Counter Culture

It seems like Hayward, CA-based department-store chain Mervyns is the next in line for closures or bankruptcy.

We are seeing reports that the retailer, with most of its 177 stores on the West Coast, is no longer getting orders approved from suppliers.
Continue reading ‘Mervyns Is Next?’

There were a flurry of reports last week that Steve & Barry’s is close to filing for bankruptcy and/or closing 100 of its 275 stores.

Few retailers have garnered more publicity over the last couple of years than the chain, which sells mostly sports apparel at prices less than $10. Steve & Barry’s is also known for taking up major vacant spaces in malls across the country and signing deals with celebrities like New York Knicks point guard Stephon Marbury and actress Sarah Jessica Parker.
Continue reading ‘Steve & Barry’s: What’s Gone Wrong?’

Myron Ullman, J.C. Penney’s CEO and chairman, sees a tough retail environment that could lead to more bankruptcies, according to this Dallas Morning News article. There could be 10 to 20 chains that could fall victim, especially regional outfits, he said speaking recently at a Lehman Brothers conference.

Ullman says the stimulus checks that many taxpayers have started receiving might help retailers but concedes that high gas prices might have already sucked up those funds. He also says he is “cautiously optimistic” about the holiday season for his company.
Continue reading ‘Penney Chief Forecasts More Bankruptcies’