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Tuesday, December 27, 2011

Sears, K-mart - Could This Be The Beginning of the End

A few days ago SBYnews released the latest sales tax collection data for Wicomico County.
2003 - $55,487,221
2004 - $60,701,335
2005 - $68,168,174
2006 - $76,160,447
2007 - $76,254,189
2008 - $75,892,624 - (Sales tax rate increased from 5% to 6%)
2009 - $74,451,792
2010 - $70,996,975
Moments ago - Sears stock value had declined by almost $11/Share and is now trading at its 52 week low $34.80.
SBYnews has been predicting that one or more of our areas local big box retailers could fold as a result of our deepening recession. Stay tuned - because the ride could prove to be very interesting.


Anonymous said...

Wow - the link has a great MSNBC late breaking news video about this event.

Anonymous said...

Also the increased sales tax, inflation and corruption has pushed more folks to and Delaware stores. People are also joining the idle class in order to starve these corrupt corporate governments and get their own financial house in order.

Anonymous said...

Part of the problem with Kmart stores, in my opinion is, they're ALL filthy stores!
Show me a CLEAN Kmart and you'll see customers.
I won't shop Kmart anymore because of how filthy dirty their stores are!
This stems from bad management. It's a shame because I used to shop Kmart all the time.

Anonymous said...

This country will not recover until taxes are continually reduced to a signifcant level to attract investment. Until that happens you can expect for further business erosion continued exodus.

The government regulations have risen so dramatically that it is easier to go out of business rather than stay in business.

A good example - ducks & geese won't stay in a wetlands when all of the water is suddenly drained.

And so goes it with businesses. This is exactly why our economy hasn't expanded. In my estimation - it is already to late.

Anonymous said...

I remember reading several times on SBYnews about one of our big box retailers falling.

Just goes to show you how 'in-tune' SBYnews is with the local economy.

Anonymous said...

Banks need to sell off all the properties for whatever they can get so we can get out of this rut and move on.

Anonymous said...

To 7:18

You are right. Until the glut is removed - things will never flow smoothly.

Funny how government seems to screw-up just about everything it gets involved in.

Anonymous said...

7:18 is right.This country is set up for borrowing money and banks lending and right now the spigot is closed.