"Expect More Bankruptcies": Worst Yet to Come For Retail, Says CEO of Inventory Liquidator

TechTicker/YahooFinance ^ | 6/24/09 | Peter Gorenstein

[Kartographer]

Circuit City, Mervyns and Filene’s Basement; just a few of the many recent retail casualties. If you think it’s bad now, it’s only going to get worse, says Jeffrey Hoffman.

[Kartographer]

1st floor Jewlery, cosmectics
2nd floor Ladies wear
3rd floor childrens wear and toys
4th floor Mens wear
5th floor sporting goods
6th floor YIKES! Going DOWN! Next stop bargin sub-basement!

[Buckeye McFrog]

look at the silver lining....the Simon Mall muckety-muck who cancelled the Atlanta tea party will be taking it on the chin

[F15Eagle]

Well, at least some are telling the truth.

Unfortunate (understatement), but the truth.

[FromLori]

jMust see video

http://www.businessinsider.com/the-commercial-real-estate-stomach-blow-2009-6

[aegiscg47]

Here in SLC they are running ads on several AM and FM stations that everyone should get out and buy stuff! The ads are real tear jerkers saying that buying things gives your neighbors jobs, pays for their kids college, and gives everyone a sense of self worth. I was stunned listening to them as that's what got everyone into trouble in the first place, buying too much "stuff"!

[Cletus.D.Yokel]

Better:

Ground floor perfumery,
stationery and leather goods,
wigs and haberdashery
kitchenware and food...going up

First floor telephones,
gents ready-made suits,
shirts, socks, ties, hats,
underwear and shoes...going up

Second floor carpets,
travel goods and bedding,
material, soft furnishings,
restaurant and teas. Going down!

[HIDEK6]

gents ready-made suits, shirts, socks, ties, hats, underwear and shoes...

Yeah, like anyone wears that stuff anymore.

[F15Eagle]

It is important to keep goods and services flowing. Necessary to maintain a stable economy. Buying more than you need is something else.

Between the double-whammy of tripled-fuel prices and the Fed jacking up rates for 2 years solid, they took away the discretionary income of many. Breaking just a few homeowners (or so they thought) they upset the market and shrank that. It had become quite expensive to build some homes. Now retirement accounts are way off, people can’t unload homes and jobs are shrinking.

Toss in your Bernie Madoff’s, the guy in Texas that took $7 billion in Ponzi schemes, years of wanton gov’t spending and giving jobs to millions and millions of illegal aliens while asking the American people to support you, and bailouts to banks that are giving themselves bonuses.

We’ll be lucky if 1930 doesn’t look good by comparison.

[F15Eagle]

Well I hope most wear at least *some* of that stuff, LOL

[P.O.E.]

I never understood the rationale for leveraging capital (i.e., use credit cards) to buy rapidly depreciating stuff (i.e., consumer goods). Unfortunately, that’s been the US economic model for years now.

[Cletus.D.Yokel]

It’s a “Brit-Com” reference. “Are You Being Served?”