Another two bite the dust in this Obama economy, as Sears and Kmart will be closing “68 Kmart and 10 Sears stores this summer in its latest move to cut losses.”
A large number of large chain stores are suffering from our failing economy, resulting in closures and mass layoffs. From Macy’s, to Walmart and the John Deere, the largest manufacturer of farm equipment, none have been immune to government overreach and the failure that is Keynesian economics.
Truth and Action has been following the economic collapse of retail stores across the nation, with a projected 6000 stores closing.
Major U.S. retailers have announced the closing of more than 6,000 stores from coast to coast. The list includes only those retailers which have announced plans to close more than 10 outlets this year and next.
For example, 1,784 Radio Shack stores are vanishing, 400 of the Office Depot/Office Max chain by 2016, and 340 Dollar Tree/Family Dollar stores.
Walmart has closed many stores to help with profitability, reported Truth and Action months back.
One hundred and fifty four stores of the total two hundred and sixty nine are located in the U.S., and most of them are Wal-Mart Express stores or Neighborhood Market stores rather than the Super Centers that attract much more traffic and are generally more profitable. Wal-Mart Express stores launched in 2011 and are small convenience stores, with a total of 5,000 stores in the Wal-Mart system. 102 of the total closures will be Wal-Mart Express stores. In addition, Wal-Mart is seeing a good deal of competition from online competitors such as Amazon.com, and they are beefing up their online capability to answer that challenge.
Discover more about the Sears and Kmart demise on the next page.
The sign of things to come
All the on-line shopping has to be part of it. Tired old business models.
That’s sad, welcome to communism this what it does, no jobs an nobody spending money.
Obama’s economy
As for Sears and the sell of craftsman tools. Craftsman tools used to be good. Many many years ago they turned to c**p. I would rather have Stanley than craftsman.
Be awful if our KMart closed! So many depend on it !!!!
Obamas America
Totally agree!!
K mart prices were high. Sears prices are high. The “Everything 99cent stores”, “The Dollar Trees” and of course Wal-Mart and even Target has supplanted these dinosaurs. And, lets give Kudos to “Big Lots”. With Thanks!
That’s cause they sell inferior products