dChan
Anonymous ID: 76e7c9 March 2, 2019, 5:55 p.m. No.5472885   🗄️.is 🔗kun   >>2918 >>3012 >>3209 >>3415 >>3496

Retail Apocalypse: 465 Store Closures In 48 Hours

 

Following government shutdown delays, data for Dec and Jan spending and income collapsed on Friday. This was one of the most significant drops in consumer spending since the financial crash.

 

As if the situation wasn't already dire enough, US consumers dialed back their spending in the last several months has put a sizeable dent into sales growth and foot traffic at US malls.

 

Last month, we noted that the "Retail Apocalypse" Isn't Over: It Is Only Just Getting Started".

 

We were right.

 

Fox 5 NY is reporting that major chains such as Gap, JCPenney, Victoria's Secret and Foot Locker have all announced massive closures, totaling more than 465 stores in the last 48 hours.

 

All four companies reported its fourth-quarter results last week for the holiday period, with three of them (Gap, JCPenney and Victoria's Secret) reporting a sizeable decline in same-store sales, while Foot Locker had modest growth.

 

With somewhat decent growth, because apparently, consumers still need to walk, Foot Locker shocked investors Friday with 165 store closures across the country.

 

That comes less than 24 hours after Gap told investors it would close 230 over the next several years after the company's same-store sales plunged 7% during the holiday quarter.

 

If the hemorrhaging wasn't enough, JCPenney was back on the chopping block with 18 more department store closures through the second half of this year, including three from January.

 

Bob Phibbs, CEO of New York-based consultancy the Retail Doctor, believes JCPenney will announce another round of stores closures in the second half.

 

https://www.zerohedge.com/news/2019-03-02/retail-apocalypse-465-store-closures-48-hours

Anonymous ID: 76e7c9 March 2, 2019, 6:06 p.m. No.5473075   🗄️.is 🔗kun   >>3191 >>3203

>>5473025

i remember this. loaded them all onto the same chopper. The same type of situation habbened to the polish gov't too-had mechanical issue's and forced evryone onto on plane. Found out here months ago that brennan made all the remaining ones sign an NDA basically right after they buried the member's. POS he is.