virgin744
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Add Your Bankrupt Store To The List

Fri Jan 16, 2009 5:40 pm

I'm amazed how many retail stores have gone bankrupt in the last year or so and these stores are all huge ones generally, not some family run chain of stores that employes tens of people but thousands upon thousands. Now that the world recession is evident and well on its way to heading towards the bottom (I hope soon) how many stores do you know of that are closed or being wound down? The list is staggering and the affect has been huge on many countries, I would like to know the major stores that are in deep trouble or have closed down and a rough number of people they employed.

Woolworths Closed (UK) around 27,000 jobs
Circuit City Closing (N. America) around 30,000 jobs
KB Toys Closing (N.America) ??000 jobs
Mervyns Closed (N.America) ??000 jobs
Linens 'N Things Closing (N.America) ??000 jobs
Rite Aid Winding Down (N.America) ??000 jobs
CompUSA Closed (N.America) ??000 jobs
Zavvi Closed (UK / Europe?) ??000 jobs
 
prosa
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 5:53 pm

A couple more:

Whitehall/Lundstrom Jewelers (same company)
Steve & Barry's clothing
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MadameConcorde
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 6:03 pm

Sharper Image (bankruptcy)
Linens n Things (bankruptcy)
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Confuscius
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 7:12 pm

Fotomat
Goldblatts
Korvettes
Zayre
Venture
Highland
Silo
Service Merchandise
Montgomery Wards
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srbmod
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 8:25 pm



Quoting Confuscius (Reply 5):
Fotomat
Goldblatts
Korvettes
Zayre
Venture
Highland
Silo
Service Merchandise
Montgomery Wards

Many of those went out 10-15+ years ago. Service Merchandise and Montgomery Ward have both been resurrected as online stores. This thread is mainly about more recent (in the last year or so) closures.

Another one to add to the list is Value City (not the furniture chain with the same name), although the one that had closed by me has reopened with a slightly altered name.
 
MarSciGuy
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 9:03 pm

Rite Aid is bankrupt? Or on the verge of it? I hadn't heard that...

...hopefully this is a more acceptable post  Smile
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Alias1024
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 9:17 pm

Just this week Gottschalks, a 104 year old west coast department store chain, filed for chapter 11 protection. Kinda strange since I live less than 2 miles from their corporate headquarters in Fresno.
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luv2fly
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 9:48 pm

Rite Aid? If your talking the drugstore chain I think your wrong.
You can cut the irony with a knife
 
Cadet57
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 9:51 pm



Quoting MarSciGuy (Reply 5):
Rite Aid is bankrupt?



Quoting Luv2fly (Reply 7):
Rite Aid? If your talking the drugstore chain I think your wrong.

Yeah, I was gonna say, diddnt they just buy up Brooks?
Doors open, right hand side, next stop is Springfield.
 
luv2fly
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 10:10 pm



Quoting Cadet57 (Reply 8):
Quoting MarSciGuy (Reply 5):
Rite Aid is bankrupt?



Quoting Luv2fly (Reply 7):
Rite Aid? If your talking the drugstore chain I think your wrong.

Yeah, I was gonna say, diddnt they just buy up Brooks?

They also bought about another chain that slips my mind right now.
You can cut the irony with a knife
 
srbmod
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 10:55 pm



Quoting Luv2fly (Reply 9):
They also bought about another chain that slips my mind right now.

When they bought Brooks' US stores, Eckerds was part of the deal as well. The ironic part there was that as a result, they were back in markets in which they had sold the Rite Aid locations to CVS. Between the two buyouts, there was a number of Eckerds stores that were closed.
 
Cadet57
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RE: Add Your Bankrupt Store To The List

Fri Jan 16, 2009 10:57 pm



Quoting Srbmod (Reply 10):
Between the two buyouts, there was a number of Eckerds stores that were closed.

Not really different than any other type of buyout merger, take macy's/filenes, redundant stores were shuttered.
Doors open, right hand side, next stop is Springfield.
 
canuckpaxguy
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RE: Add Your Bankrupt Store To The List

Sat Jan 17, 2009 12:12 am

How about Nortel Networks? They filed for bankruptcy protection on Wednesday.
Not sure how many people are affected by the recent news, but people have been losing jobs at Nortel for several years. Sad to see another Canadian giant go down.

http://www.cbc.ca/news/interactives/cp-nortel/
G
 
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stasisLAX
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RE: Add Your Bankrupt Store To The List

Sat Jan 17, 2009 3:57 am

Black Angus Steakhouses went belly-up today.  frown 
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virgin744
Posts: 825
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RE: Add Your Bankrupt Store To The List

Sat Jan 17, 2009 4:51 pm



Quoting StasisLAX (Reply 13):
Black Angus Steakhouses went belly-up today

lol that's almost an article heading from a British tabloid. Not too sad if true though, I ate there some years back and I thought they were way overrated to be honest.

Quoting Luv2fly (Reply 7):
Rite Aid? If your talking the drugstore chain I think your wrong.

I said winding down but I think they will probably end up in full Chap 11 this year, I cant imagine they'll survive another horrible year. Don't you think there's already too many pharmacy chains in the US? When I first came here I was surprised to see so many, Walgreens, Right-Aid, CVS, Save-On and a few more that slip my mind.

http://uk.reuters.com/article/marketsNewsUS/idUKN1627111320090116
Shares of Rite Aid were unchanged at 33 cents in pre-market trading. Rite Aid posted its sixth straight quarterly loss in December and forecast a bigger loss for this year as shoppers cut back amid the recession.

With a share price of only 33cents and no positive outlook for another year after 6 straight months of decline, that certainly doesnt look too rosy to me...
 
luv2fly
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RE: Add Your Bankrupt Store To The List

Sat Jan 17, 2009 5:11 pm



Quoting Virgin744 (Reply 14):
Quoting Luv2fly (Reply 7):
Rite Aid? If your talking the drugstore chain I think your wrong.

I said winding down but I think they will probably end up in full Chap 11 this year, I cant imagine they'll survive another horrible year. Don't you think there's already too many pharmacy chains in the US? When I first came here I was surprised to see so many, Walgreens, Right-Aid, CVS, Save-On and a few more that slip my mind.

http://uk.reuters.com/article/marketsNewsUS/idUKN1627111320090116
Shares of Rite Aid were unchanged at 33 cents in pre-market trading. Rite Aid posted its sixth straight quarterly loss in December and forecast a bigger loss for this year as shoppers cut back amid the recession.

With a share price of only 33cents and no positive outlook for another year after 6 straight months of decline, that certainly doesnt look too rosy to me...

If anything I could see some store closings though Rite Aid also has Drugstore.com as part of them so in my eyes the jury is out on Rite Aid so far.

Rite Aid could easily in my area close a few locations and still maintain a strong presence, I mean I can literally walk to 5 locations. Now the same can be said for Walgreens and CVS, so who is going to blink first?
You can cut the irony with a knife
 
usair1489
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RE: Add Your Bankrupt Store To The List

Sat Jan 17, 2009 7:37 pm

I really think Sears (even though I do work for them) is next in line... or at least my store is...
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ltbewr
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RE: Add Your Bankrupt Store To The List

Sat Jan 17, 2009 10:05 pm

Many of us here on this site should be familiar with the reasons for many airlines as to Bankruptcy, sometimes to never fly again. As some airlines that used bankruptcy, some retailers will use Chapter 11 to renegotiate payroll rates, employee benefits, eliminate excessive employees, high rate property leases, low profit locations, ditch or renegotiate long term contracts with suppliers and so on.

Like with airlines and many retailers in past recessions, I suspect we will see dozens of regional and some national chains of retailers go into Chapter 11 Bankruptcy due to the sharp decline in consumer spending short and possibly long term. Much of the decline will be due to less credit available, for some declining incomes or lost employment and others just saving money rather than spending or using credit or shifting to cheaper stores, like Walmart*. Some of those that go Chapter 11 may end up either consolidating or merging with competitiors or like Circuit City and others, go Chapter 7 Liquidation. For some trendy retailers, like the clothing chains in many malls, their marketing targets and concepts may have just ran out of time, nothing new and typical casualties in recessions. Of course some old line retailers may die due to long term problems, changing markets and marketing. Sears/K-Mart may be one of the more at risk retailers. However old chains like them have old leases at favorable rates, own a lot of their properties for their stores and operations which can be attractive to a buyer to use in a new way. I have seen that happen with regional retailers over the last 35 years here in the NY City area that went into bankruptcy, the companies bought by property investors like Vornado Realty Trust, shut down the old retail store, and their sites evolve into other 'big box' retail sites including Home Depot and in one case an IKEA.
 
Confuscius
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Joined: Wed Aug 29, 2001 12:29 am

RE: Add Your Bankrupt Store To The List

Sun Jan 18, 2009 1:34 am

United States of America

Quoting Srbmod (Reply 4):
Many of those went out 10-15+

In the words of Emily Litella: Nevermind  



[Edited 2009-01-17 17:37:17]
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ThePRGuy
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RE: Add Your Bankrupt Store To The List

Sun Jan 18, 2009 3:43 pm



Quoting Canuckpaxguy (Reply 12):
Not sure how many people are affected by the recent news, but people have been losing jobs at Nortel for several years. Sad to see another Canadian giant go down.

Their EMEA offices (Europe, Middle East, Africa) are based in my home town Maidenhead - the towns biggest employer.

Alex
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