Responding to the housing downturn, 84 Lumber is closing 20 more stores this week, bringing its 2008 store reductions to 80 in all. The company is also pursuing light construction assignments as an additional revenue generator.
84 Lumber canceled its golf event sponsorship back in 2006.
Yesterday's commerce news was a striking 1.2% overall decline in retail sales, the largest in three years.
Notably, sales at electronics and appliance stores plummeted 10.8%, a particularly significant drop. This sector typically suffers during economic downturns as customers see electronics purchases as easy to delay or downgrade.
The Brunswick Corporation, manufacturers of everything from boats to bowling gear, is accelerating its corporate resizing to compensate for market volatility. The company hopes to close four manufacturing centers ahead of schedule. Brunswick cites "the most turbulent economic times in recent history" as the impetus for the acceleration.
Hawaiian clothing and souvenir retailer Hilo Hattie filed for bankruptcy protection Thursday, citing "the rapidly deteriorating economy, historic oil price levels, and the weakening of Hawaii's tourist-driven economy." The nine-store chain, which operates as a subsidiary of a parent company, plans to restructure its debt without closing stores or laying off employees.
