Remember how the White House spun the new unemployment rate which reportedly fell to 4.7 percent in May? It is time to add many more to the unemployment rate as Ralph Lauren has announce that it is closing 50 stores, resulting in a loss of 1,000 jobs.
With roughly 43% of unemployed Americans, no longer looking for work, this new batch of jobless men and women demonstrates how failed Obama’s economic recovery actually is.
The company is restructuring under the new leadership of CEO Stefan Larsson, who replaced the founding CEO, in order to attempt a $220 million savings over the next year.
The past three years have been struggle for the business stated Larsson, who says that they must do a ‘better job to give the consumer something really exciting’.
Profits fell by 22 percent this past fiscal year, as the stock fell by almost 48 percent from the high point of $182.74 per share in December.
Retailers across the country have struggled in the Obama anemic economy, seeing slow or no growth, thus forcing stores to close to try and survive the failing ‘retain climate’.
Read more about the Ralph Lauren closure on the next page, as it joins the massive list of business who have failed due to the Obama plan.
IT’S MORE LIKE TRIPPLE THAT
And our economy is sooooo good
Yep top of the chain is breaking
Willing to bank that some of these places opened brand new stores not too far away from a store they pulled the plug at! A new dollar tree opened up just up the road from where a family dollar shut down! And anyone notice how Macy’s is simply pulling the plug on stores that the former company 10+ years before them (like May Company) already completely divested on them entirely even longer ago???
Obummers growing economy grow down to 0 growth
Didn’t they vote and support obama
Well, when you sink to former Old Navy personnel, what do you expect.
MY OWN BUSINESS HAS BEEN DOWN BY 80% SINCE DICTATOR BARRY ARRIVED WITH HIS COMMUNIST AGENDA.
His clothes are too expensive for anyone to buy!
No one NEEDED that store