A pair of major American brands announced store closings last week that were hidden within press releases about layoffs:
- Phillips-Van Heusen is closing 175 stores over the next two to three years in a restructuring move. The company, whose brands include Calvin Klein and Bass, did not specify which stores or lines would be affected.
- Cardmaker American Greetings is closing 60 stores out of 415 nationwide. These are happening quickly; some are slated to close by the end of February. Financially, the company's credit rating just reached junk level, which is a bad sign for the long-term health of the chain overall.
