TLP: What the FCUK? Abercrombie, Bebe and Blockbuster Also in Retail Fail
Nothing says recovery like massive store closings. So shop those going-out-of-business sales and scoop up all the hip and edgy formerly overpriced clothing, DVDs and canned goods (?) you can.
AOL Daily Finance:
Your next shopping trip may not be as convenient as it used to be. The second quarter earnings season brought news from several major retailers that they will be shutting down stores. Both Saks (SKS) and Abercrombie & Fitch (ANF) said they were closing stores in several parts of the country. Meanwhile, other stores like the struggling Blockbuster video rental chain, continue to slash stores by the dozens. American Apparel (APP), which is close to defaulting on its loans, just may be next.Here's the Daily Finance Top 10:
Consumers just aren't shopping the way they used to. Even Wal-Mart Stores (WMT), which typically fares well during tough economic times, is worried. "The slow economic recovery will continue to affect our customers, and we expect they will remain cautious about spending," said president and CEO Mike Duke in a statement that was released during the company's second quarter earnings report.
With the prospects for economic recovery iffy at best and consumer spending still moving at a snail's pace, it's little wonder that retailers are sussing out their weakest stores and closing them in order to protect profits. Retailers say they are positioning themselves to play where they can be strongest and avoid burning resources in places that won't produce the results they want. Here are some of the biggest store closings of late.
SaksMore to come.
American Eagle Outfitters
Abercrombie & Fitch