Movie Gallery, Blockbuster top closures
The devastataing effects that brought about by recession between 2008 and 2009 prompted thousands of retail store owners to effect drastic changes including cost-cutting, massive layoffs, reduction of inventory frequency, an unprecedented increase in filing of bankruptcy, AND most importantly, closing of stores.
The devastataing effects that brought about by recession between 2008 and 2009 prompted thousands of retail store owners to effect drastic changes including cost-cutting, massive layoffs, reduction of inventory frequency, an unprecedented increase in filing of bankruptcy, AND most importantly, closing of stores.
It is interesting to note that last year, Federal Reserve Chairman Ben Bernanke opined in his privileged speech, that the recession was "very likely over." For many of us in the consumer business, it was the gospel of truth brought down by the gods of the US economy. So everybody was kind of optimistic for the following year.
But the year was already over, and his bold prediction seemed hyped and too early to suggest because based on the current economic demographics, recession may not be over yet. Economic indicators suggest that we are still reaping the after effects of of the economic turn. In fact, unemployment remains high at 9.8 percent.
So let's proceed with the list of stores closing, or have been closed this year.
Compared with the list last year, the current economy seemed to be in a better shape although the number of store closures remain high. The following are the complete list of the first 30 US retailers that have either made the announcement, or chains going out of business.
The left column indicates the number of stores closing or have been closed and the second column indicates the name of the retail business. I believe most of you have known these stores.
Number Closing : Retail Names
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2,415 Movie Gallery(Hollywood Video, Game Crazy)
545 Blockbuster
200 Waldenbooks (Borders)
173 Jones Apparel
149 F.Y.E.
145 Men’s Wearhouse
120 Charming Shoppes
117 Foot Locker
117 The Walking Company
114 Payless
100 AFC (Popeye’s)
100 GameStop
87 Liz Claiborne Outlets
80 Gap
79 Penn Traffic
72 Ann Taylor
57 Genesco (Journeys, Underground Station, Hat World, etc.)
50 B. Dalton (Barnes & Noble)
50 Limited
48 Destination Maternity
48 PH8 (Bebe)
43 Swooize’s
40 Big Lots
40 Jennifer Convertibles
37 Dollar Store
33 Hallmark
30 Jo-Ann
30 Little Clinic
30 Old Navy
30 Winn Dixie
Plus 1,051 more stores that follow this list.
- Figures were updated as of August 2010
- For a complete list in alphabetical order, go here:
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