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Friday, September 03, 2010

Top Retail Stores Closing in 2010


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.

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.


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You may also like:

Recession Storming: Thriving In Downturns Through Superior Marketing, Pricing And Product Strategies Accelerating out of the Great Recession: How to Win in a Slow-Growth Economy The Return of Depression Economics and the Crisis of 2008 The New Bankruptcy: Will It Work for You?
Personal Bankruptcy Laws For DummiesHow to File for Chapter 7 Bankruptcy 
  

1 comment:

  1. I like your article and it really gives an outstanding idea that is very helpful for all the people on web.

    ReplyDelete

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