Discussion in 'Present & Current Events' started by Toroid, Aug 25, 2017.
Neiman Marcus, a Symbol of Luxury, Files for Bankruptcy
J.Crew Group has filed for bankruptcy - CNN
Stage Stores files for bankruptcy, says it will liquidate more than 700 stores if it can’t find a buyer
JCPenney, Sears, Nieman Marcus and JCrew could collapse from the coronavirus recession - CNN
It appears Jeff Bezos has become the latter day J.P. Morgan.
J.Crew filed for Chapter 11 ( attempted recovery ) not for Chapter 7 ( liquidation ).
So they are continuing as an online company but closing all the stores. Corona is killing off brick-and-mortar retailers, but if they are strong online they can survive.
For the past 10-15 years, I've been wearing a particular style and brand of shoe only available from Payless. For that reason I was perturbed when they announced their bankruptcy. A couple of months ago I learned that they had started to operate online. But oddly, the new Payless site redirects to Amazon. Fortunately, at Amazon I found the shoes in question at the original price, and ordered several pairs. I'm not sure whether Amazon bought up Payless' inventory, or what the deal is. Anyway, I made out okay.
This was all predicted 50 years ago:
The deal is, if you are a retailer, you don't even need to have a warehouse. "Fulfilment centers", like Amazon will warehouse and dispatch goods for you. As well you can have a minimum "just-in-time" stock so you minimize risk and increase turnover. It's so much more efficient, it can't even be compared.
All you end up doing is brand development and sales, while the fulfillment center does all the logistics for you. Even one better, you can get "fulfillment" directly from China and even bypass the Amazon itself.
Only people who are complaining are those who don't understand what is going on or, indeed, who are heavily invested into traditional ways of doing things.
J.C. Penney offers top execs million-dollar bonuses as it faces possible bankruptcy
J.C. Penney store closings: Retailer files for Chapter 11 bankruptcy
and there goes J.C Penny....
I have to admit, ever since Kmart and Walmart came into being, I virtually never went to J.C. Penney.
Years ago I used to shop for clothing at JC Penny and Macy's but before the Coronavirus I was going to Kohl's more than those two other stores...Now recently I haven't been buying any clothes, I do need some new sneakers though lol...
peir one is gone..
Pier 1 Imports, first opened in 1962, to close all remaining stores
Anybody who is in retail business must watch what Mark Zuckerberg is saying here:
This is what I was saying for a long me. Facebook's AI created opportunities for thousands of small businesses to flourish.
Victoria's Secret to close about 250 stores in the U.S. and Canada, Bath & Body Works to close 50
Sears' survival is in doubt - CNN
kiss Sears goodbye..
just happened. Virus-hit Hertz declares bankruptcy in US and Canada
It's because of the lockdown, as opposed to ordinary business or economic circumstances.