Tuesday, August 24, 2010

10 Big Retailers Closing Stores

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.

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.
See full article from DailyFinance: Here..


  1. empty stores during christmas season.

  2. I for one will be glad to walk through their palatial stores and stick my nose up in the air and say, 'too much', 'too pricey' and 'who wants that?'

    Retailers see the buzzards circling and one thing for sure, buzzards don't go where there isn't meat. Dinosaur meat.

    Tough break for all the retailers and their employees but liposuction entails pain.

  3. I always walk trough a store and make SURE the clerk hears me say" What fool is going to pay that much?"

  4. My son and I had to walk through Nordstroms to get to the mall stores. The clerks are all dressed in suits and dresses, looking as formal as they can. We pass a rack of mens dress shirts, cotton fabric, made in anywhere but the USA and priced at $125.00. I showed my son the tag. He understands that the person who actually made the shirt, likely lives in a dirt floor hut and eats cold rice for dinner and has never tasted ice creme in their entire life.

    I could only guess the "associates" of Nordstroms are paid less than $10.00 a hour, but are required to dress like they earn $100.00 an hour.

    Bye bye you all at Saks and A&F. I won't miss you a bit.

  5. Agreed 12:46. These retailers have built a system of exploitation, exploiting the third world and exploiting the workers in this country.

    It's just amazing to me how so many of these companies are just so surprised that if they have all their jobs overseas and don't hire people in this country that people won't buy things from them. People just don't have money in this country.

    Nobody ever became elite by paying high prices for everything. The elite got rich by screwing over everyone else. Then running to the government and screwing the masses some more. The government in general screws the masses on a daily basis, but eventually there's nothing left.

    It's just so basic. If you are constantly taking from within and moving it outside, eventually you'll run that place dry.

    My guess is soon the Jews will move on and a new area will become the new financial center. I know they want to move into China or the Middle East now, but I don't know that either of those areas really want them there. I suppose Israel will just get even bigger and that will be the new financial center.

  6. Walmart/Sams Club fired some of their employees and then brought them back through an agency at lower pay and no benefits. That's why I don't shop at Walmart/Sams Club anymore.

  7. "Agreed 12:46. These retailers have built a system of exploitation, exploiting the third world and exploiting the workers in this country."
    Paying american retail workers low wages does not mean they are exploitated ,only that they are low paid.
    Exploitation of what value ?
    What physical value do they create in services ?
    72% of the whole US GD"P" is driven by consumption including on credit.
    These third world commodities are produced by cheap, underpaid near slaves ,often working for multinational companies like Wall Mart.
    Wall MART buys ,say Chinese jeans @ $4 and sells for $25 to make a profit on markup , the retail workers are paid by getting a share of that profit from cheap labour in Asia or Haiti .These exploited workers are productive for capital because they actualy deliver commodities on which a profit can be got.

    American high waged produced jeans must be able to compete with the cheap priced jeans and still make a profit in retail .
    Wall Mart will not buy that overpriced shit!
    Final prices are not determined by each sector ,manufacturing , transport and retail adding big profits along a chain. Competition ensures that on average invested capital only gets average profits otherwise it must move elsewhere ,like to China to seek maximum profits.
    If everybody in every stage of manufacture and distribution just "added on" profits as a mark up ,that is only a recipe for an ever increasing continual price inflation.

    The goods sell on average at their labour created value, including the necessary costs of distribution ,for shelf stackers and cash register workers.
    As people must search out the lowest price,this creates the everyday illusion that the American shoppers are themselves the source of the profit especialy when they see they may be 'ripped off" not the foriegn productive of profit workers.

    The foreign credit supply including Chinese vendor financing is drying up for the US.
    So naturally with rising unemplyment and credit supply for american consumption cut, these retailers will go to the wall.
    The ponzi dollar hegenomy has collapsed only government stimulus and money printing keeps the economy ticking over.It is a failed de-industrialised dead ponzi.
    Americans have chosen to bailout the TBF Ponzi finance sector socialising the losses of capital .
    But issuing printed paper to cover and prop up a ponzi economy of accumalated debt obligations including treasury debt cannot create a real recovery .
    So, americans face years -decades -of Austerity
    paying off the interest of past debts to the TBTF and including the debts of its unproductive of real profits, therefore unexploited service workers .A labor aristocracy , credit government and private credit has already been maxed out.
    eat up your food stamps debt peons of capitalist empire america, as usury demands its past dues.

  8. In India, there is a two month wait list for a GM Chevrolet, so be careful how you interpret US data.

  9. More on why retailers are going under: I went to a Goodwill clearance center where you rummage through clothing bins. I found a new Ralph Lauren linen skirt with all the tags attached--it originally sold for $170! The thing didn't even have a lining, and you know some coolie was paid a few cents to sew it. Not only are the prices outrageous but clothes and shoes are made like crap and fall apart quickly.

  10. 1:04pm "Coolie" huh?

    Well I guess if we're going into a Great Depression might as well use racial slurs from the 30's...Right sharonsj?

  11. to 1:13 P.M.: Your anti-Semitism is really, really helpful at a time like this. You better hope that God is the forgiving type, because the Jews are His chosen people, whether you accept that or not.

  12. 1.04 and 5.09 Coolie and anti-semitism.
    Political correctness :
    Sharronj is perfectly right in referring economicaly to cheap labour Chinese factory labor employed in the export of wealth from china for the benefit of foreigners as "coolies" .He /she does not refer to the coolies as say “dirty ignorant coolies”.
    as an abusive racial term .
    The use of this term as a racial term dis not just begin in the depression . White settler racism in America is a lot older than that. .
    Both the words Jew and a Coolie referring to persons connected to economic roles and trade and in colonialism have existed in its historical development from Christan Europe.
    Jews as is well known have been associated historically with money lending ,usury , banking and world trade for hundreds of years . For example Shylock the stereo-type jew usury banker role in merchyant trade was described by Shakespeare 400 years ago.
    A big part of trade in colonialist times was trade in slaves and coolies. But with political correctness it may be considered ‘anti-Semitic” to mention that nowadays.
    To avoid accusations of anti –Semitism it is unwise to notice anything odd about
    the prominent role certain groups appearing to be in control of the world cental bank sytem ,they are clearly only banksters no different from the American banksters in control of goldman sach and treasury. Who often just happen to be Jews by religion just as there are Christian bankers.
    “Coolies” described not only Indian laborers but a form of Chinese slavery where Chinese were kidnapped and sold all around the world. After England officially abolished the open slave trade they called these slaves “Indentured labor” and exported them from India and china to its colonies.. America muscled in on the Trade in Chinese coolies by claming equal trade rights after the Opium wars by the British (much like the role of the CIA in the opium drug trade in Afghanistan).

    As for America at the time of the constitution ,both Blacks AND Indentured labor did not get a vote or recognized as having full or normal human rights. The indentured labor was mostly White Scots .Irish and the like Christians were on white indentured labor contracts.
    Americas grand continental railways , contrary to popular white settler Pioneer ideas were mainly built by Chinese coolie slave gangs .
    After the civil war the trade in coolies was banned (on the mainlandBut see Alaska canneries and Hawaii plantation workers.)

    Although Chinese labor contributed to the building of the Transcontinental Railroad in the United States and of the Canadian Pacific Railway in western Canada, Chinese settlement was discouraged after completion of the construction. California's Anti-Coolie Act of 1862 and the federal Chinese Exclusion Act of 1882 contributed to the oppression of Chinese laborers in the United States.
    Notwithstanding such attempts to restrict the influx of cheap labor from China, beginning in the 1870s Chinese workers played an indispensable role in the construction of a vast network of levees in the Sacramento-San Joaquin River Delta. These levees opened up thousands of acres of fertile marshlands for agricultural production.
    According to the Constitution of the State of California (1879):
    The presence of foreigners ineligible to become citizens of the United States is declared to be dangerous to the well-being of the State, and the Legislature shall discourage their immigration by all the means within its power. Asiatic coolieism is a form of human slavery, and is forever prohibited in this State, and all contracts for coolie labor shall be void.
    . http://en.wikipedia.org/wiki/Coolie#In_the_Americas
    political correctness comments on this page suggests not referring to anybody as Jews or coolies by the politically correct to avoid offending Mr. White History, who has Judeo- Christian sensitivities , easily offended by politicaly incorrect descriptions of the real world today.

  13. to 7:55 PM: Regardless of your rambling "history lesson", you chose intentionally to say that "the Jews" will soon move on. What difference does it make if the banksters are Jews, English, Chinese, Swiss, or Saudi? Your intentions are of a dubious nature at best. What offends me is that this blog unfortunately seems to attract some people, like yourself, who are partial to conspiracy theories and general slandering of certain groups of people, using the canard of "politically incorrect" language.

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