There are many other brands looking into troubled times, but these in particular are about to see their final days. The economic downturn seems to be getting worse before it gets better. Store closes aren't just a disappointment to consumers but employees as well.
Ritz Camera, a distributor of photo and electronics products, is looking to close 365 stores. The company was bought by private investors who continue to operate 375 stores as Ritz Camera & Imaging. Following a bankruptcy last, almost half of the stores shut down. With retailers such as Wal-mart and Best Buy, it's hard to imagine these smaller stores keeping up.
Another non-surprising one is Blockbuster, whose shares plundered from $10 in 2005 to $1. Along with Blockbuster, Zale Corp, might not be a shocker either. People aren't looking to up their diamond collection when unemployment strikes.
How about some surprising shut-downs? Some stores seem to thrive no matter what, but you'd be shocked at the closing of these companies. Waldenbooks/Borders are failing to serve as America's second best bookseller next to the book giant, Barnes and Nobles.
The biggest shocker of all however, is Starbucks. Are they losing to the little coffee houses down the street? Perhaps, plans to close 800 stores over two years is in the works, but that's still only about 10% of the total existing stores. Everyone had been wondering for years why Starbucks felt the need to grace one of their buildings on every single block in every single city in America, so maybe this is more of an organizational strategy.
KB Toys and Jones Apparel Group, other mall-based business like Waldenbooks, are also hurting. Once again, it's hard to compete with the large super stores like Toys 'r Us and Wal-mart. Both companies have major store closings happening this year as well as failing share prices.
The ongoing list is heartbreaking for more reasons than one. Not being able to shop at those stores adds inconvenience to some, but the store closings, more importantly, mean more job cuts.
Written by Amy Munday