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Current Events & Hot Topics Current Events & Hot Topics

4 retailers likely to close stores this year

 

These are the retailers that will close the most stores in 2013.

24/7 Wall St.: The Most Valuable Actors of All Time

1. Best Buy

· Forecast store closings: 200 to 250

· Number of U.S. stores:1,056

· One-year stock performance: -36.8 percent

The holiday season was rough for Best Buy Co. Inc. Same-store sales declined by 1.4 percent year-over-year, with international stores posting a 6.4 percent decline while U.S. same-store sales were flat. Companywide, the electronics retailer reported that holiday revenue had declined to $12.8 billion from $12.9 billion the year before. In the most recent completed quarter, during which same-store sales declined 4.3 percent, the company reported a loss of $0.04 per share. Best Buy has been plagued by customers “showrooming” -- looking at products in the store and then purchasing them online -- in recent years. Speculation persists that former chairman and founder Richard Schulze may buy out the company.

Related: Best Buy to close 15 stores in Canada

2. Barnes & Noble

· Forecast store closings: 190 to 240, per company comments

· Number of U.S. stores: 689

· One-year stock performance: 8.95 percent

The move by customers away from print books toward digital books has hurt Barnes & Noble Inc.. Same-store sales during the nine-week holiday season fell by 8.2 percent year-over-year. The bookseller has tried to offset the declines in physical book sales with its Nook e-book reader device, but sales of that device fell 13 percent compared to the previous year. The company already has begun cutting down the number of its stores in the past several years. In a recent interview with the Wall Street Journal, the head of the retail group at Barnes & Noble said he expected the company to have just 450 to 500 retail stores in 10 years.

24/7 Wall St.: America's Most Misleading Product Claims

3. Sears Holding Corp.

· Forecast store closings: Kmart 175 to 225, Sears 100 to 125

· Number of U.S. stores: 2,118

· One-year stock performance: 8.8 percent

Both Sears and Kmart have been going down the tubes for a long time, steadily losing their middle-income shoppers to retailers such as Wal-Mart Stores Inc. and Target Corp. Sears Holdings Corp.'s same-store sales have declined for six years. In the most recent year, same-store sales at the namesake franchise fell by 1.6 percent and at Kmart by 3.7 percent, compared to the year-ago period. The company is already in the process of downsizing its brick-and-mortar presence. In 2012, Sears announced it was shutting 172 stores. CEO Lou D’Ambrosio is leaving the company in February, to be replaced by chairman and hedge-fund manager Edward Lampert. Lampert has minimal operating experience in retail management.

4. J.C. Penney

· Forecast store closings: 300 to 350

· Number of U.S. stores: 1,100

· One-year stock performance: -53.6 percent

J.C. Penney has gone through a rough stretch recently. In the most recent quarter, same-store sales fell by 26.1 percent compared to the year-ago period. Even Internet sales, which are increasing significantly across the retail sector, have taken a turn for the worst, falling 37.3 percent in the third quarter, compared to the prior year. J.C. Penney sales have taken a turn for the worst since former Apple Inc. retail chief Ron Johnson took the helm at the company. Johnson’s plan, among others, has been to wean customers off of heavy discounting and simply give customers low prices. However, retail strategists and analysts have argued that Johnson’s plans have created confusion among customers and has been a further setback to any potential turnaround.

by on Feb. 4, 2013 at 10:49 AM
Replies (21-30):
lga1965
by on Feb. 4, 2013 at 7:45 PM
1 mom liked this

Oh no, not JC Penney! It is my favorite store besides Target. I love their clothes, their kids clothes and their Home Store. Our JC Penney just got a total remodel and it is beautiful.

Damn....if they go out of business I will be depressed.

lizzielouaf
by Gold Member on Feb. 4, 2013 at 7:46 PM
5 moms liked this
I love Amazon, I really do but I miss bookstores. I used to love browsing and exploring different sections. Plus I like holding an actual book instead of reading one on a Kindle or iPad. Bums me out.
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WesternNYmom
by Silver Member on Feb. 4, 2013 at 7:46 PM
2 moms liked this

I personally will miss JCP.  It is the only department store up here that I shop at regularly. Macys is way over priced, and their kid's department is a joke, especially when you are looking for clothing for little boys.  Sears started going down hill when they were bought by kmart, and I am just not  a big fan of Kohl's. 

Best Buy is really expensive for alot of their items, and I rarely shop there.  As for Barns and Noble, I usually only shop their at Christmas time. I prefer to read paper books, but I can get them at a better price On Amazon.com.

TCgirlatheart
by TC on Feb. 4, 2013 at 7:47 PM
1 mom liked this
The Internet is killing actual stores.
If I can buy it online and avoid bringing 2 energetic little boys with me and all the required "stuff", in buying it online.
And at Holiday time, if I can avoid the crowds--online!
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lga1965
by on Feb. 4, 2013 at 7:47 PM

 

Quoting mikiemom:

 Yes, this is a common factor among these four stores.

 

Quoting katy_kay08:

four stores with horrible customer service.  

 

 

 Our JC Penney has wonderful customer service. Sears is pretty good too. The thing is.....most people are polite and NICE in Minnesota,though.  We always have good customer service. big smile mini

acrogodess
by Silver Member on Feb. 4, 2013 at 7:48 PM
sad face for sears, best buy and Barnes and noble.

Not really a fan of jc Penney. Im really a Macy's girl
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WesternNYmom
by Silver Member on Feb. 4, 2013 at 7:52 PM

 


Quoting lga1965:

 

Quoting mikiemom:

 Yes, this is a common factor among these four stores.

 

Quoting katy_kay08:

four stores with horrible customer service.  

 

 

 Our JC Penney has wonderful customer service. Sears is pretty good too. The thing is.....most people are polite and NICE in Minnesota,though.  We always have good customer service. big smile mini

I love the customer service at our JCP stores as well.  Their never seems to be enough registers open at Sears, and at Macy's they really need to install intercoms so you can page clerks when you need to check out. I was at Macy's with my mother back around Christmas time.  There were at least 10 registers in that gd store and the only one that had a clerk working at it was in the kid's department. The line was a mile long. That is one of my biggest complaints about Macy's.

 

lga1965
by on Feb. 4, 2013 at 7:56 PM

 

Quoting WesternNYmom:

 

 

Quoting lga1965:

 

Quoting mikiemom:

 Yes, this is a common factor among these four stores.

 

Quoting katy_kay08:

four stores with horrible customer service.  

 

 

 Our JC Penney has wonderful customer service. Sears is pretty good too. The thing is.....most people are polite and NICE in Minnesota,though.  We always have good customer service. big smile mini

I love the customer service at our JCP stores as well.  Their never seems to be enough registers open at Sears, and at Macy's they really need to install intercoms so you can page clerks when you need to check out. I was at Macy's with my mother back around Christmas time.  There were at least 10 registers in that gd store and the only one that had a clerk working at it was in the kid's department. The line was a mile long. That is one of my biggest complaints about Macy's.

 

 That is the way it is at OUR Macy's too. I don't shop there unless the store is almost empty and there is a really good sale. :-)

Carpy
by Ruby Member on Feb. 4, 2013 at 7:59 PM
3 moms liked this

I do, I hate ebooks

Quoting FromAtoZ:

Sears has been on their way out for a while now.  Penney's blew it with the new plan.  Best Buy, I don't shop there so I really can't say much.  Barnes and Noble, no one reads actual books any more.  Sad, sad day.


JakeandEmmasMom
by Platinum Member on Feb. 4, 2013 at 8:02 PM
3 moms liked this
There is no book smell on an e-reader. Also, my shelves upon shelves of books makes me happy.

Quoting Carpy:

I do, I hate ebooks

Quoting FromAtoZ:

Sears has been on their way out for a while now.  Penney's blew it with the new plan.  Best Buy, I don't shop there so I really can't say much.  Barnes and Noble, no one reads actual books any more.  Sad, sad day.


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