It is often claimed republicans are good for business, one wonders if that business is in China or do they just mean perks for the wealthy? Surely their record under Reagan, Bush, and now Bush Jr has been abysmal. Trickle down, supply side, voodoo economics, what ever one chooses to call it is a failure for Americans. Wages are stagnant or have gone down, job loss is significant and yet some will actually vote for more of the same. Remember W was a business graduate and was going to be good for the economy, that theory goes out the window fast. Republicans can only brag about a few things - they are great at job loss, deficits, and unnecessary war. Oh well, so it goes.
The proof as they say is the pudding and here is the pudding.
"Department store operator Dillard's reported a $38.3 million second-quarter loss, hurt by huge sales drops in its children's apparel and furniture departments, and says that it will close 8 more underperforming stores.
Goodyear, the largest U.S. tire maker by sales, plans to close 92 of its 742 stores in the U.S. that are not producing "acceptable returns." The company recently closed a tire plant in Australia.
Mrs. Fields - Why? As a tough economy forces consumers to limit their discretionary spending on items like cookies, Mrs. Fields prepares to file for Chapter 11 bankruptcy. The company, which has faced a number of franchise store closings since 2004, may need to close more as it reorganizes.
Limited Too - Why? Citing weak sales, Tween Brands Inc. plans to close 26 of its Limited Too preteen stores and convert 560 to its lower-priced Justice brand.
Steve & Barry's - Why? It appears that Steve & Barry's will get a second shot, as Bay Harbour Management, which specializes in turning around distressed and bankrupt properties, offers to buy out some of the teen apparel retailer's assets. The Port Washington, N.Y., had filed for Chapter 11 bankruptcy protection last month and could have closed most if not all of its 276 stores.
Boscov's - Why? The Boscov's at the Monmouth Mall in Eatontown, N.J., is one of 10 locations the chain -- the nation's largest family-owned department store -- announced it will shut down.
Bennigan's, Steak & Ale - Why? The Bennigan's and Steak & Ale restaurant chains, owned by the Metromedia Restaurant Group, filed Chapter 7 bankruptcy protection, in which a company seeks to shut down and liquidate its assets. Bennigan's indicated in the filing that it has 38 outstanding creditors and will have no funds remaining after they are repaid.
Linens 'n Things - Why? In a sign that its fortunes are beginning to turn, retailer Linens 'n Things, which filed for bankruptcy in May, announced that it would close fewer stores than it had anticipated. The chain will shut down 57 stores in its latest restructuring, 30 fewer than it had originally planned to close. Combined with its list of 120 closings announced along with its bankruptcy filing, the company will close a total of 177 stores.
Mervyns - Why? The future is in doubt for the low-end department store chain, which has been steadily closing stores since its purchase by several private equity houses in 2005. Mervyns' shelves are thinning as vendors and lenders have held up shipments and financing after the shop fell silent about its finances.
Starbucks - Why? After years of ambitious expansion, the coffee retailer plans to close 600 U.S. stores, most of which were opened only in the last two years. Starbucks says it will try to place affected employees in neighboring coffee shops.
Goody's Family Clothing - Why? Tennessee-based Goody's announced June 9 that it was filing a voluntary petition for Chapter 11 bankruptcy reorganization in Delaware, where the company is registered.The company will also close 103 stores.
A.C. Moore Arts & Crafts - Why? Citing the current tough retail environment, the East Coast crafts retailer said it was closing 5 to 7 percent of its 139 stores and will rein in plans to expand.
Home Depot - Why? In a first for Home Depot, at the start of May it announced plans to close 15 underperforming stores in the U.S., following 1,450 job cuts since December.
Disney Store - Why? At the beginning of May, The Walt Disney Co. announced it was assuming management of 220 Disney Stores in North America, which had been run by Children's Place. Disney plans to close 98 of the stores in the U.S. and two in Canada.
84 Lumber - Why? Just a month after rolling nine stores into sister facilities, 84 Lumber announced April 8 that it would close down 30 more stores, affecting about 230 workers, as the lumber retailer copes with a decline in homebuilding.
Pacific Sunwear - Why? By April, Pacific Sunwear had shut down the last of 154 struggling Demo stores, which sold urban-inspired clothing. PacSun closed 74 underperforming Demo stores a year ago.
Fashion Bug - Why? In early February, retailer Charming Shoppes announced it would shut down 150 underperforming stores, including 100 Fashion Bug stores, 4 Petite Sophisticate stores, and the remainder a balance of Lane Bryant and Catherine's stores.
Ann Taylor - Why? At the end of January, Ann Taylor announced plans to close 117 underperforming stores by 2010, in an attempt to make the retailer "more agile," according to CEO Kay Krill.
Sprint Store - Why? The wireless carrier announced in mid-January that it would cut 4,000 jobs and close 125 Sprint stores, reacting to a steep drop in its customer base.
Ethan Allen - Why? On January 10, Ethan Allen said it would shut down 12 retail stores and two service centers, cutting costs to weather the slowdown in home sales.
Sharper Image - Why? As it navigates its way (with a battery-powered Swiss army knife, no doubt) through Chapter 11 bankruptcy, gadget and gift retailer Sharper Image plans to close about roughly half of its 184 stores.
Talbots - Why? At the beginning of the year, Talbot's announced that it would shut down 66 Talbots Kids and 12 Talbots Mens stores by September, costing 800 employees their jobs.
Zales Jewelers - Why? The poor economy is taking its toll on luxury vendors and so the jeweler is closing 50 kiosks and 55 full-size stores -- leaving it with 2,145 locations.
Rite-Aid - Why? The drugstore chain announced in January that it was exiting the Las Vegas, Nev. market because the 28 stores there had not been contributing to overall results. The company hasn't opened a new store in the Las Vegas area since 1999.
Foot Locker - Why? With income down 78 percent in 2007, the shoe retailer is running for the hills. It's putting 140 more of its 3,785 stores on the chopping block in addition to the 274 it closed last year.
Macy's - Why? According to a Dec. 28, 2007 press release, Macy's is closing 9 locations due to declining sales. However, it expects to open 5 new stores in 2008 and 6 to 8 new locations are currently planned for 2009.
Big Dollar - Why? The 21-year-old discount chain based in Minnesota finds times too tough to sell even dollar buys, despite the conventional wisdom that people shop at these stores more in bad economic climates. As a result 10 stores are closing.
Wilsons Leather - Why? With "substantial doubt" about its ability to stay in business, the company is hoping women will bail it out. It's shutting 105 of its mall-based stores and will turn the remaining 100 mall stores into accessory boutiques called Studio.
Urban Interiors & It's Gotta Go - Why? The company that owns two Seattle-area stores thought its home furnishing stores weren't performing as well as its other holdings, Continental Furniture and Thomasville Home Furnishings, so it's closing time.
Dell - Why? Dell keeps losing market share to As Hewlett-Packard -- it has slipped into second place in PC sales behind HP -- so the company that pioneered direct sales is turning away from the strategy and refocusing its efforts on sales in big box stores, so 140 mall kiosks had to go.
CompUSA - Why? In Dec. 2007, the Computer and electronics retailer announced it would start winding down its retail operations after being acquired by an investment firm, which is looking to sell the company's business and assets. About 103 retail stores will be sold or shut down.
Pep Boys - Why? The auto parts company laid off 550 employees as it shut down stores in November as part of a five-year strategic plan that will include a change in its mix of automotive products and adding "smaller neighborhood service shops." 31 stores will be closed.
Kirkland's - Why? Management of the national home-decor chain told analysts it intends to close 30 underperforming stores during the fourth quarter, which ended in January. It is considering closing even more stores (up to 100) in the next 18 months."
From AOL Money and Finance News 08/28/08
more on economy
Paul Craig Roberts: The Fading American Economy
David Michael Green: The Fire This Time
Paul Craig Roberts: Watching Greed Murder the Economy
The proof as they say is the pudding and here is the pudding.
"Department store operator Dillard's reported a $38.3 million second-quarter loss, hurt by huge sales drops in its children's apparel and furniture departments, and says that it will close 8 more underperforming stores.
Goodyear, the largest U.S. tire maker by sales, plans to close 92 of its 742 stores in the U.S. that are not producing "acceptable returns." The company recently closed a tire plant in Australia.
Mrs. Fields - Why? As a tough economy forces consumers to limit their discretionary spending on items like cookies, Mrs. Fields prepares to file for Chapter 11 bankruptcy. The company, which has faced a number of franchise store closings since 2004, may need to close more as it reorganizes.
Limited Too - Why? Citing weak sales, Tween Brands Inc. plans to close 26 of its Limited Too preteen stores and convert 560 to its lower-priced Justice brand.
Steve & Barry's - Why? It appears that Steve & Barry's will get a second shot, as Bay Harbour Management, which specializes in turning around distressed and bankrupt properties, offers to buy out some of the teen apparel retailer's assets. The Port Washington, N.Y., had filed for Chapter 11 bankruptcy protection last month and could have closed most if not all of its 276 stores.
Boscov's - Why? The Boscov's at the Monmouth Mall in Eatontown, N.J., is one of 10 locations the chain -- the nation's largest family-owned department store -- announced it will shut down.
Bennigan's, Steak & Ale - Why? The Bennigan's and Steak & Ale restaurant chains, owned by the Metromedia Restaurant Group, filed Chapter 7 bankruptcy protection, in which a company seeks to shut down and liquidate its assets. Bennigan's indicated in the filing that it has 38 outstanding creditors and will have no funds remaining after they are repaid.
Linens 'n Things - Why? In a sign that its fortunes are beginning to turn, retailer Linens 'n Things, which filed for bankruptcy in May, announced that it would close fewer stores than it had anticipated. The chain will shut down 57 stores in its latest restructuring, 30 fewer than it had originally planned to close. Combined with its list of 120 closings announced along with its bankruptcy filing, the company will close a total of 177 stores.
Mervyns - Why? The future is in doubt for the low-end department store chain, which has been steadily closing stores since its purchase by several private equity houses in 2005. Mervyns' shelves are thinning as vendors and lenders have held up shipments and financing after the shop fell silent about its finances.
Starbucks - Why? After years of ambitious expansion, the coffee retailer plans to close 600 U.S. stores, most of which were opened only in the last two years. Starbucks says it will try to place affected employees in neighboring coffee shops.
Goody's Family Clothing - Why? Tennessee-based Goody's announced June 9 that it was filing a voluntary petition for Chapter 11 bankruptcy reorganization in Delaware, where the company is registered.The company will also close 103 stores.
A.C. Moore Arts & Crafts - Why? Citing the current tough retail environment, the East Coast crafts retailer said it was closing 5 to 7 percent of its 139 stores and will rein in plans to expand.
Home Depot - Why? In a first for Home Depot, at the start of May it announced plans to close 15 underperforming stores in the U.S., following 1,450 job cuts since December.
Disney Store - Why? At the beginning of May, The Walt Disney Co. announced it was assuming management of 220 Disney Stores in North America, which had been run by Children's Place. Disney plans to close 98 of the stores in the U.S. and two in Canada.
84 Lumber - Why? Just a month after rolling nine stores into sister facilities, 84 Lumber announced April 8 that it would close down 30 more stores, affecting about 230 workers, as the lumber retailer copes with a decline in homebuilding.
Pacific Sunwear - Why? By April, Pacific Sunwear had shut down the last of 154 struggling Demo stores, which sold urban-inspired clothing. PacSun closed 74 underperforming Demo stores a year ago.
Fashion Bug - Why? In early February, retailer Charming Shoppes announced it would shut down 150 underperforming stores, including 100 Fashion Bug stores, 4 Petite Sophisticate stores, and the remainder a balance of Lane Bryant and Catherine's stores.
Ann Taylor - Why? At the end of January, Ann Taylor announced plans to close 117 underperforming stores by 2010, in an attempt to make the retailer "more agile," according to CEO Kay Krill.
Sprint Store - Why? The wireless carrier announced in mid-January that it would cut 4,000 jobs and close 125 Sprint stores, reacting to a steep drop in its customer base.
Ethan Allen - Why? On January 10, Ethan Allen said it would shut down 12 retail stores and two service centers, cutting costs to weather the slowdown in home sales.
Sharper Image - Why? As it navigates its way (with a battery-powered Swiss army knife, no doubt) through Chapter 11 bankruptcy, gadget and gift retailer Sharper Image plans to close about roughly half of its 184 stores.
Talbots - Why? At the beginning of the year, Talbot's announced that it would shut down 66 Talbots Kids and 12 Talbots Mens stores by September, costing 800 employees their jobs.
Zales Jewelers - Why? The poor economy is taking its toll on luxury vendors and so the jeweler is closing 50 kiosks and 55 full-size stores -- leaving it with 2,145 locations.
Rite-Aid - Why? The drugstore chain announced in January that it was exiting the Las Vegas, Nev. market because the 28 stores there had not been contributing to overall results. The company hasn't opened a new store in the Las Vegas area since 1999.
Foot Locker - Why? With income down 78 percent in 2007, the shoe retailer is running for the hills. It's putting 140 more of its 3,785 stores on the chopping block in addition to the 274 it closed last year.
Macy's - Why? According to a Dec. 28, 2007 press release, Macy's is closing 9 locations due to declining sales. However, it expects to open 5 new stores in 2008 and 6 to 8 new locations are currently planned for 2009.
Big Dollar - Why? The 21-year-old discount chain based in Minnesota finds times too tough to sell even dollar buys, despite the conventional wisdom that people shop at these stores more in bad economic climates. As a result 10 stores are closing.
Wilsons Leather - Why? With "substantial doubt" about its ability to stay in business, the company is hoping women will bail it out. It's shutting 105 of its mall-based stores and will turn the remaining 100 mall stores into accessory boutiques called Studio.
Urban Interiors & It's Gotta Go - Why? The company that owns two Seattle-area stores thought its home furnishing stores weren't performing as well as its other holdings, Continental Furniture and Thomasville Home Furnishings, so it's closing time.
Dell - Why? Dell keeps losing market share to As Hewlett-Packard -- it has slipped into second place in PC sales behind HP -- so the company that pioneered direct sales is turning away from the strategy and refocusing its efforts on sales in big box stores, so 140 mall kiosks had to go.
CompUSA - Why? In Dec. 2007, the Computer and electronics retailer announced it would start winding down its retail operations after being acquired by an investment firm, which is looking to sell the company's business and assets. About 103 retail stores will be sold or shut down.
Pep Boys - Why? The auto parts company laid off 550 employees as it shut down stores in November as part of a five-year strategic plan that will include a change in its mix of automotive products and adding "smaller neighborhood service shops." 31 stores will be closed.
Kirkland's - Why? Management of the national home-decor chain told analysts it intends to close 30 underperforming stores during the fourth quarter, which ended in January. It is considering closing even more stores (up to 100) in the next 18 months."
From AOL Money and Finance News 08/28/08
more on economy
Paul Craig Roberts: The Fading American Economy
David Michael Green: The Fire This Time
Paul Craig Roberts: Watching Greed Murder the Economy
