Wednesday, 25 June 2008

US Store Closings: Symptoms of A Depressed Economy

1. 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.

2. 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.

3. Cache closing stores - Women's retailer Cache announced that it is closing 20 to 23 stores this year ....
http://www.gather.com/viewArticle.jsp?articleId=281474977364401

The full list at the link is fairly extensive. Although there seems to be an overabundance of stores in the certain areas of the US the most worrying fallout from these mass closures will be the lost jobs- jobs that won't easily be replaced.

People without jobs will be unable to pay for goods or service their mortgages. One thing leads to another. The US economy, from Wall Street on down, is unravelling.

[Posted at the SpookyWeather blog, June 25th, 2008.]

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