Foot Locker, Updates
September 5, 2019: Bed Bath & Beyond to close stores; refresh more than 160 of the company's stores and reduce inventory.
March 13, 2018: Toys 'R Us preparing to close all stores; liquidate.
November 1, 2017: Book World to close; based in Appleton, WI; operates 45 book stores in seven states, including 20 in Wisconsin; liquidating its inventory; closing all locations after 41 years of being in operation.
May 21, 2017: Staples -- bleak, The Street. Flashback: judge nixes Staples-Office Depot merger -- antitrust law. Judge had not heard of Amazon.
May 16, 2017: as planned, Rue21 filed for bankruptcy protection on Monday (yesterday). Meanwhile, Dick's Sporting Goods shares tumbled on weak sales; biggest one-day drop in 3 years. Again, much of what Dick's sells can be ordered through Amazon or bought at Wal-mart.
May 6, 2017: Mountain Gander closing stores nationwide ... acquired by Camping World Holdings Inc. last week. Gander Mountain said the move means it will continue to be a part of the “specialty outdoor market,” though it’s unclear from the statement how it will continue to serve customers.
Gander Mountain has been in business for 57 years and has locations in 26 states. [Update, May 7, 2017: there is some confusion here. The new owner says he did sell the entire inventory, but he plans to keep at least 70 locations open.]
May 5, 2017: not a "big box" store, but a "big restaurant" is said to be preparing for bankruptcy filing.
May 4, 2017: story on See's Candies, but mentions large number of retailers that have gone bust; See's Candies is doing just fine, mind you.
April 29, 2017: luxury fashion brand Vince is the next retailer likely to go under.
April 21, 2017: Bebe Stores announces it is closing.
April 9, 2017: Rue21 to file for bankruptcy protection; retail stores on fastest pace ever for store closing.
April 4, 2017: Payless Shoes files for bankruptcy protection. 400 stores close.
March 27, 2017: is it all over for Whole Foods; customers are voting with their feet; heading to Krogers.
March 24, 2017: GameStop shares down 12% on lower earnings. Sears closer to the end.
March 21, 2017: Payless Shoes to file for bankruptcy as early as next week.
February 26, 2017: in addition to JCPenney, five other retailers closing a large number of big box locations: Sears, Macy's, Kohl's, and CVS Pharmacy.
February 24, 2017: USA Today suggested these big box stores are in trouble, at least to some degree:
- Aeropostale clings to life
- PacSun emerges from bankruptcy protection
- Sears and K-Mar struggle
- Macy's is getting smalelr
- JCPenney is shrinking
February 19, 2017: Wal-Mart's problems.
February 15, 2017: Warren Buffett sold off almost all of his shares in Walmart. Replaced Walmart with airlines.
January 7, 2017: Nieman Marcus, The Limited, Sam's.
December 6, 2016: southern California apparel company -- American Apparel -- looking to move to lower cost state.
December 4, 2016: increasing speculation that Sears/K-Mart will declare bankruptcy soon.
October 4, 2016: posted at this site.
August 3, 2016: Office Depot to close 300 stores after regulators stuff the Staples / Office Depot merger.
July 13, 2016: The Street takes a look at Staples. The writer says that Staples will keep shrinking, mostly due to Amazon. Shares have nosedived 42% over the past year; the S&P 500, over the same period, up about 2%.
June 28, 2016: is Forever 21 about to "go under"?
A shipping firm that delivered clothing to Forever 21 Inc. stores has abandoned the retailer, saying business has slowed so much that the work is no longer profitable.
EZ Worldwide Express is sizing down after canceling Forever 21’s shipping contract. Under that deal, EZ Worldwide Express agreed to be Forever 21’s exclusive carrier for at least 171 stores until 2019, according to documents filed in U.S. Bankruptcy Court in Newark, N.J.
The Elizabeth, N.J., company, filed for bankruptcy in January (2016). Since then, it has laid off about 200 workers and plans to sell about 140 vehicles and other equipment, including tractors, forklifts and conveyor belts that it no longer needs after the loss of Forever 21’s business.May 19, 2016: Sports Authority will close all stores.
May 12, 2016: any wager on when either (or both) file for bankruptcy, Staples or Office Depot?
May 7, 2016: Lands' End struggling.
May 6, 2016: JCPenney next to go under?
May 3, 2016: Sports Authority, Aeropostale, and New York Fairway Supermarkets.
March 8, 2016: Sears looking for $750 million loan to stay afloat.
March 3, 2016: Sports Authority bankrupt and closing 140 stores.
February 26, 2016: the Wall Street Journal is reporting --
Dismal holiday results from retailers are prompting executives across the industry to shrink or adapt their stores, and rethink the cost of growing their online operations.
Declining shopper traffic is prompting companies such as Macy's Inc. and Wal-Mart Stores Inc. to close low-performing locations this year. The shift to online shopping also is vexing chains: Nordstrom Inc. said it would curtail technology spending after profits fell 29% last quarter, in part because of costs related to Web sales.
February 26, 2016: Kohl's is closing stores as the department store industry collapses.
October 20, 2015: Amazon.com hiring more than JC Penney, Walmart combined.
October 15, 2015: not really "big box," but is Walmart down and out?
October 5, 2015: American Apparel files for bankruptcy protection.
June 19, 2015: Office Depot shareholders approve sale to Staples.
June 16, 2015: Gap to close one-quarter of its retail clothing stores.
March 3, 2015: Target to cut thousands of jobs in $2-billion cost-cutting exercise.
January 8, 2015: CNBC is reporting that Macy will shutter 14 stores. See more on big box stores here.
January 8, 2015: USA Today is reporting: Wet Seal is closing 338 stores and laying off 3,700 employees in an effort to avoid a bankruptcy filing.
January 8, 2015: USA Today is reporting:
Despite a better-than-expected holiday shopping season, it wasn't enough to keep J.C. Penney from announcing it will shutter 39 underperforming stores and lay off 2,250 workers.
Penney said the mall-based stores in 19 states will close by early April. Word of the store closures - which represent about 4% of the middle-market chain's stores - came just days after Penney said holiday sales rose 3.7%.October 28, 2014: Sears layoffs swell to 7,000 (original report was "only" 5,000 layoffs); as more stores added to list of closure; and one distribution center closed.
May 20, 2014: Staples shares plummet -- down almost 13%.
Shares of Staples are getting reamed this morning after the struggling office supply retailer announced first quarter earnings fell short of analyst estimates and cautioned for the current period. For the quarter ending May 3 Staples said it earned $0.18 on $5.65 billion in revenue. Wall Street had been looking for $0.21 on $5.61 billion in revenue. Same store sales declined 4%.
Staples says it expects to earn somewhere between $0.09 - $0.14 in the current quarter compared to a $0.15 average estimate.
January 22, 2014: A day late, a dollar short, CNBC is now reporting on the impending demise of the big box store.Guiding lower is becoming a quarterly event for Staples. In March the company announced plans to close 225 of its U.S. stores. As of this morning Staples says 80 of those locations will be shuttered by the end of the current quarter. About the only positive during the period was 6% growth at Staples.com. Staples is still the second largest on-line retailer in the world though Walmart is quickly closing the gap.
January 21, 2014: Sears to close its downtown Chicago flagship store due to flagging sales.
January 16, 2014: Best Buy is bludgeoned. Investors on Wall Street who never get out to shop in the country's malls are unaware that the big box stores have become show rooms for Amazon.
November 25, 2012: big-box stores wrestle e-commerce gorilla, WSJ
Indeed, Amazon, whose global revenue from retail totaled $46.5 billion in 2011, is the gorilla in the e-commerce room.
By comparison, Wal-Mart has said it expects to do over $9 billion in global e-commerce revenue in fiscal 2014, beginning in February.
Amazon sells many of the same products as big-box stores but can undercut them on price due to lower overhead. It also uses computer algorithms to adjust prices in real time. Traditional retailers often can't move as rapidly because online prices must match those in stores.September 26, 2012: I have thought about my earlier comment regarding TRU (see below). I think I'm wrong. Now: to store, shipping is free; to home, orders > $49 are free; so it may not seem as bad as it might. I also assume I was wrong yesterday when I suggested ordering on-line, TRU would ship the item to the store; I assume they would do that only if the item was not already available there. Now it sounds more like one-day layaway. Maybe it will work but adding staff to make it work seems problematic. Bottom line: I'm probably wrong. Maybe TRU should market it as "same-day layaway" or "one-day layaway."
Original Post
September 25, 2012: Staples accelerating closure of previously announced closures.
September 25, 2012: Toys 'R Us -- new business model -- folks order on-line; pick-up product in store; this will be interesting to watch. Two thoughts: it's possible busy folks enjoy shopping on-line, only to have to drive to the nearest Toys 'R Us store; find parking; walk to customer service; stand in line; etc., etc. Second thought: we now have a middle person in the mix to mess up the order -- minimum-pay associates receiving, retrieving items. Big Box stores are geared for large shipments to arrive; now they will be getting individual packages that need to be stored in such a way they are easily retrievable when the customer comes in. Recipe for success or recipe for disaster. Wouldn't "free" shipping be easier and more reliable? The whole goal is to get more foot traffic; I don't see it. The demographics don't work: unless it's grandparents doing most of Toys 'R Us shopping, it won't work. Young parents today are wired to the 'net. They love ordering on-line and getting stuff delivered.
It will be very interesting to see how it shakes out. Consumers want a local "show room" to pick out what they like, then go home and buy it cheaper on Amazon. I think this is killing Best Buy. So can the "show rooms" compete with the "Amazons" by holding limited in-store inventory, "small box" stores, and free pick up at the store or home delivery?
ReplyDeleteQuick knee-jerk response: the only way the big box stores will survive is by establishing a "sincere" / meaningful relationship with the customer. The staff is going to have to be seen as watching out for the consumer, looking for the best deal for the customer even if it means steering them to a competitor. The staff is going to have to be able to offer deals on the spot. A big irritant for me in big box stores is pushing "warranties" on me. The problem is: how often do you really visit a Best Buy for electronic equipment, maybe once a year?
DeleteYes, this is going to be very interesting to watch this shake out. With no change in big store "culture" they won't survive.