Okay, the fun is over. 2012 doesn’t look good.
We can look forward to more store closings according to Forbes. Sears and K-Mart are closing 100 -150 stores. The remaining Filene’s Basements and Syms stores are closing.
…Michael Wiener, president of Excess Space Retail Services in Lake Success, NY, tells me [the Forbes writer] he estimates that there will be between 6,000 to 9,000 store closing in 2012 among national and regional retailers, outside of bankruptcies.
This is upwards to 50% more than what would be a normal level of store closings for a typical year, he says…
The ineffective Congress is seen as part of the problem. Congress plans to allow the $1.2 trillion increase to the debt ceiling which is not reassuring to businesses. It’s not only Congress, consumers can’t stop spending either. Then there is the natural contraction of a business world that didn’t anticipate the collapse of 2008.
Bush, Obama and the Federal Reserve have done a pretty good job of wiping out the financial future of the United States. The uncertainty and increased costs of Obamacare are adding to an already confused business community to say nothing of the increased regulations.
According to The Economic Collapse Blog (cheery name, isn’t it?), this is a beginning list –
117 Anchor Blue
117 Foot Locker
71 A.J. Wright
60 Rite Aid
52 Destination Maternity
50 Abercrombie & Fitch
50 Hot Topic
45 Big Lots
45 Family Dollar
43 Select Comfort
43 Sonic Drive-In
32 Great Atlantic and Pacific Tea Company, Inc. (SuperFresh, Pathmark Super Market)
30 Ultimate Electronics
25 Superfresh (Great Atlantic & Pacific Tea Company)
This is very sad to see.