Signs of a Full-Blown Depression

As you’re shopping for the perfect gift for that special someone this holiday season it may be prudent to keep the crumbling economy in mind.

With massive store closings nationwide, shoppers should be wary of businesses not performing well. The store you purchase your gift card from this holiday season could be here today, gone tomorrow. Already this year hundreds of retailers have closed their doors or filed for bankruptcy, but the worst is yet to come.

Recently, more stores have announced future closures. Listed below are some of the deplorable closing announcements :

· Ann Taylor, the New York-based retailer in business since 1945, announced it was closing 117 stores nationwide.

· Eddie Bauer has announced that it will be shuttering at least 29 stores by year’s end.

· Circuit City, America’s No. 2 electronics seller after Best Buy, filed for bankruptcy protection Monday announcing the closure of 155 stores.

· Lane Bryant, Fashion Bug and Catherine’s have announced the closure of a combined 150 stores.

· Gap Inc. plans to close the doors permanently on 85 of its retail locations.

· Foot Locker, the 34-year-old company, is planning on closing at least 140 stores.

· Disney will shed 98 locations, becoming victims of the financial crisis by 2009.

· KB Toys listed 356 stores it plans on closing around the U.S. as part of its bankruptcy reorganization.

· Sharper Image recently filed for bankruptcy protection and is closing 90 of its 184 stores.

· Dilliard’s will continue closing underperforming stores, with six stores already on the chopping block.

· J.C. Penney and Lowe’s are scaling back as well, while Macy’s has already eliminated 9 stores.

· Womens retailer Cache announced 20 to 23 closings this year.

· Last month Talbots announced 78 closings nationwide, adding an additional 22 underperforming stores to the tally this month.

· Sprint Nextel plans on axing 4,000 employees and 125 retail locations.

· Pacific Sunwear has announced the closure of 153 stores.

· Wilson’s the Leather Experts will be scaling back its operations to the tune of 158 stores.

· Wickes, a 37-year-old furniture business is closing all of its stores.

The recent closings are indicative of the depleting state of America’s economy. We are witnessing a legion of closings of iconic stores as consumer confidence shrinks and spending dries up. America’s ability to sustain itself may soon be a mere memory of the past.

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