Economic reality is about to come knocking
J.C. Penney and Family Christian Stores are the latest retail giants to announce widespread store closings.
As you will see below, J.C. Penney plans to close between 130 and 140 stores, and Family Christian is closing all of their 240 stores. In recent months the stock market has been absolutely soaring, and so most people have simply assumed that the “real economy” must be doing well. But that is not the case at all. In fact, the retail apocalypse that I have been documenting for quite some time appears to be gaining momentum.
J.C. Penney is not in as rough shape as Sears is just yet, but it is definitely on a similar trajectory. In the end, they are both headed for bankruptcy. That is why it wasn’t too much of a surprise when J.C. Penney announced that they are getting rid of about 6,000 workers and closing at least 130 stores…
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
These retailers have been unraveling for years, the last eight being the worst.
ReplyDeleteCan we please dispense with the end of the world doom and gloom? The guy has been preaching this same tired sermon for over 20 years.
ReplyDeleteIMHO I don't blame any administration for the demise but blame technology. Now, this may not be a bad thing as forward progress is always good. However, bank tellers are replaced by ATMs, mail carriers are replaced by email, shopping is replaced by Amazon and other internet outlets, counter clerks at McDonalds will soon be replaced by do it yourself order kiosks, and we won't even need to drive our own cars soon. Now, is this a good thing or bad thing? What are people left to do?
ReplyDeleteI was listening to the X22 report last night. They also stated the same date of 03/15/2017 when the loans will come due. Heard HH Greg stores are also about file for bankrupcy. Retail spending is way down and there is an over production of gasoline in the market because people who are no longer working are not driving as many miles. I believe too much damage has been done through globalism and the loss of tax revenue and manufacturing jobs. To keep up with lost revenue, the government had to borrow to pay the bills. All that will come to a screeching halt very soon. Grateful for Trump, but the damage has been done by Obama.
ReplyDeletelet er roll , I'm a redy
ReplyDeleteDo you know what happened the last time the stock market soared, and the economy didn't? Go back and look at 2007-2008.
ReplyDeletePennys, KMart/Sears, Macys, and so many more stores have been on the 'brink' for YEARS...They are not keeping up with the times. Online shopping is really they way to go if you don't have to 'try on shoes or clothes'...
ReplyDeleteYea...I just bet you're "redy".
ReplyDelete