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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 (41-50):
Sisteract
by Whoopie on Feb. 4, 2013 at 9:02 PM
1 mom liked this

Carpy, my son and my parents- There's 4, :0

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.



katy_kay08
by on Feb. 4, 2013 at 9:17 PM

My son did something similar withh amazon.  Not only did they walk me through setting a passoword, they refunded me the $300 he had spent without a second thought.  

Quoting Whaaaaaa....O.o:

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.  



AllofFive19
by Bronze Member on Feb. 4, 2013 at 9:21 PM

That's too bad. 

Whaaaaaa....O.o
by on Feb. 4, 2013 at 9:38 PM
Quoting katy_kay08:




$300? Wow. I got lucky. B&N emails you everytime there is a purchase. So glad I happened to look at my phone when I did and check my email. No telling how much she would have bought if I hadn't stopped her. Lol

Though, not gonna lie. I was pretty impressed at her selections. All age appropriate, and they read to her. She loved Biscuit, Mittens, and Marley "I can read" books. :)
trippyhippy
by Gold Member on Feb. 4, 2013 at 9:56 PM

I just took my kid to B&N and one kids book was $20.  No wonder they are closing.

maciymommieof3
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What fun I had today. Spent 5 hours of Field Trip fun today!
Yesterday at 11:50 PM
by Silver Member on Feb. 4, 2013 at 10:10 PM

I agree 100%

sad as it is.

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.


maciymommieof3
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What fun I had today. Spent 5 hours of Field Trip fun today!
Yesterday at 11:50 PM
by Silver Member on Feb. 4, 2013 at 10:12 PM
1 mom liked this

yeah right? Macys has now figured how to factor in "xtra hours" to stores for internet returns and exchanges... b/c this is not baked into the the plan!

Quoting TCgirlatheart:

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!


1Giovanni
by Becca on Feb. 4, 2013 at 11:14 PM

I sure hope we don't lose our Kmart that is the only retail store we have in town. 

katy_kay08
by on Feb. 4, 2013 at 11:15 PM
1 mom liked this


Quoting Whaaaaaa....O.o:

Quoting katy_kay08:




$300? Wow. I got lucky. B&N emails you everytime there is a purchase. So glad I happened to look at my phone when I did and check my email. No telling how much she would have bought if I hadn't stopped her. Lol

Though, not gonna lie. I was pretty impressed at her selections. All age appropriate, and they read to her. She loved Biscuit, Mittens, and Marley "I can read" books. :)

Yes, it was quite a surprise.  He had received a kindle fire for his birthday and to keep the books seperate I had to create an account for him otherwise my books would have ended up on his reader. He was purchasing in game "boosts" on a free game we had allowed him to put on it, and went through $75 gift certificate and $300 from our bank account and managed to do it all in one day.  

They refunded all of it...including his gift certificate.   Needless to say I was incredibly impressed and grateful for the help and understanding of the customer service assistant.  

armyvet06
by Member on Feb. 4, 2013 at 11:17 PM
Our barnes and noble is closing soon. Sad cus i love that store!
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