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Economic Reality: 16 Major Chains Closing More Stores

companies closing stores

Image source: National Post

March 25, 2014

The economy appears to be in far worse shape than the major media outlets would have us believe.

In fact, if you want to see how bad the economy really is, simply visit your local shopping center. There you will find that headlines about a retail tsunami — as CNBC put it — are accurate.

Unfortunately, it could be just the tip of the iceberg. Recent news stories show that American retail is in a desperate situation and the entire economy is on very shaky ground.

Here are 16 companies that have closed stores or will close stores soon:

  • Office supply company Staples has announced plans to close 225 stores by 2015, which is about 15 percent of its chain. Staples already closed 40 stores last year. Industry analysts expect Staples’ main competitor, Office Depot, which bought OfficeMax last year, to announce its own round of store closings soon.
  • Radio Shack has announced plans to close 20 percent of its stores this year, which is as many as 1,100 stores. The company, which operates around 4,000 stores, reported that its sales fell by 19 percent last year.
  • Albertsons closed 26 stores in January and February according to Supermarket News. Analysts expect many more Albertsons could soon be shuttered because Albertsons owner hedge fund Cerberus Capital Management just bought Safeway Inc. Some Safeway stores could soon shut down as well.
  • Clothing retailer Abercrombie & Fitch is planning to close 220 stores by the end of 2015. The company is also planning to shut down an entire chain it owns, Gilly Hicks, which has 20 stores, 24/7 Wall Street reported.
  • Barnes & Nobles is planning to shut down one third of its stores in the next year: about 218 stores. The chain has already closed its iconic flagship store in New York City.

New book reveals how to keep this “gangster” economy from murdering your money…

  • J.C. Penney is closing about 33 stores and laying off about 2,000 employees.
  • The Record newspaper in New Jersey reported that Toys R Us has plans to close 100 stores.
  • The Sweetbay Supermarket chain will close all 17 of the stores it operates in the Tampa Bay area, The Herald Tribune newspaper reported. Many of the stores might open as Winn-Dixie Stores. Sweetbay closed 33 stores in Florida last year.
  • The entire Loehmann’s chain of discount clothing stores in the New York City area shut down. Loehmann’s once operated 39 stores, The New York Times reported, and was considered an institution by generations of New Yorkers.
  • Industry analyst John Kernan told CNN that he expects Sears Holdings, which owns both Sears and Kmart, to close another 500 stores this year. Sears has already shut down its flagship store in Chicago.
  • Quiznos has filed for bankruptcy, USA Today reported, and could close many of its 2,100 stores.
  • Sbarro which operates pizza and Italian restaurants in malls, is planning to close 155 locations in the United States and Canada. That means nearly 20 percent of Sbarro’s will close. The chain operates around 800 outlets.
  • Ruby Tuesday announced plans to close 30 restaurants in January after its sales fell by 7.8 percent. The chain currently operates around 775 steakhouses across the US.
  • An unknown number of Red Lobster stores will be sold. The chain is in such bad shape that the parent company, Darden Restaurants Inc., had to issue a press release stating that the chain would not close. Instead Darden is planning to spin Red Lobster off into another company and sell some of its stores.
  • Ralph’s, a subsidiary of Kroger, has announced plans to close 15 supermarkets in Southern California within 60 days.
  • Safeway closed 72 Dominick’s grocery stores in the Chicago area last year.

The Obama administration may tell Americans the economy is recovering, but the retail industry — and economic data — say something very different.

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19 comments

  1. Reverend Wright was right. We did not like it when he said it but then again he knew our president better than we do. Our chickens are coming home.

    • I agree… There is no trust or confidence in the President… There is an old Italian saying: You can judge the quality of a man by the company he keeps.

      Rev. Wright was right… G/d Damn America – and the president!

      • obama is the last president…second coming of Jesus Christ!! look around the globe? disstressed of nation…israel is being battered by palistainians and pressuring israel is divide their land…thats Bibe prophecy!!!

    • When life hands you a bowl of lemons….make lemonade 🙂
      When chicken comes home to roost make chicken sandwiches 🙂

      I am an American and I approve this message

    • Dat Ryte preacher Wright ! Dem chickenz B a cummin homa roos !!
      murka. Go read ” The”Long Emergency” by Kunstler. It’s filled with things you idiots should have known 12-14 years ago but were busy waving……… them thar flagses.

  2. I don’t think it’s the president’s fault. I think it’s the entire white-house to blame. It’s the whole 2 party system, and the lobbyists who are controlling the money in that system. When we allow the worlds richest people to control our government, do you really think our freedoms matter to them? Nope. 😉

    • Anonymous- I agree with you 100%

    • There are many reasons we are in this position and mishandling of the economy by presidents on both sides are just one of them.

      The aging workforce is going to be a huge drag on our economy and the natural cycles economies go through is another reason that has no political affiliation. Every industrialized country in the world had a baby boom after world war 2. That was in the spring of our economic cycle. Through the 50’s,60’s and 70’s we were very productive with many taxpayers. That was summer. Governments around the world have an increasing amount of dependents and fewer taxpayers every year. We are in the fall heading towards winter.

      Billionaire investors are cashing out of investments at an alarming rate because we are heading towards the winter cycle of our economy. Those smart people are billionaires for one reason.

      Obama should be trimming our government and preparing our country for the long hard winter ahead. The position we are in is not his fault. What he does while he is in office is completely his fault. Just as it is with any president.

      I do agree that we have far too many people in the private sector that are manipulating politics with money. Those people should be tarred and feathered in public.

  3. Kill the Dollar, Crush the Rich.
    It’s that simple
    not all of them have that much gold and silver lying around

  4. I don’t think this is a reflection of a bad economy, I think it’s a result of shifting consumer trends. Big Box stores are giving way to online retailers, & people are choosing healthier alternatives to eating @ chain restaurants…

  5. This story and the information it compiles is a real good reason to believe that record stock market levels are a sham; that they’re being artificially propped up, just like our dollar.

  6. The Obama administration isn’t shutting these stores down. Nor are they causing any slowdown in the economy to close them down.

    It’s just a sign of the times.

    This trend has been happening ever since the Internet, and more specifically Amazon, has come to redefine commerce in the 21st century. Do you blame Obama for Circuit City closing? Well, if you do, you’re an idiot, because they announced their stores were closing 4 days before he even took office.

    Circuit City, CompUSA, Blockbuster, Borders… they all are tragedies of changing times 4-8 years ago. Sears, Radio Shack, Barnes & Noble, and others are all experiencing the same thing now. It happens in a capitalist society.

  7. “The Obama administration isn’t shutting these stores down. Nor are they causing any slowdown in the economy to close them down.

    It’s just a sign of the times.”

    Yes, it’s a sign of the times alright: a sign of the ongoing Second Great Depression (aka Great Depression 2.0) which is a direct result of the people whom Obama represents. He is a puppet. Like a puppet, he is individually useless, and has uses only for those who pull his strings, and for the audience who suspends their disbelief and watches, mesmerized by his performance.

    “This trend has been happening ever since the Internet, and more specifically Amazon, has come to redefine commerce in the 21st century.”

    So it was the internet who made Quiznos obsolete? Was it the internet which caused Arby’s to close their doors in Houghton, Michigan? Was it the internet which recently caused Krystal in Attalla, AL, Food World in Rainbow City, AL, Taco Bell in Gadsden, AL, and numerous other businesses across the nation to shut their doors?

    Is it the internet which is responsible for the sudden surge in pawn shops, thrift stores, and “you store it” lockers in my town?

    “Circuit City, CompUSA, Blockbuster, Borders… they all are tragedies of changing times 4-8 years ago. Sears, Radio Shack, Barnes & Noble, and others are all experiencing the same thing now. It happens in a capitalist society.”

    Sure–when you’re in a Great Depression. Which this administration (and all their various cronies in every branch of government) has done everything in their power to embrace and extend.

    WAKE UP.

  8. I can’t speak about the other stores, but I think that sears and radio shack have caused their own downfalls. When I know more about electronics than most of the current crop of radio shack employees, that’s a problem. I don’t mean cell phones, I mean electronics that made radio shack. Hobby electronics. Fortunately there are all a couple of older employees at my local store who’ve forgotten more than I know, but unfortunately most stores have only a small portion of what they used to stock for hobbies. Which is why the Internet became popular in the first place as a retail location. If local stores don’t have what you need, someone does. And if they have speciality items, then they have everything else, too. Old fashioned one stop shopping. As for sears, have you tried going into a brick and mortar sears to get replacement parts for a Kenmore appliance lately? Or anything they have traditionally carried? Good luck. They can order if for you. Well, so can I. If i go to a store looking for a part, I probably need it right now, not a day or two. Sears used to be the place to go for that kind of thing. I still support my local brick and morter stores whenever i can, but sometimes they make it very difficult.

  9. At least 10M able bodied Americans unemployed. US Military dramatically downsizing. Millions of worker cut off from unemployment. US has not international creditability. The US citizens have lost faith in our government. NSA, FEMA, and HLS are battle ready here in the USA against any uprising. They want to take away the Freedom to Bear Arms…
    Welcome to USA, a third world nation, used to be known as the land of opportunity and the free.

  10. Of course these stores are closing. People have seen the cost of living rise steadily for the past 30 years while wages have stagnated. If my pay goes up 3% and my rent goes up 24% there becomes a shortage in discretionary income. If all my money is spent on rent I can’t afford to buy the crap you’re peddling. Raise wages and the economy will thrive again.

  11. All these problems and their future impact upon us can be turned around, but not by us because it is too great. We are called first to acknowledge what is ‘really’ going on, in order to solve the real problem. Things can get worse!

    When policies and treaties are made, along with secret deals established that result in our own citizens becoming the last in the areas of jobs or benefits/ not being made the first or the beneficiaries – this is called a curse, Deuteronomy 28:15. When you begin to see this nation serve an enemy financially, politically or job wise that’s Deuteronomy 28:48. We are seeing a nation, groups of people nations from other lands that have come from the end of the earth swiftly, speaking a tongue we don’t know and having a fierce face/ a people who will not show favor, mercy to the old or young that’s Deuteronomy 28:49-50. When we see our gate, our borders besieged, surrounded, flooded with people like a river this is Deuteronomy 28:52. and when we devour, destroy our own children that is Deuteronomy 28:57.

    We Christians must humble ourselves/ recognizing and acknowledging that we are not good. Only God is good meaning what He thinks and what He says are truly right or righteous. Then choose to repent, to turn from our own wicked ways. Repent for this nation: for those choosing the types of leaders we have, repent for the wickedness of our leaders. The Most High has promised He will hear us, deliver us, save us, rescue us and heal our land, if His people will do these things. We are being called out, now is the time not tomorrow or when we see things getting even worse.

  12. Is something wrong with you guys? Everything has migrated online. I live in an apartment complex and UPS is delivering packages by the trainload. I can hardly navigate to my front door with all the packages left in the hallway. People are shopping til they drop like never before! The optimism of my neighbors is blinding. Things are fantastic. In fact if every mall closed we would be living in an economic paradise. In fact, we need a new economic index that posits that the more layoffs and store closings that take place, the healthier the economy.

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