online, without having to drive to a physical marketplace.
This is just the beginning! A whole slew of stores will be filing for bankruptcy, such as Sears, before the year is over!
Just another case of the old being swapped out for the new. We here in this town of 14,000 had one highway out of five passing through with the most businesses look like a ghost town by 09. What took over? Mostly used car dealerships. Had a few small corporate franchises pop up but nothing much until the last 6 months. Kmart went out and now we have a new mall being built with Hobby Lobby, Ross, Marshall’s, and Petco in it. Also a new restaurant. Can’t remember the name but it is either a very small chain or a mom and pop type steak house, could be a chain from up north. I remember my grandmother when I was younger thinking the retail world was coming to an end because so many Montgomery Wards were being closed. Her favorite place to shop. Does anyone know about a corporation known as “Mercantile”? When times were “good” that company would have one dept. store go out of business and just stick another brand name in their space that was more trendy. Over, and over, and over again.