Retail Apocalypse? Major Chains Closing Hundreds Of Stores

http://newswatch.us ^ | February 11 2014 | D. Jennings

[Para-Ord.45]

Hundreds of stores across the nation are closing as some of America’s most famous retailers struggle to stay in business. The country is facing what CNBC has labeled a tsunami of store closings and blogger Michael Snyder has called a retail apocalypse.

JC Penney, which lost $586 million in three months in 2013, is planning to close 33 stores in 19 states and lay off 2,000 people. JC Penney’s stock has lost 84 percent of its value since February 2012.

Sears has decided to shut down its flagship store in Downtown Chicago, and it has closed 300 stores in the United States since 2010.

Macy’s, one of the few retail success stories, is planning to close five stores and eliminate 2,500 jobs.

Radio Shack is preparing to close 500 stores, according to The Wall Street Journal.

Best Buy recently closed 50 stores and eliminated 950 jobs at stores in Canada.

Target announced plans to eliminate 475 jobs and not fill 700 empty positions to reduce costs

[sickoflibs]

RE :”I don’t shop at any of these stores. Macys, JC Penney, and Sears are in malls....I don’t do malls”

Mall stores here are usually overpriced. I only go there for specialty stuff like Bose or a Iphone converter cable not sold elsewhere.

I think its because of the deadmalls phenomenon.
Most enclosed Malls here died in late 1990s to early 2000s leaving a just few mega-malls that grew and grew and grew, and they tailor to those who like to spend more for name.

The Columbia Mall here in Maryland is one of those, it was the subject of national (FNC, CNN ,MSNBC) attention over that weekend shooting a few weeks ago.

[Daffynition]

Good...about time the little guy [if there are any left] gets a small advantage.