OK, we announced today that we'll be closing 225 stores - I heard the rumors (few weeks ago) that there are plans to close up to 50 stores in California - you saw the numbers published today, Amazon is killing pretty much everyone. OfficeDepot is almost bankrupt, I believe RadioShack is on verge of bankruptcy, hundreds of stores to be closed, Target just had mass layoffs (see target's page on this blog) and will be reorganizing, everyone competing with amazon is pretty much hosed. Now, let's see what will happen, - I think we'll hit corporate first and IT and Finance will be the fist victims, HR will do the job, and then they'll hit HR. All executive bonuses will be increases, our raises and bonuses will be dismal. We'll linger like this for a few years, then they will take us private and private equity will buy us, they will close every single store that's not making money, layoff anybody non essential, stop investment and development, and milk cash until they suck us dry. They will take on debt in our name and pay out to themselves and then sell us to the highest bidder.
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What about Store #0578?
How is the Garden City,Kansas store doing ? Is that one of the stores scheduled for closing ?
Well, if yo think in terms of percentages, since California has 10% of population of the country, we'd probably see 22.5 stores closed in California. I am not sure if California is doing better than other states but if you are looking at this from a strictly percentages point then you'd have this number as your ball park
I do not think anybody knows what's going on right now - anything is possible - there is nowhere to hide nowdays...
Why California? I was under impression that California is doing pretty well. Maybe I am wrong, but was not So Cal breaking all sales records, etc.? It may be that the hits will be in Nor Cal, I guess techies are more inclined to shop online.