Posted: 11:44 am Monday, April 27th, 2009
By Allison Ross
Business reporter Jeff Ostrowski had an interesting story today about how the economy is going to provide a “cleansing” of retail stores through store closings and a rise in vacancy rates.
Here are ten national retailers with stores here locally in Palm Beach County and the Treasure Coast that are facing financial trouble, according to Jeff’s story:
Estimated loss per share: $2.74
The jewelry business has been battered, and this Texas-based jeweler recently said it’s closing 115 stores nationwide.
2. Trans World Entertainment
Estimated loss per share: $2.18
The retailer’s FYE stores, which sell movies, music and games, are a fixture in Palm Beach County malls.
Estimated loss per share: $2.09
Women aren’t buying as many clothes amid the recession, leading to a $136 million fourth-quarter loss for the Massachusetts-based retailer. Talbots has three stores in Palm Beach County.
4. Cost Plus
Estimated loss per share: $1.99
Home furnishings retailers have been hit hard, too. Cost Plus owns World Market in Wellington.
Estimated loss per share: $1.44
Same-store sales plummeted 52 percent from the first quarter of 2008 to the first quarter of 2009. The boat retailer has been closing stores but still floats locations in North Palm Beach and Stuart.
Estimated loss per share: $1.20
The department store chain last year closed its huge store at Palm Beach Mall, one of 14 locations nationally shuttered by Dillards.
7. Pier 1 Imports
Estimated loss per share: $1.16
The seller of furniture and knickknacks has been closing stores throughout the country.
Estimated loss per share: $1.08
The luxury market no longer is recession-proof. Saks’ same-store sales plunged 24 percent from March 2008 to March 2009.
9. AnnTaylor Stores
Estimated loss per share: 81 cents
The seller of women’s clothing plans to close 163 stores. It already has shuttered a location at Mizner Park in Boca Raton.
10. Office Depot
Estimated loss per share: 52 cents
Unable to gain ground on stronger rival Staples, the Delray Beach-based retailer recently closed 112 stores.