Tuesday, August 5, 2008

What Does a Recession Look Like?

from Crooks and Liars:

Ann Taylor closing 117 stores nationwide.
Lane Bryant, Fashion Bug, Catherines closing 150 stores nationwide
Talbots will close all 78 of its kids and men’s stores plus another 22 underperforming stores.
Gap Inc. closing 85 stores
Foot Locker to close 140 stores
Wickes Furniture is going out of business and closing all of its stores. The 37-year-old retailer that targets middle-income customers, filed for bankruptcy protection last month.
Levitz - the furniture retailer, announced it was going out of business and closing all 76 of its stores in December. The retailer dates back to 1910.
Home Depot closing 15 stores amid a slumping US 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.
Movie Gallery – 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 as part of bankruptcy.
* Sprint Nextel - 125 retail locations to close with 4,000 employees following 5,000 layoffs last year.
Wilsons the Leather Experts – closing 158 stores
Bombay Company to close all 384 U.S.-based Bombay Company stores.
KB Toys closing 356 stores around the United States as part of its bankruptcy reorganization.

Far from being an economist over here, but what does the above look like to you?

* (Don't have any detailed info 'bout this one in particular, but it's a rather surprising to me: a close relative owns a telecommunications store which was of one several businesses that stayed afloat--and even prospered--here in NYC when the economy slowed down after Sept. 11th, 2001.)

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