So we have entered 2010, and one major retailer so far announced mass store closings. Foot Locker (FL) has the unenviable position of being the first, after the announcement that it is shutting 117 stores across the country.
Foot Locker is the most significant so far, but the chain is not the only victim of a rough economic climate. Other outfits are at risk for store closings, though 2010 is bound to be better than last year, which saw the demise of iconic chains like Linens 'n Things and Circuit City.
Department-store chain Macy's (M) will close stores as well this year. The retailer is shutting locations in Boise, Idaho; Waterford, Mich.; St. Ann, Mo.; Missoula, Mont.; and Burlington, N.J. Things are looking up, though, as Macy's stores open at least a year recorded a one percent rise in December.
Pier 1 Imports (PIR) is in a similar situation. Things could be better, but things could be worse. Pier 1, which said it would originally close 125 stores this year, downgraded its target to 40 units.
Another outfit with issues is Trans World Entertainment Corp. (TWMC), the operator of the f.y.e. chain. That retailer of music and other entertainment media will close about 150 stores this year. In the face of Netflix, Redbox and Internet downloading, that company suffers as well.
Things aren't looking too good for jewelry retailer Zale Corp. (ZLC) either. As the chain has major financial issues, one can only wonder how long most of its 1,900 locations will last.
It's tough to look forward, but several retailers will close their doors in 2010. Companies might not hurt as bad as the previous year, but look for outlets to shut their shops around your locale. It's not over yet.
Foot Locker image by Flickr user klamouze.