Gottschalk's, a department store chain that dates to 1904, filed for bankruptcy and is considering options that include selling the business. The San Francisco-based retailer has 58 stores in the western United States. Gottschalk's expects to continue normal business operations during its restructuring.
department stores: January 2009 Archives
Britain is suffering from the economic downturn in similar fashion to the US. Music retailer Zavvi announced 22 store closings today, citing financial investment--and not consumer demand--as the driving force. Yesterday, retailer Marks & Spencer (similar to Macy's in the US) announced it was closing 27 stores and laying off staff; the century-old chain Woolworth's shut down all its operations this week after a final holiday-season sale. While this page is focused on America's retailers, similar stories are playing out daily across the pond.
The occasional store closing by a large chain retailer is part of the normal course of business. Three big names announcing double-digit closings is not:
- Macy's is closing 11 stores in assorted locations around the country. The retailer calls this a normal adjustment but the move is getting significant press.
- Women's apparel chain New York & Co. is closing up to 50 locations over the next five years beginning in 2009.
- Grocery store Supervalu is closing 50 stores in 2009 alone. A brand of Albertson's, the chain closed 25 stores (which they consider normal) in 2008, so the '09 plans represent a doubling of the closures.
