Earlier this year, Staples announced plans to close 225 underperforming store due to poor performance. Almost six months later, the office supply retailer hasn’t managed to turn things around, mostly because consumers are looking elsewhere for most of the things they would buy at Staples. Especially electronics. Turning things around will be a difficult task, since the chain plans aggressive discounts to lure customers back in. [More]
Customers stopping by some Best Buy stores around the United States on Saturday got a surprise: the stores had abruptly closed down for the day. When the electronics mega-chain announced a few weeks ago that they planned to close about fifty of their biggest boxes, they meant it. Forty-two Best Buy stores in twenty states (and one in Puerto Rico) will close by May 12. Or whenever they run out of stock: whichever happens first. [More]
Back in January, Best Buy CEO Brian “Brooks and” Dunn confirmed reports that the electronics retailer would continue to shrink the footprint of its bricks-and-mortar stores. But a recent memo sent to employees says not to worry about those shuttered outlets because Best Buy is opening up new stores — in China. [More]
Borders announced late yesterday that heartbreak, job loss, and terrible liquidation sales are coming to even more of its stores than previously announced, as part as the company’s bankruptcy plans. In a statement the company said that the stores added to the list will close by late May, and could start liquidation as soon as this weekend. [More]
This is rumor only, folks, but a tipster tells us that JC Penney plans on closing 11 stores this year, and that they’re freezing salaries on all employees. The retailer isn’t doing as badly as some of its competitors—it has no debt maturing in 2009, for example, and plans to have $2 billion in cash on hand at the end of this month—but considering CEO Mike Ullman has said he’s planning business conservatively for 2009, it wouldn’t be that surprising if it turns out to be true.
Looks like it’s time for Macy’s annual closing of the stores! This time it’s 11 underperforming locations that will be shuttered, and Macy’s says clearance sales will begin at those stores next week. Here’s a list of the stores that will be saying goodbye.
Levitz Furniture will close all 76 stores. [Seattle Post-Intelligencer]
How do you know if your local CompUSA is one of 129 getting liquidated starting tomorrow? If it’s not on this list, it’s going out of business.