According to the news consumer prices dropped at the biggest rate in 61 years. The biggest factor there was the price at the pump but core prices (the prices of things not food or energy related) dropped 0.1%. the biggest drop in 25 years.
Housing starts as well as sales have dropped off significantly. Banks are lending less to consumers. The big ones are cutting jobs and cutting back in other ways. Stores are expecting less holiday spending and there are many closings planned for after the holidays. A friend forwarded this note to me and I will pass it along here so you can see some of the stuff I am talking about.
STORE CLOSINGS AND LAYOFFS
If you have gift cards, hurry up and use them!!
Just passing this along – FYI
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 , Catherine’s Plus
Sizes will close about 150 under performing 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, Talbot’s
announced that it will be shuttering all 78 of its kids and men’s
stores.
Now the company says it will close another 22 under
performing stores.. The 22 stores will be a mix of Talbot’s 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 / 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 1960’s, 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 under
performing 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.
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. (E.
Brunswick, Rt 18 just put up their
closing sign) 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 under performing U.S.
stores being closed
represents 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.
http://www. news.
com/8301- 10784_3-9834177-
7html ..
Macy’s – 9 stores
Movie Gallery – 160 stores as part of 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.
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
under performing 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: (Freehold Mall store closed) 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 under performing 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 under performing stores this year.
Whatever is happening I do know that those of us on a fixed income (mine has no cost of living allowance) are having a tougher time every week making sure the food gets to the table. The blame has been laid on the cost of fuel for a while now. With production and transportation costs up because of the fuel prices consumers have been paying record prices to keep their families fed and clothed. I wonder if things will get any better now that fuel prices have dropped so considerrably.
I do know that the cost of groceries have almost doubled since this time last year. At least for my regular shopping. I have been forced to break my habit of shopping locally and have been seen slinking around Wal Mart for groceries lately. I am embarassed for this action but the desire to eat healthy has caused me to go where my meager dollar goes a bit further. Beans and rice have replaced the Boca Burgers. Processed and frozen veggies have taken the place of fresh. The occasional chicken dinner has gone to the wayside.
My bills have gone to the point of cutoff notices before I have to put something else off to go pay and keep the water or electricity on. Stretching an already low income is getting harder. The power bills have gone up even though I reduce the use of electrical stuff. My habits have changed even on computer use to help with this. Good thing I found a good sale on Flannel shirts and sweaters last spring. That’ll help keep the heating bills down.
These changes in my life have me wondering about those not as fortunate as me. Families larger than mine are having it even worse. A bunch of folks are homeless this winter because of the lending fiasco they got trapped in before the big bailout. Lots more kids will be hungry at bedtime this year than last. More sickness because the heat is off or non existant. Without the “luxury” of dad’s health insurance he had to give up to try to keep them housed, less medical care for the families is imminent. That alone will lead to more costly problems.
Nationally, hell worldwide,people are much worse off this year than in almost 75 years. Consumer prices may have dropped in a record way last month but thats no solace for those who have nothing to spend. Hunger is growing in America and elsewhere and if the belly is growling nobody cares if the big boys are getting a bailout. I hope the recession lifts soon because I don’t think Americans can handle another depression like the last one. We are much too soft now.
I guess with all of my bitching I am really trying to say that now is the time to look out for each other on a personal basis. The government is looking out for the rich but we are on our own. A friend out west does a bit by carrying socks with him in the wintertime. When he sees a homeless person in the cold he gives them a pair. Hands up are more necessary now and we need to follow my friends lead.
Go grab that old coat from the back of your closet and make sure someone cold gets it. Blankets for the newly homeless kids are a good thing too. Food banks can use more this year as the high demand for feeding families seems greater than in years past. Generic canned food won’t break your budget and a hungry family doesn’t care if the canned beans say Green Giant. It all tastes good when your tumbly is rumbly.
An aquaintance of mine works with a food bank here in Roswell. The bank helps families all year long. There are donations and help from many private and corporate folks. I have watched them load the bags and noticed something lacking. I am sure it happens all over. Well meaning people just don’t think of it and it kinda made me sad. There are kids in many hungry families and there are never any cookies, candy or fun foods in the donations. If you do give to a local food bank please stop on the sweets aisle when you are shopping for the donations. Especially at holiday time sweet things make the poverty seem smaller. Make the kids day better with fun stuff when mom brings home the groceries this time. Smiles on the kids face eases mom and dads minds too.
Even though times seem tough for you and me there are people who are much worse off. Think of them today. It really is up to us this year.
