Yet another sign that our consumer economy is slowly imploding was an announcment reported today in the Dayton Business Journal:
The parent company of Payless and Stride Rite shoe stores is planning to close 475 of its more than 4,000 stores and will consider putting itself up for sale, the company announced Wednesday.The article does not mention how many employees stand to lose their jobs, but a safe guess would be in the thousands. I wrote in my August 21st post, "The Drip...Drip...Drip...Begins for Sears" that I believed the recent market crash was likely to soon be followed by another wave of retail bankruptcies and store closings as companies that had been treading water waiting for a real economic recovery to begin finally succumb to the reality that no such recovery will be forthcoming. With this story, we are seeing more evidence of exacly that happening.
The Associated Press reported the company posted a $35 million loss from second quarter results on Wednesday.The news of the store closings and potential sale of the company came as part of the larger news of its second-quarter results.
Though it seems to have been indiscrete,
ReplyDeleteThe shoe store once had something neat:
You could look on the screen
Of an x-ray machine
And see all the the bones in your feet.
Another great one, Ben!
ReplyDeleteThanks Bill. First in a new category, something like “Geezer Tales” haha.
ReplyDeleteThey are going the way of most clothing stores. I haven't bought anything new (shoes or clothes) in years because I find everything I need at thrift shops and yard sales. I have a very wide foot and any new shoe that fits me is damn expensive. Why would I spend $100 when I can get a hardly used shoe that fits for $5?
ReplyDeleteAnother casuality of our economy. More to come no doubt. Thanks for the update Bill.
ReplyDelete