Sunday, August 3, 2008

The Numbers Tell The Story, Part 2

Just read this on yesterday's "Drumbeat" section at the Oil Drum website:

Retail Chain Store Closures in 2008:
Ann Taylor closing 117 stores nationwide.

Eddie Bauer to close more stores after closing 27 stores

Cache, a women’s retailer is closing 20 to 23 stores this year.

Lane Bryant, Fashion Bug, Catherines closing 150 stores nationwide

Talbots, J. Jill closing stores. ... all 78 of its kids and men's stores plus another 22 underperforming stores.

Gap Inc. closing 85 stores

Foot Locker to close 140 stores

Wickes Furniture is going out of business

Levitz - going out of business... The retailer dates back to 1910.

Zales, Piercing Pagoda plans to close 82 ...followed by closing another 23

Disney Store owner has the right to close 98 stores.

Home Depot store closings 15... It is the first time the ..has ever closed a flagship store.


Macy's - 9 stores closed

Movie Gallery – video rental company plans to close 400 addition to the 520 locations the video rental

chain closed last fall as part of bankruptcy.

Pacific Sunwear - 153 Demo stores closing

Pep Boys - 33 stores of auto parts supplier closing

Sprint Nextel - 125 retail locations

J. C. Penney, Lowe's and Office Depot are all scaling back

Ethan Allen Interiors: plans to close 12 of 300 stores to cut costs.

Wilsons the Leather Experts – closing 158 stores

Bombay Company: to close all 384 U.S.-based Bombay Company stores.

KB Toys closing 356 stores

Dillard's Inc. will close another six stores this year.

Another item: US Bank Failures in 2008 (so far):
25 January - Douglass National Bank ($58 million in assets)

7 March - Hume Bank ($18.7 million in assets)

9 May - ANB Financial NA ($2.1 billion in assets)

30 May - First Integrity Bank ($54.7 million in assets)

11 July - IndyMac Bancorp ($32.01 billion in assets)

1 August - First Priority Bank ($259 million in assets)

This is only a partial list of failed banks. A more complete list can be found at the FDIC website,

The money well seems to be running dry...

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