Yesterday Game Crazy announced it’s going to close over 200 of its 680 stores. The goal of the closings is to liquidate merchandise in the hope that the company can raise enough money to keep the remaining stores open.
Some may remember that Circuit City tried a similar move in October of last year when they announced the liquidation of 30% of their stores. The company had thought the liquidations would give them enough cash to save the rest of the chain, but things didn’t go as planned and Circuit City had to liquidate their entire business.
The coming holiday shopping season is going to be far more challenging for retailers than in years past. Many of the retailers are using credit to pay their bills and if that credit is taken from them they will be forced into bankruptcy very quickly.
The intensifying credit crunch and the looming failure of CIT will push tens of thousands of retailers of all types and sizes into bankruptcy.
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The retail crash that many had expected to happen last year appears to have only been delayed. Whether or not we see massive store closings this season is anyone’s guess, but one thing is for certain, there will be plenty of clearance items at the mall since Americans will be spending much less money on gifts this year than they did last.
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sounds good to me . less is best, and whats bad for the economy is good for the environment. Those games are turning kids into greedy, fat,junk food eating brats, get out and exercise with a ball and bat or play some tag, tubbies.
ReplyDeleteI'd argue wit that... but tag was fun! There was a variation of that, which I enjoyed. Teams instead of everyone for themselves. We called it Ditch. I'd prolly try to get a game of that going, but I'm dang near thirty. Maybe get into paintball...
ReplyDeleteGame Crazy? Never heard of them, some sort of place for paintball, etc?
ReplyDeleteBlogger...you have been coming up with some obscure business failures recently...wake me up when CIT "actually" collapses adn the government doesn't bail them out..Then we have a story
ReplyDeleteI think it's a good find. we have a number of these in california.
ReplyDeleteGood find? I've been reading about the "immenent" collapse of California for 12 months on this blog now.
ReplyDelete