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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 (31-40):
mommaoftwo
by Bronze Member on Feb. 4, 2013 at 8:02 PM
1 mom liked this

Hopefully the Barnes & Noble near me ( 45 mins away) doesn't close. It is the highlight of going to my dh's Christmas work party lol.  I always stop in the store when I head down that way. DH also buys my Christmas present there every year.

mom22angels38
by Member on Feb. 4, 2013 at 8:05 PM
4 moms liked this
The only one that makes me a little sad is Barnes & Noble. I have an e-reader, but there's just something about having a real book in your hands that can't be beat. I've never liked Best Buy and the other 2 are what I call "pass through stores".
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Carpy
by Ruby Member on Feb. 4, 2013 at 8:06 PM

Agreed.

Quoting JakeandEmmasMom:

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.



UpSheRises
by Platinum Member on Feb. 4, 2013 at 8:27 PM
1 mom liked this

Me too. I like to make notes and skip around, especially the second time i read a book. I am lucky to have not 1 but 3 independent books stores within a 2 mile radius of my house.

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.




UpSheRises
by Platinum Member on Feb. 4, 2013 at 8:30 PM

My bookshelf is like a badge of honor. I love when people see it and ask if I've read all those books and i can say, yes...most of them twice.

Quoting JakeandEmmasMom:

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.




Whaaaaaa....O.o
by on Feb. 4, 2013 at 8:34 PM

hmmm.  I've never had any problem with Barnes and Noble. In fact, the other day my daughter (age 4) purchased $40 worth of books on our Nook. ( There is now a password protection on it. My fault.) That was $40 we didn't have available to spend. That poor customer service guy I talked to on the phone tried everything to get my money back. But since she had already completely downloaded them (I am truely proud of her genius lol) there was nothing he could do for me. But he did walk me through step by step on setting up the parental controls. :)

Quoting katy_kay08:

four stores with horrible customer service.  


Whaaaaaa....O.o
by on Feb. 4, 2013 at 8:35 PM

Agreed bow down

Quoting mom22angels38:

The only one that makes me a little sad is Barnes & Noble. I have an e-reader, but there's just something about having a real book in your hands that can't be beat. I've never liked Best Buy and the other 2 are what I call "pass through stores".


Firenygirl180
by Bronze Member on Feb. 4, 2013 at 8:42 PM
I really hope the KMart here doesn't close. I work there. If the super Walmart here closed i would throw a huge party!
I hate jcp's new sales. I liked my $10 off a $10 purchase coupons.
I could see our local Sears closing thoughsince it just sells appliances and tools and isn't an actual Sears.
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momtoscott
by Platinum Member on Feb. 4, 2013 at 8:48 PM

 None of the names surprise me.  I personally like books in bookstores.  Every time I walk into a Barnes and Noble and see another area of floor space allocated to things that are not books I grrr a little.  If B&N's brick and mortar spaces go, maybe there will be room for more independent booksellers. That would be nice. 

My DH will be sad about Best Buy if they close stores near us. 

Sears and JC Penney--Sears should just sell appliances and service cars.  It's amusing to watch Penney lurching around in search of a viable marketing position, but it's really just a zombie.   

krysstizzle
by on Feb. 4, 2013 at 8:53 PM
Anytime I can buy a book, I do. I love the idea of books, I have dozens and dozens I haven't even read yet and I always want more. Im pretty sure they should line every wall of my house from floor to ceiling.

Im working on it. I go to town every time our local used book store has a "bag of books for $2" sake


Quoting JakeandEmmasMom:

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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