How many more stores will go bankrupt?

Never buy gift cards. For years the retailers have had all sorts of clauses that make it so the gift card value evaporates. Transaction fees. Monthly service fees. Maintenance fees. If you fail to use it within 180 days it expires. Nasty. It was your money! They steal it. It costs them nothing to maintain the credit on their books. It's just bits in the computer and a trivial number. They're earning interest on that money. You are making a free loan to them until you use the card. Do NOT buy gift cards.

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SugarMtnFarm.com -- Pastured Pigs, Poultry, Sheep, Dogs and Kids

Target gifts cards have no expiration date and have no maintenance fees either--I have a small collection of them (about 30) from two years ago and just started using them up...all still good.

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"Nothing else matters in the whole wide world, when you're in love with a Jersey Girl..." --Tom Waits, 'Jersey Girl'

But Target can still go bankrupt and disavow the cards. Sharper Image did this. I was just reading about this in the newspaper yesterday. Sharper got the judge to allow them to require customers to buy 2x the card value to get to use the card. Not quite as bad as sinking totally with your gift card but close.

If you want to give a gift certificate, just offer to pay for something but don't buy those gift cards. They're a rip off. Send $. Then the recipient can use it however they wish and not be locked into a retailer that may put restrictions on it or go out of business. Of course, the cash may become worthless when the US Government sinks - there's always that.

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SugarMtnFarm.com -- Pastured Pigs, Poultry, Sheep, Dogs and Kids

I just received this in an email. The accuracy of it is unknown.


Ann Taylor closing 117 stores nationwide. A company spokeswoman said
> > the company hasn't revealed which stores will be shuttered. It will let
> > the stores that will close this fiscal year know over the next month
> >
> > Eddie Bauer to close more stores. Eddie Bauer has already closed 27
> > shops in the first quarter and plans to close up to two more outlet
> > stores by the end of the year.
> >
> > Cache closing stores. Women's retailer Cache announced that it is
> > closing 20 to 23 stores this year.
> >
> > Lane Bryant, Fashion Bug, Catherines closing 150 stores nation wide.
> > The owner of retailers Lane Bryant , Fashion Bug , Catherine's Plus
> > Sizes will close about 150 under performing stores this year. The
> > company hasn't provided a list of specific store closures and can't say
> > when it will offer that info, spokeswoman Brooke Perry said today.
> >
> > Talbots, J. Jill closing stores. About a month ago, Talbot's announced
> > that it will be shuttering all 78 of its kids and men's stores. Now the
> > company says it will close another 22 under performing stores.. The 22
> > stores will be a mix of Talbot's women's and J. Jill , another chain it
> > owns. The closures will occur this fiscal year, according to a company
> > press release.
> >
> > Gap Inc. Closing 85 stores. In addition to its namesake chain, Gap also
> > owns Old Navy and Banana Republic . The company said the closures - all
> > planned for fiscal 2008 - will be weighted toward the Gap brand.
> >
> > Foot Locker to close 140 stores. In the company press release and
> > during its conference call with analysts today, it did not specify where
> > the future store closures - all planned in fiscal 2008 - will be. The
> > company could not be immediately reached for comment
> >
> > Wickes is going out of business.;Wickes Furniture is going out of
> > business and closing all of its stores, Wickes, a 37-year-old retailer
> > that targets middle-income customers, filed for bankruptcy protection
> > last month.
> >
> >
> > Goodbye Levitz / BOMBAY - closed already. The furniture retailer, which
> > is going out of business. Levitz first announced it was going out of
> > business and closing all 76 of its stores in December. The retailer
> > dates back to 1910 when Richard Levitz opened his first furniture store
> > in Lebanon , PA.
> > In the 1960's, the warehouse/showroom concept brought Levitz to the
> > forefront of the furniture industry. The local Levitz closures will
> > follow the shutdown of Bombay ..
> >
> > Zales, Piercing Pagoda closing stores. The owner of Zale s and Piercing
> > Pagoda previously said it plans to close 82 stores by July 31. Today, it
> > announced that it is closing another 23 under performing stores. The
> > company said it's not providing a list of specific store closures. Of
> > the 105 locations planned for closure, 50 are kiosks and 55 are stores.
> >
> > Disney Store ow ner has the right to close 98 stores. The Walt Disney
> > Company announced it acquired about 220 Disney Stores from subsidiaries
> > of The Children's Place Retail Stores. The exact number of stores
> > acquired will depend on negotiations with landlords. Those subsidiaries
> > of Children's Place filed for bankruptcy protection in late March. Walt
> > Disney, in the news release, said it has also obtained the right to
> > close about 98 Disney Stores in the U.S. The press release didn't list
> > those stores.
> >
> > Home Depot store closings. ( E. Brunswick , Rt 18 just put up their
> > closing sign) ATLANTA - Nearly 7+ months after its chief executive said
> > there were no plans to cut the number of its core retail stores, The
> > Home Depot Inc. Announced Thursday that it is shuttering 15 of them amid
> > a slumping U.S.
> > Economy and housing market. The move will affect 1,300 employees. It is
> > the first time the world's largest home improvement store chain has ever
> > closed a flagship store for performance reasons. Its shares rose almost
> > 5 percent. The Atlanta-based company said the under performing U.S.
> > Stores being closed represents less than 1 percent of its existing
> > stores. They will be shuttered within the next two months.
> >
> > CompUSA (CLOSED) clarifies details on store closings. Any extended
> > warranties purchased for products through CompUSA will be honored by a
> > third-party provider, Assurant Solutions. Gift cards, rain checks, and
> > rebates purchased prior to December 12 can be redeemed at any time
> > during the final sale. For those who have a gadget currently in for
> > service with CompUSA, the repair will be completed and the gadget will
> > be returned to owners.http://www.news.com/8301-10784_3-9834177-7html
> > <http://www.news.com/8301-10784_3-9834177-7html>
> > <http://www.news.com/8301-10784_3-9834177-7.HTML
> > <http://www.news.com/8301-10784_3-9834177-7.HTML>
> >
> > Macy's - 9 stores
> >
> > Movie Gallery - 160 stores as part of reorganization plan to exit
> > bankruptcy. The video rental company plans to close 400 of 3,500 Movie
> > Gallery and Hollywood Video stores in addition to the 520 locations the
> > video rental chain closed last fall.
> >
> > Pacific Sunwear - 153 Demo stores
> >
> > Pep Boys - 33 stores
> >
> > Sprint Nextel - 125 retail locations. New Sprint Nextel CEO Dan Hesse
> > appears to have inherited a company bleeding subscribers by the
> > thousands, and will now officially be dropping the ax on 4,000 employees
> > and 1 25 retail locations. Amid the loss of 639,000 postpaid customers
> > in the fourth quarter, Sprint will be cutting a total of 6.7% of its
> > work force (following the 5,000 layoffs last year) and 8% of
> > company-owned brick-and-mortar stores, while remaining mute on other
> > rumors that it will consolidate its headquarters in Kansas . Sprint
> > Nextel shares are down $2.89, or nearly 25%, at the time of this
> > writing.
> >
> > J. C. Penney, Lowe's and Office Depot are scaling back
> >
> > Ethan Allen Interiors: The company announced plans to close 12 of 300+
> > stores in an effort to cut costs.
> >
> > Wilsons the Leather Experts - 158 stores
> >
> > Pacific Sunwear will close its 154 Demo stores after a review of
> > strategic alternatives for the urban-apparel brand. Seventy-four under
> > performing Demo stores closed last May.
> >
> > Sharper Image: The company recently filed for bankruptcy protection and
> > announced that 90 of its 184 stores are closing. The retailer will still
> > operate 94 stores to pay off debts, but 90 of these stores have
> > performed poorly and also may close.
> >
> > Bombay Company: (Freehold Mall store closed) The company unveiled plans
> > to close all 384 U.S.-based Bombay Company stores. The company's online
> > storefront has discontinued operations.
> >
> > KB Toys posted a list of 356 stores that it is closing around the United
> > States as part of its bankruptcy reorganization. To see the list of
> > store closings, go to the KB Toys Information20web site, and click on
> > Press Information
> >
> > Dillard's to Close More Stores. Dillard's Inc. said it will continue to
> > focus on closing under performing stores, reducing expenses and
> > improving its merchandise in 2008. At the company's annual shareholder
> > meeting, CEO William Dillard II said the company will close another six
> > under performing stores this year.

the owners of Glendbrook mall are filing but the new paper said it won't close. Will probably be purchased by another investor.

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Some things are just worth waiting for

Store closings:

http://news.google.com/news?hl=en&ne...nG=Search+News

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Sprint's problems started long before this down turn.

The purchase/merger of Nextel did nothing to improve Sprint's standing in the cellular industry and has sucked up the company's resources. They have been losing customers to other carriers almost every quarter and have gone through many workforce reductions in order to cut costs (even though reducing staff will also hurt their ability to keep customers).

deb
in wi

If the small business I work for survives I'll be shocked. I'll have been there 2 years beginning Jan 2009. I'm the bookkeeper. The business is so poorly managed by the owners it is incredble. The family has been running the business on borrowed money for years and now they find no one wants to lend them more money. In fact the lenders want to start getting some principle back. Not just get paid the interest. Imagine that!

PS I've been told by the owners son, the GM, that what they do is none of my business. So be it.

Amy had $55 dollars on a Macy gift card. We made sure to use it all yesterday because we weren't sure they would be here later.

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in addition to gift cards, be more careful about rebates. somewhere I read that 30% of all electronics/computer items are sold with a rebate (altho many rebates are never sent in by the buyer, which vendors rely on to boost their profit margins.)

however, in a bankruptcy, you won't get paid at all. And when the company is having financial problems, it's probably more likely they'll be paying the rebate late, or claiming there was some problem allowing them to reject your rebate. Keep copies of all the forms you send in for a rebate.

--sgl

One of the major rebate companies is also in the process of going under. I believe that Costco has said to cash all of their rebate checks at the stores because the company that their rebates go through is about to disappear.

My little sister works for Best Buy. I asked her if she had heard anything about them closing some of the locations. She said "Kayleigh, there's not going to be another Depression, calm down." Bless her heart, I love her to death, but she doesn't even see it coming. I mentioned that Circuit City was closing, and she still didn't see the connection. It's a good thing she only works at Best Buy part time, and that she lives near the rest of our family.

Kayleigh

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http://kayleighjeanne.blogspot.com

Disney Store ow ner has the right to close 98 stores. The Walt Disney
> > Company announced it acquired about 220 Disney Stores from subsidiaries
> > of The Children's Place Retail Stores. The exact number of stores
> > acquired will depend on negotiations with landlords. Those subsidiaries
> > of Children's Place filed for bankruptcy protection in late March. Walt
> > Disney, in the news release, said it has also obtained the right to
> > close about 98 Disney Stores in the U.S. The press release didn't list
> > those stores.
The local Disney store tanked several years ago in this area. I think it had something to do with a taking a $12 sweatshirt from Wal-Mart, adding a small embroidered disney character to it, and trying to sell it for $55. Even in a good economy there is a finite number of fools out there that want to spend 4X what a product is worth because the mouse blessed it.

the owner of one of the local malls that was just Uppified for Mega $$$$$$ is talking about being forced to go into Bankrupticy , because they can't pay Dec. bills .
Locally they own Faneuil Hall in Boston ( yes that one) and the Natick Collections ( 270 Stores ) 3 Mi. from Us. Don't even ask about traffic .

http://news.bostonherald.com/busines...risks_default/

They are also having problems selling the condo's they just built , averaging 1 Million Dollars and UP.
Make sure You read the 13 comments
http://news.bostonherald.com/busines...’s_money_woes/
Bob

thanks bandit -- the comments are too funny!
an excerpt from the comments:

I think this points out the complete lack of attention, when people think they can put any type of poorly designed building in any location, and sell it for an outrageous price.

--sgl

SGL
You would have to live around here to get the reference to the to the " Sea " .
They designed the outside wall of Neiman Marcus alongside a main road to look like a BIG WAVE , We have to look at this #$%^&* Everytime We drive bye .
Bob
Ps.
If You look at the picture , under the last joint of the right side man lift , at the bottom of the skirt , there is a black pie slice in the skirt .
I was stuck in traffic in the dump truck I drive , and watched them " Power Up , Right into the Skirt "
It is still there
http://www.metrowestdailynews.com/archive/x682279084