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2017 Is Going To Be The Worst Retail Apocalypse In U.S. History – More Than 300 Retailers Have Already Filed For Bankruptcy

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Not even during the worst parts of the last recession did things ever get this bad for the U.S. retail industry.  As you will see in this article, more than 300 retailers have already filed for bankruptcy in 2017, and it is being projected that a staggering 8,640 stores will close in America by the end of this calendar year.  That would shatter the old record by more than 20 percent.  Sadly, our ongoing retail apocalypse appears to only be in the early chapters.  One report recently estimated that up to 25 percent of all shopping malls in the country could shut down by 2022 due to the current woes of the retail industry.  And if the new financial crisis that is already hitting Europe starts spreading over here, the numbers that I just shared with you could ultimately turn out to be a whole lot worse.

I knew that a lot of retailers were filing for bankruptcy, but I had no idea that the grand total for this year was already in the hundreds.  According to CNN, the number of retail bankruptcies is now up 31 percent compared to the same time period last year…

Bankruptcies continue to pile up in the retail industry.

More than 300 retailers have filed for bankruptcy so far this year, according to data from BankruptcyData.com. That’s up 31% from the same time last year. Most of those filings were for small companies — the proverbial Mom & Pop store with a single location. But there are also plenty of household names on the list.

Yes, the growth of online retailers such as Amazon is fueling some of this, but the Internet has been around for several decades now.

So why are retail store closings and retail bankruptcies surging so dramatically all of a sudden?

Just a few days ago, another major victim of the retail apocalypse made headlines all over the nation when it filed for bankruptcy.  At one time Gymboree was absolutely thriving, but now it is in a desperate fight to survive

Children’s clothing chain Gymboree has filed for bankruptcy protection, aiming to slash its debts and close hundreds of stores amid crushing pressure on retailers.

Gymboree said it plans to remain in business but will close 375 to 450 of its 1,281 stores in filing for a Chapter 11 bankruptcy reorganization. Gymboree employs more than 11,000 people, including 10,500 hourly workers.

And in recent weeks other major retailers that were once very prosperous have also been forced to close stores and lay off staff

This hemorrhaging of retail jobs comes on the heels of last week’s mass layoffs at Hudson Bay Company, where employees from Saks Fifth Avenue and Lord & Taylor were among the 2,000 people laid off. The news of HBC layoffs came on the same day that Ascena, the parent company of brands like Ann Taylor, Lane Bryant, and Dress Barn, told investors it will be closing up to 650 stores (although it did not specify which brands will be affected just yet). Only two weeks ago, affordable luxury brand Michael Kors announced it too would close 125 stores to combat brand overexposure and plummeting sales.

In a lot of ways this reminds me of 2007.  The stock market was still performing very well, but the real economy was starting to come apart at the seams.

And without a doubt, the real economy is really hurting right now.  According to Business Insider, Moody’s is warning that 22 more major retailers may be forced to declare bankruptcy in the very near future…

Twenty-two retailers in Moody’s portfolio are in serious financial trouble that could lead to bankruptcy, according to a Moody’s note published on Wednesday. That’s 16% of the 148 companies in the financial firm’s retail group — eclipsing the level of seriously distressed retail companies that Moody’s reported during the Great Recession.

You can find the full list right here.  If this many major retailers are “distressed” now, what are things going to look like once the financial markets start crashing?

As thousands of stores close down all across the United States, this is going to put an incredible amount of stress on shopping mall owners.  In order to meet their financial obligations, those mall owners need tenants, but now the number of potential tenants is shrinking rapidly.

I have talked about dead malls before, but apparently what we have seen so far is nothing compared to what is coming.  The following comes from CNN

Store closings and even dead malls are nothing new, but things might be about to get a whole lot worse.

Between 20% and 25% of American malls will close within five years, according to a new report out this week from Credit Suisse. That kind of plunge would be unprecedented in the nation’s history.

I can’t even imagine what this country is going to look like if a quarter of our shopping malls shut down within the next five years.  Already, there are some parts of the U.S. that look like a third world nation.

And what is this going to do to employment?  Today, the retail industry employs millions upon millions of Americans, and those jobs could start disappearing very rapidly

The retail sales associate is one of the most popular jobs in the country, with roughly 4.5 million Americans filling the occupation. In May, the US Bureau of Labor Statistics released data that found that 7.5 million retail jobs might be replaced by technology. The World Economic Forum predicts 30 to 50 percent of retail jobs will be gone once struggling companies like Gymboree fully hop on the digital train. MarketWatch found that over the last year, the department store space bled 29,900 jobs, while general merchandising stores cut 15,700 positions. At this rate, one Florida columnist put it soberingly, “Half of all US retail jobs could vanish. Just as ATMs replaced many bank tellers, automated check-out stations are supplanting retail clerks.”

At this moment, the number of working age Americans that do not have a job is hovering near a record high.  So being able to at least get a job in the retail industry has been a real lifeline for many Americans, and now that lifeline may be in grave danger.

For those running our big corporations, losing these kinds of jobs is not a big deal.  In fact, many corporate executives would be quite happy to replace all of their U.S. employees with technology or with foreign workers.

But if the middle class is going to survive, we need an economy that produces good paying jobs.  Unfortunately, even poor paying retail jobs are starting to disappear now, and the future of the middle class is looking bleaker than it ever has before.

 
  • Scott Comin

    The goal of the oligarchs is to turn the world into a third world country. USA Canada and Europe are the last stands and they are falling fast. By design. I feel sad for my son. If only the government could keep its hands off agriculture and land ownership we might have a shot, but that is almost done now. First century Christianity is our only hope to numb the pain. For me in my opinion.

    • GSOB

      There are many mansions, for there are many sons to be brought to glory.

      • SoCalBeachDude

        Glory doesn’t pay the bills or run economies and I haven’t got the slightest bit of a clue what you are even talking about – nor do you apparently.

        • Paul Patriot

          You have no clue, because you are blind. I understood exactly what gsob wrote.

          1 Corinthians 2:14

          • SoCalBeachDude

            Both you and GSOB are apparently totally clueless and lost in a sea of meaningless religious nonsense that nobody cares about at all. Get a clue, dude. 77% of the world’s population totally rejects your Christian religion, and those of us who are Jewish have not the slightest bit of interest in your “new testament” which is nothing other than a bunch of nonsensical fairy tales.

          • Stuey

            But the old testament is all truth? So you are an anti-semite Jew? That is very interesting.

          • Richard O. Mann

            Few find the narrow road. High disbelief is normal for Christianity. It is a very exclusive club. And the Jews have been blinded to the truth until the number of gentiles have been brought into the kingdom.

          • LIZ THE SHIZ

            David Geffen called and said there’s a strange film in his pool from last night’s party and he wants you to clean it up and this time be thorough

          • jsmith

            Did jew find relief in that tirade, oh chosen one?

          • Bob Lee

            Yes, worship that Holy Serpent. Your “god” will destroy you and your ilk in the end, but the Christians you detest will be your judges, and you will have no escape. Rape your babies, strangle your chickens, steal from the “Goyim”, practice your Babylonian witchcraft, and drink your Manishewitz. Your days are numbered, and the one “boiling in excrement” will bring all of you to justice – including your “holy” serpent! You are the biggest fools in the history of the universe, yet your “god” portrays you to the world as the wisest. You see, not all Christians are ignorant and unacknowledged. Some of us know the truth, and the truth is, you are not even real Jews! Absolutely, abjectly, hilarious!

          • LIZ THE SHIZ

            1ST Corinthian Leather 19:75

    • SoCalBeachDude

      Laughably false in all respects.

      • Stuey

        Your comment here is laughably absurd and utter nonsense.

      • BeenThere

        So much so that I wonder if it is meant to be “tongue in cheek”?

    • SnodtBlossom

      there is no god

      • Paul Patriot

        The fool in his heart has said there is no God.

      • CASTIEL

        …..You expect Him to came down to earth and invite your sorry as# to a coffee to prove His existence?

      • Evan Elliott

        This like your default post. You are always posting this. Why don’t you back it up already. Its always fun to see your miserable ass on here Snodtblossom 🙁

      • TAStokes

        Yes, there is the One True God. You will recognize Him when you are bowing to Him.

    • Capitalist

      Last time I checked, growth–or lack thereof–in the U.S. can be increased in addition to the enrichment of other countries. If globalization continues, not only will poverty be eliminated, but everyone else will win–rich, upper-middle, middle, etc. In fact, trade is a positive sum game–all parties are satisfied when the trade is completed. If there is dissatisfaction, that may be remedied by a refund or exchange–or finding someone else to trade with.

      • Gay Veteran

        globalization is moving good paying American jobs to poor countries

  • Bill

    I’ve been to a couple of big retailers recently and it is very easy to sense that a horrific storm is brewing while online retail sees endless days of sunshine. It should also be noted that the use of technology by the shippers is very useful such as watching GPS track the delivery truck on their way to your house.

  • Carl

    Most retailers are really not profitable in the USA. There is only the illusion of wealth among businesses. Whether it is bailouts by the government or businesses taking out loans to continue to keep getting by the fact is most are broke and treading water.

    The sad thing is that this country (especially) relies on rampant unchecked consumerism. It provides jobs to hundreds of thousands and when these jobs are not available for most the only option will be welfare.

    Unfortunately the bloated government welfare roles and fake helicopter money cannot indefinitely support this many people. Want to see the future of America then look to it’s past and how people lived (not the mythological prosperity of some in the fifties and up). Also the UK’s victorian slum period is an eye opener to say the least.

    It is humbling to realize that our only real purpose is continuation of the species when you break it down to brass tacks. So pointless an existence with so much suffering and so many just trying to make it one day at a time (for some one minute at a time).

    • SoCalBeachDude

      There never was and is not any “helicopter money” of any sort in the USA.

      • Carl

        What! Then what just flew by my house and dropped 4 bundles stacked with hundred dollar bills on my front lawn? I had to turn my hose on the neighbor when I saw him getting ready to cross the street to see what the big sky daddy brought me this week.

        • SoCalBeachDude

          Sounds like your local drug dealer had a little bit of a problem with one of his drones!

          • Carl

            🙂

      • Scott Comin

        Except for the oligarchs!!!

        • SoCalBeachDude

          Not for anybody at all.

  • South Texas

    I don’t think it’s online shopping. When it come to clothes and shoes and even some kitchen items, I like to see it, feel it, try it on. But I would wager not everyone has the money anymore. Wages are stagnant along with inflation that is a hell of a lot more than 2%.

    • SoCalBeachDude

      There is practically NO INFLATION at all in the USA and the prices on commodities and many other things are plunging and oil is down around 60% just since 2014.

      • Bob

        No inflation? Do you have health insurance or buy prescriptions? Healthcare keeps rising astronomically every year. Health insurance, medicine, and medical procedures keep increasing big time.

        • SoCalBeachDude

          That is NOT INFLATION at all, but rather due to RAMPANT AND EGREGIOUS PRICE GOUGING FROM THE FOR-PROFIT HOSPITAL AND PHARMACEUTICAL INDUSTRIES and Congress has done nothing at all about that even while knowing that VA Tri-Care reduces prescription drugs costs 93% as a result of negotiated discounts. Medical expense insures make practically NO PROFITS AT ALL (less than 4%) and now are FACING HUGE LOSSES AS A DIRECT RESULT OF OBAMASCARE and are totally exiting that hideous disaster all around the country.

          • Stuey

            So price gouging doesn’t cause inflation??? This is the new dumbest comment you ever made, and you make new dumbest about every week. But this one takes the cake or should i say doughnuts in your case!

        • LIZ THE SHIZ

          no he’s obviously on Medicaid and SSDI so of course there’s no inflation when everything is free and then there are his COLA’S

    • JMiller

      You are correct. Inflation for the average person is more like 6%, according to ShadowStats, than 2%. Everyone keeps saying how their insurance premiums are going up, and their property taxes etc…And most people’s incomes have not increased enough to keep pace. But then you have silly people bringing up oil going down as if the average person buys barrels of oil. Sure there are some things that have come down in price, mostly on the wholesale level, but the cost of things that the average person has to spend money on has not gone down but up over the last several years.

      • SoCalBeachDude

        Inflation for the average person is near ZERO as the price of many things have gone down. Insurance costs and property taxes here in California haven’t changed much at all and property taxes cannot be increased more than 1% a year under Proposition 13 which has been in effect since the late 1970s.

        • RonM

          You are full of crap, In NY real estate taxes are sky rocketing due to higher assessments caused by the housing bubble. Water Bills have skyrocketed , Gas Bills have Sky Rocketed, Food that cost $250, 5 years ago now costs 400$ Health Insurance bills have been skyrocketing, pretty soon Skyrocket fuel will be skyrocketing so take your life and enjoy it cause it don’t reflect the financial burdens, sacrifices and realities of millions of people especially low wage people and retired people on fixed incomes. you are an ignoramus.

          • SoCalBeachDude

            What utter nonsense. In California, food prices at stores are VERY LOW and all around the country FOOD PRICES HAVE NEVER BEEN LOWER as a percentage of a family’s budget than they are now where they amount of less than 10% versus the historic norm of around 25%.

            Moreover, food prices are based on COMMODITIES PRICES which have been plunging for the past 65 years for nearly all commodities including natural gas so there is no reason whatsoever why your would have higher natural gas bills, nor is there any reason why you have have higher water bills as the cost of producing and delivering water has not changed at all and it is more plentiful than it ever has been.

            As to taxes, that is NOT INFLATION AT ALL and is an entirely separate matter that varies broadly based on individual states. The same is true as to medical expense insurance premiums, but soon that won’t be an issue at all as there will be NO COVERAGES OFFERED BY ANY INSURER AT ANY PRICE the way ObamaScare is unraveling and you can simply pay whatever costs out of your own pocket should the need arise for any medical services.

          • Eileen

            Commodity prices are manipulated- at least if you are
            using he CME as a guide. If there is a fall in the futures price of soybeans, the consuner may not even
            see it in the supermarket. Crude Oil is one of the most manipulated markets on the exchange. It does not reflect thee cost of drilling, refining and transporting, none of which is traded on the commodities exchanges.

          • SoCalBeachDude

            Commodities prices are only “manipulated” to the UPSIDE DUE TO IDIOT MANIC SPECULATORS in the commodities markets. The commodities markets all involve FUNGIBLE GOODS where one unit of whatever is the same as another unit of whatever and the KEY FUNDAMENTALS ARE SUPPLY AND DEMAND which have nothing whatsoever to do with underlying costs.

            There will always be MARGINAL PRODUCERS of commodities with costs much higher than other producers who will be DRIVEN OUT OF THE MARKETS as supplies of commodities increase and result in HUGE GLUTS as we are now seeing in the GRAINS and OIL MARKETS.

            MASSIVE GLOBAL GRAIN GLUT GROWING…

            Grains piled on runways, parking lots, fields amid global glut

            http://www.reuters.com/article/us-usa-grains-storage-analysis-idUSKBN17D0EO

            GLOBAL OIL GLUT DRAMATICALLY INCREASES…

            Oil Slides to Seven-Month Low on High Inventories

            http://www.foxbusiness.com/features/2017/06/14/oil-prices-fall-after-iea-says-global-stockpiles-up.html

            Oil at 7-month low of $44.73 on spike in US gasoline stockpiles

            http://www.cnbc.com/2017/06/13/oil-prices-fall-on-opec-output-increase-rising-us-crude-stocks.html

          • RonM

            Sorry Dude but bold fonts don’t make you right and what I stated are facts, the gas company just got the ok to raise rates 30% google it, if I wanted to I could send you copies of supermarket bills and water bills in NYC we look at 10% annual increases in everything except wages and SS you are the one who fills these pages with utter nonsense just like the fake news msm.
            Your official reports and statistics don’t tell the tale of real world existence maybe because you are not connected to the real world, taxes and medical insurance are part of a household budget and count towards inflation whether you or the government like it or not.

          • SoCalBeachDude

            My natural gas bill this month was less than $12 and is practically FREE for most of the year and natural gas prices have been PLUNGING in the commodities markets for a number of years and are near record low levels. As to your Public Utilities commission, if they raised rates by 30%, then they are grossly stupid and irresponsible and should be called into account for that as that is nothing but PRICE GOUGING.

            As to food prices they are VERY LOW and in fact have NEVER BEEN LOWER as a percentage of a typical family’s budget in the USA and are now around 10% versus the historical average of around 25%.

            There is practically ZERO INFLATION on anything in the USA, which is an issue of concern for the Federal Reserve which w0ouild like to see inflation rise to around 2% a year.

            Fed hikes rates despite low inflation, promises balance sheet reduction

            http://www.cnbc.com/2017/06/14/interest-rates-addressed-at-fed-meeting-with-janet-yellen.html

            Tumbling U.S. inflation expectations another warning bell: NY Fed

            https://www.reuters.com/article/us-usa-fed-inflation-survey-idUSKBN1931QM

          • RonM

            You are Clueless, water is not free hasn’t been in years and the costs of delivery include building new pipelines, water filtration plants repairing water mains upgrading the system putting in high tech meters so we can be charged even more , sewer charges, sewage treatment plants, salaries health benefits and retirement costs of the Department that supplies the water, water testing and report printing and other water science associated with supplying water to millions of people, equipment replacement for valves ,emergency repairs, Chemical like chlorine and fluoride even if we don’t want the fluoride etc.. etc.. then there are taxes , fees , surcharges and on and on we are being soaked the average rate increases have been alsmost 10% per year as has FOOD costs because stores need to pay for electricity, gas, real estate saleries health benefits repairs new equipment and on and on,,, You are clueless with your “Commodity” bull you are a clueless, and ridiculous person with no perception of reality or any anlytical or critical thinking skills, it’s like asking a millionaire or high level politician what the price of a loaf of bread is they haven’t got a clue. Plus unless if you want some crap filled with chemicals, fillers, high fructose corn syrup, bleached unhealthy flour etc.. the price of an organic whole grain bread is upwards of $5-$6 same goes for eggs and whatever have you but I guess while prices for healthy food is going up and up and up because of demand the price of mass produced crap food is still cheap cause people learning that spending a little more on healthy food will save them on high medical bills and prescriptions. You are truly clueless and full of utter nonsense parroting all the government and corporate studies and statistics that do not accurately reflect economic reality., The economic reality is you can’t squeeze blood from a stone and the higher the cost of living the less will be spent on other things new clothes purchases will be deferred, home repairs, will be deferred, new car purchases will be deferred or eliminated by going carless etc… etc.. all of which is dragging down our economy. You sound like the car insurance commercial with the mothers wondering how to buy groceries and get home from the store without a car because auto insurance is so expensive or bring the sick kid to the doctor in the rain , well the answer is they could take a cab to the doctor or home from the grocery store if they live in an urban area which from the ad they DO! Car expenses include, insurance, inspections, registration, road service coverage, gas, oil changes new wipers , new tires, new batteries, other emergency repairs, tickets, parking expenses, clearing snow and ice car washes vacuuming air fresheners, losses from thefts of radios and mirrors, and catalytic converters, deductibles if there are any collisions for repairs and liabilities,
            Guess what Socal, you are clueless absolutely clueless, utterly clueless.

          • RonM

            Bold face print don’t change the facts gas prices in NY just went up 30% and real estate taxes and medical insurance are part of a household budget and count towards inflation despite what you or the government believe.
            You are whats call a Know it All and when you think you know it all you really know nothing.

          • SoCalBeachDude

            If you natural gas prices went up by 30% in NY then you have a VERY IRRESPONSIBLE AND STUPID PUBLIC UTILITIES COMMISSION as the prices of natural gas have been plunging towards nearly nothing for many years in the USA. My natural gas bill this current month was less than $12 here in Southern California.

          • RonM

            Hey genius figure this out ? you live in Southern California where there is almost no demand for natural gas in the North east there is something called winter and the tri-state area has over 20 million people and also schools, hospitals, commercial buildings etc… etc.. $12 here wouldn’t cover the delivery charges for a week so before you start pontificating to everyone about the economy try and realize you don’t have any real picture of the real world, that you have proven already with your canned remarks parroting whatever media source agrees with your cognitive dissonance. Utilities in NY are astronomical, water included and there are supply charges and sewer charges and taxes and surcharges and fees attached to everything these are approved by the crooked state politicians that have to sign off on everything, the utility commissioners have all been appointed by the politicians and are crooked crony corporatists. Lastly every expense is part of a household budget and is included in inflation if you don’t have your head in the sand and fall for government manipulated statistics. You probably believe unemployment is under 5% when it’s over 20% no bother responding again you have already revealed your ignorance and naivety.

          • SoCalBeachDude

            Southern California has huge demand for natural gas and we are still recovering from the mishap with SoCalGas that happened last year with its massive storage facility issue. We have winter just like every place else – though it is not as extreme – and the only time of the year there is any significant draw on natural gas for heating is during the cold months of late Fall into early Spring.

            Right now, we are in late Spring and, as I stated, my most recent gas bill for a relatively large house was less than $12 and you should also have a practically non-existent gas bill charge at this time of the year in New York.

            That doesn’t mean it will be anywhere near that low starting in late Fall, but NATURAL GAS PRICES HAVE PLUMMETED IN THE COMMODITIES MARKETS and there is no justification at all for increases in natural gas charges other than for the reason of OUTRIGHT PRICE GOUGING, which is a POLITICAL ISSUE and NOT AN ECONOMIC ISSUE. And that is certainly true as to water costs also from you local water utility as there are no supply issues whatsoever with water which is ESSENTIALLY FREE other than for delivery costs.

          • Stuey

            Yep, he is full of crap. But he knows it all, just ask him.

        • Eileen

          Really? Don’t you go to the grocery store? Just because the Fed chose electronic toys like iphones to be a measure of inflation does not mean there isn’t any

          • Stuey

            Yeah, he goes to the grocery store and buys old stale bread at very reduced prices. And apparently he lives off of cheap donuts which he also knows exactly where they are to be found.

          • SoCalBeachDude

            Prices at grocery stores are extremely low and there have never been more bargains than there are today. My grocery bills are so low it is beyond amazing now each month as to just how low. Food costs as a percentage of a typical family’s budget in the USA are now at RECORD LOW LEVELS and are less than 10% versus the historical norm of around 25%. Learn to be a savvy shopper when you purchase groceries.

      • Capitalist

        Inflation? If you invest in an index fund, or a good quantitative hedge fund, inflation would be of no concern to you. So far, my stocks ETFs have returned more than 15% in the last couple of months. Now, it is actually prudent to invest in indices according to some investors.

    • SnodtBlossom

      Yes but buying clothes to near tailor-fit specifications has it’s advantages too

  • billtheguy

    I told my ex-sister-in-law that flea markets are the wave of the future. The one percent will shop on line, and the rest of us will go to flea markets.

    • SoCalBeachDude

      Laughably false. Many tens of millions shop for all kinds of stuff on eBay where anyone can find whatever they want by simple searches all around the country rather than just local piles of junk at some fleamarket.

      • Stuey

        There are some good deals on good products at flea markets. Since you are a cheap ass and know where to get all the good deals i am surprised you haven’t figured this one out yet.

        • TOUJOURS DEMAIN

          The only thing worth going to the flea markets for is looking at all the younger Hispanic women in shorts.

          That being said, I don’t do flea markets.

          • Stuey

            drugheaddude actually does go to Flea Markets because he is scared he will miss a good deal and thus spend a penny too much……..but he goes incognito so his Beverly hills neighbors will never know.

        • SoCalBeachDude

          99.9999999999% of the junk at so called “flea markets” is nothing but trash. I look through THOUSANDS of antiques each week on eBay and only ever select a few a month to purchase from all around the country and the world. Something is not a bargain at all if you have no interest at all in it.

    • jaxon64

      I rarely got to retail stores except for a few local feed stores or for lumber, tools, paint etc.
      I for one, will not miss the ugly strip malls full of chain stores or the malls.
      Whenever I visit malls around the holidays they are usually full of packs of feral, minority youth–grabbing their crotches, ogling little girls and making obscene gestures and comments to any female 12 to 25. They stand in doorways blocking entrance or intentionally blocking pathways and trying to stare you down. As I shoulder my way past them with disgust on my face, they usually look for easier prey to bully with their pants down, underwear showing and always in large packs because if it was just 2 or 3..well let’s say things would not go well for them with their antics unless they can outnumber you 5 or 6 to 1.

      • SnodtBlossom

        consider the police for lewd & lascivious, suspicious persons, and/or loitering

      • Stuey

        Your statement is SO TRUE!! And good for you for not letting the thugs intimidate you.

    • LIZ THE SHIZ

      and get fleas as well !!

  • SoCalBeachDude

    MANY RETAILERS ON BRINK OF COLLAPSE…

    In the wake of Gymboree’s bankruptcy filing, here are the retailers that could be next

    Fitch says Sears, Claire’s Stores, Nine West Holdings, 99 Cent Stores, J. Crew and True Religion Apparel are among those retailers that have a significant risk of default over the next 12 months.

    http://www.cnbc.com/2017/06/12/after-another-retail-bankruptcy-heres-who-could-be-next.html

  • SoCalBeachDude
  • SoCalBeachDude

    Sears is closing 72 stores — here’s the full list

    Sears is closing 72 more stores, in addition to the more than 180 closings that had already been announced this year.

    The company released a list internally on Tuesday of the new closings, which include 16 Sears stores, 49 Kmart stores, and seven auto centers.

    Most of the stores will close in September.

    http://www.businessinsider.com/sears-is-closing-72-stores-heres-the-full-list-2017-6

    • Jeri Brace

      I sure would like to know how a store giant like sears not being able to make a profit and lose millions for so many years hangs on by tooth & nail year after year. I personally would have thrown in the towel after such horrendous losses.

      • SoCalBeachDude

        Sears is largely owned by Eddie Lampert who used K-Mart to acquire Sears and he has poured his own funds into it over the years and they have closed many of their own stores and now are using those that they own to charge vastly higher rents to other tenants though another one of his companies. It is quite a complex mess.

        • LIZ THE SHIZ

          you mean other people’s money , it’s a big shell game just ask Donald

    • Stuey

      Guess this sucks for Sear shoppers like yourself.

    • Capitalist

      I am waiting for Sears stock to approach its accurate value of $0 US per share; I am not sure why he would want to know where every Sears store is located. My 500 shares that I have sold short are anticipating it as well.

    • HeyAHuman

      It wasn’t long ago when you were praising Sears and its longevity, and talking about how prosperous malls were, and how they were filled with happy customers shopping… What a change of tune!

      • SoCalBeachDude

        Sears is an absolutely EXCELLENT department store and has been in business ever since 1888 and is an American institution.

        Sears – Wikipedia

        Richard Warren Sears was a railroad station agent in North Redwood, Minnesota, when he received from a Chicago jeweler an impressive shipment of watches which were unwanted by a local jeweler. Sears purchased them, then sold the watches for a considerable profit to other station agents, then ordered more for resale. Soon he started a business selling watches through mail order catalogs. The next year, he moved to Chicago, Illinois, where he met Alvah C. Roebuck, who joined him in the business.

        Farmers did business in small rural towns. Before the Sears catalog, farmers typically bought supplies (often at high prices and on credit) from local general stores with narrow selections of goods. Prices were negotiated, and depended on the storekeeper’s estimate of a customer’s creditworthiness. Sears took advantage of this by publishing catalogs offering customers a wider selection of products at clearly stated prices. The business grew quickly. The first Sears catalog was published in 1888.

        In 1893, Richard Sears and Alvah Roebuck renamed their watch company Sears, Roebuck & Company and began to diversify. By 1894, the Sears catalog had grown to 322 pages, featuring sewing machines, bicycles, sporting goods, automobiles (produced from 1905 to 1915 by Lincoln Motor Car Works of Chicago, no relation to the current Ford line), and a host of other new items. By 1895, the company was producing a 532-page catalog. Sales were greater than $400,000 in 1893 and more than $750,000 two years later. By 1896, dolls, stoves and groceries had been added to the catalog.

        The company had sales of $800,000 in 1895, but the national Panic of 1893—a full scale depression—caused a cash squeeze and large quantities of unsold merchandise. Roebuck decided to quit (though he later returned in a publicity role). Sears offered Roebuck’s half of the company to Chicago businessman Aaron Nusbaum, who in turn brought in his brother-in-law Julius Rosenwald, to whom Sears owed money. In August 1895, they bought Roebuck’s half of the company for $75,000. The new Sears, Roebuck and Company was re-incorporated in Illinois with a capital stock of $150,000 in August 1895.

        https://en.wikipedia.org/wiki/Sears

        I never stated anything whatsoever about “how prosperous malls were” and in fact have stated many times EXACTLY THE OPPOSITE. The biggest issue is HIGH RENTS that stores are forced to pay in malls which is the biggest reason why so many are shutting down.

  • Swath – PROUD DEPLORABLE

    Seeing the ugly retail model we currently live under die is not a bad thing. Sometimes parts of capitalism has to die for new capital markets to emerge.

  • toadsticker

    I used to manage a public golf course. The problem (And I think this is true of retail stores.) was that we couldn’t get enough people on the course paying a high enough rate to cover expenses and make a profit. My dad used to say I’ll bet you a dollar to a doughnut. Well, that was when a doughnut cost .10 cents. How did people making doughnuts make a living back then? Now, doughnuts cost what – $3? What would my dad say now, I’ll bet you a doughnut to a dollar?

    • JC Teecher

      Dognurts, glazed, are about $9.00 w/tax, a dozen at the Hot & Now, Krispy Creme factory in the city.
      They’ll melt in your mouth, but kill your teeth and are hell on my diabetes. but good God almighty they are amazingly awesome with ice cold milk or a steaming cup of hot java.

      • Jeri Brace

        donuts especially Glazed are hell on your liver as well.

        • SoCalBeachDude

          No, they most certainly are not and they’re very tasty. I ate about 6 chocolate donuts last night and they were wonderful!

          • Stuey

            Yeah, keep eating those doughnuts. Please eat more every day.

          • Carl

            Did you know a slice of chocolate cake has around 800 calories?

          • LIZ THE SHIZ

            no wonder Donald gained all that weight , mmmmmmm Mara-Largo chocolate cake al la mode

          • SoCalBeachDude

            That depends on the size of the slice and the ingredients in the cake. I love chocolate and at almost an entire 1.5 quart Signature Select Extreme Chocolate Moose Tracks Ice Cream last night while watching NCIS: Los Angeles. The more calories, the better!

        • LIZ THE SHIZ

          sure, if you dip them in Vodka

          • JC Teecher

            Yea, but it don’t burn as bad if ya shoot down the Stolis and chase with the doughnurt.

        • JC Teecher

          Yep, and if I’m gonna kill me liver, I might as well do it with me favorite sweet treat of all. A chocolate covered eclair crème plombières.

      • SoCalBeachDude

        You can often buy 1 dozen glazed donuts at Ralphs here in Southern California for $2.29.

        • Stuey

          You know where all the cheap deals are huh. First it was where to get old stale bread, then Sears, now you know the exact place and price of doughnuts. You are one cheap person, or maybe you are just poor as hell.

          • SoCalBeachDude

            Bread does not go “stale” for many weeks after its sell-by date, and Sears is a superb department store with GREAT QUALITY and great prices. I am a very savvy shopper, but obviously you are not, and you should learn to be or just accept the fact that you are poor and stop whining about that issue.

          • Blankety-Blank

            Bread & staleness: true, so long as it’s produced in a chemistry lab.

          • Stuey

            “savvy shopper” that is slang for i am a tight ass…….but i know you can’t help yourself on this matter……..so keep eating your stale bread, doughnuts and food produced in China.

        • LIZ THE SHIZ

          yes , the day old kind and loaded with cancer causing perservitives YUM

    • SnodtBlossom

      I think most golf courses rake it in.. you must have been in a podunk or over-priced area

  • after 9 years of “recovery”lol

    empty rotting factories,malls, stores,with virtually everything closing down,not just stores,tax revenue droppin like a rock,forcing states into constant yearly tax increases,fee increases service cuts.States cannot just relentlessly print mo mony like washington,and the massive homeless pop. no doubt will invade all these abandoned rotting malls and buildings eventually

    • buffalo lips

      With regard to “…forcing states into constant yearly tax increases, fee increases …”, it is important to understand that states can no longer increase taxes on income and will resort to increasing fees and fines, likely on a recurring annual basis, but more importantly taxing real property, and continue to increase taxes on real property, until people begin losing their real property to the state for back taxes. It’s your future and mine. Plan accordingly. Real property is at risk in the decades ahead.

      • Guest

        States with no state income tax, are not that great,as they find numerous other means of taxing you.l with fees, regulatory fees, tax by any other name is still a tax. Also thanks to Barack, what was once free unrestricted travel, has in many states implemented ever increasing tollways. Florida is one of the worst states for expensive tollways.

        • SnodtBlossom

          I prefer tolls over ice, snow, and bare trees for half a year

          • SoCalBeachDude

            Indeed.

          • Paul Patriot

            There is no ice or snow.

    • SoCalBeachDude

      Washington DC cannot and does not print any money at all, but has to BORROW WHAT THEY DEFICIT SPEND.

      • Stuey

        Yeah, thanks to the Federal Reserve act.

    • SnodtBlossom

      you must be another midwesterner..

      • SoCalBeachDude

        Or from Appalachia like another hillbilly here!

        • Stuey

          This is an prime example of your hateful racist comments. You are full of hate.

    • Capitalist

      I shorted 500 shares of Sears stock when it was at about $13 US per share; it was bad timing relative to its higher price not too long ago, but I have still made a significant profit.

  • TOUJOURS DEMAIN

    I think there are to many stores anyway.

    • SoCalBeachDude

      Yes, that is the biggest issue with the US having MORE THAN DOUBLE THE RETAIL SPACE of other developed countries, coupled with SOARING LEASES AND RENTS charged by the malls and other landlords.

    • SnodtBlossom

      If I don’t have a Walmart within 3 miles, which I don’t, there aren’t enough stores

      • SoCalBeachDude

        Why would you want one of those DUMPS anywhere near you? Really? Seriously?

        • Stuey

          Yeah, but they have cheap bread and doughnuts. You are missing out! HAHA

          • SoCalBeachDude

            Walmart just has BAD QUALITY and even worse customers that go in to their stores.

          • Stuey

            You cheap tight ass is missing out!!

        • LIZ THE SHIZ

          to find a parking lot to sleep in at night

        • SnodtBlossom

          I’m not on a Beverly Hills budget

  • GSOB

    By believing in Christ as the Mediator between God and man, we gain comfort.

    • 123

      If you have comfort then why do you keep seeking approval?

    • df NJ

      Christ is the only force capable of saving us from financial collapse. If it were not for Jesus the economy would have collapsed by now.

      • Carl

        Actually the economy is the way it is in spite of jesus. Most christian countries are very poor. The USA and other super powers are the exceptions because they do bad things to stay in power. This is how our country was founded out of the blood spilled from the bodies of the native americans and the tradition has continued to this day.

      • SoCalBeachDude

        Christians are among the POOREST PEOPLE IN THE WORLD and only account for about 23% of the world’s population of more than 7.5 billion people.

    • Carl

      There is a popular notion among Christian missionaries that Christianity is a panacea for all the ills of the world, that it alone held the solution to all human problems, and therefore all should get converted to Christianity.

      There appears to be a clear correlation between Christian population and the level of poverty of a nation. It looks like that the Christianity is keeping the people poor in the developing world. It can be said that the higher the percentage of Christians, higher is the percentage of the population below poverty line. An army of priests, nuns and other religious personnel of Christianity are literally have to be fed by the working class. Google “Christian population and the percentage of population below the poverty line.” for more information and the truth.

      Swami Vivekanada responded to a concerted attack on Hinduism by Christian Missionaries:
      “We who had come from the east have sat here day after day and have been told in a patronizing way that we ought to accept Christianity because Christian nations are the most prosperous. We look about us and we see England the most prosperous Christian nation in the world, with her foot upon the neck of 250,000,000 Asiatics. We look back into history and see that the prosperity of Christian Europe begin with Spain. Spain’s prosperity began with the invasion of Mexico. Christianity wins its prosperity by cutting the throats of its fellow men. At such a price the Hindoo will not have prosperity.”

      “When someone suggested to him that Christianity was a saving power, he opened his great dark eyes upon him and said: “If Christianity is a saving power in itself, why has it not saved the Ethiopians, the Abyssinians?”

    • Carl

      How exactly does that gain comfort for a person? According to your own bible MAN DOES NOT NEED A MEDIATOR. He is supposed to pray to god directly NOT jesus. What you advise is a form of catholic blasphemy similar to the priest being the mediator between god and man.

  • JC Teecher

    Thank God the gov got the unemployment rate down to a record 4% over the entire country.
    All those retail workers won’t have to miss one paycheck with all the jobs available out there. And there are still a few corners open in the big city where the panhandlers used to stand/sit with their signs. We see them regularly, and wonder????
    Anyways; we have the Odrama administration to thank for all this recovery and progress and the liberals for putting all the bs Russian hearings and investigations to bed, so the gov can work on approving all the trump programs for keeping the big economy thriving as it has been for the past 8 years.
    sarc off, I’m hitting the sack, to start the day early, and finish my mowing before the temps hit 92 again tomorrow. Ya’ll keep it cool on yer stool.

    • df NJ

      I thank God every day for our blessing of no financial collapse. Jesus will save us from suffering financial collapse. Jesus is Lord. All God’s blessings will come to those who believe in Jesus.

      • SnodtBlossom

        there is no god

  • Jeri Brace

    when consumer spending is 70% of the economy where is all that helicopter money dropped to the financially strapped poor so they can spend what they don’t have to spend after paying bills & creditors? or is that just a bs story?

    • SoCalBeachDude

      There is no “helicopter money” of any sort at all.

    • df NJ

      Withholding tax holiday should do it.

  • Bear1000

    When I voted for Trump I had hopes that our economy and nation could immediately be turned around or at least be put on the right track. Now, though, looking at this and the nonsense over being accused as a Russian agent being poured on to Trump, I can’t help but fear that our fate will be that of Venezuela, no matter how hard we try otherwise.

    • John

      The Dems don’t want things to turn around, they only want to stop Trump and keep the legacy of Obama no matter how bad that will be for the country.

      • SoCalBeachDude

        What legacy? UTTER CATASTROPHE fiscally and endless mindless hateful divisiveness?

        • Stuey

          I agree on your assessment of Obama. But you dislike Trump as well. Who are you for besides your moon beam governor of CA.

          • LIZ THE SHIZ

            funny, SoCalled was pro Trump in the run up to the election , just check his posts from last Fall, , he might be an avatar from the mind of one person trying for up votes ?

          • Stuey

            You are exactly right! He admitted he was all in for Trump and even helped in his campaign. Then he turned against him, now in his latest comments yesterday he was defending Trump concerning the Russian investigation. So as usual drugheaddude changes with the wind. He is very inconsistent on many topics.

          • SoCalBeachDude

            Donnie has proved himself TOTALLY UNWORTHY OF SUPPORT to myself and many of his prior supporters which is why his approval rating has plunged to a new all time low. Get a clue, dude.

          • SoCalBeachDude

            What utter nonsense. Yes, I supported Donnie for President, but he has proven himself to be a real liar and has reneged on all of his promises and has alienated just about everyone including the very people who supported him to get him elected as President of the USA.

            Trump Approval Rating Reaches New Low

            http://www.vocativ.com/437869/trumps-approval-rating-reaches-new-low/

          • SoCalBeachDude

            I love Jan Brewer who was the lovely, charming, and very bright former Governor of Arizona and would fully support her for President of the USA.

          • SoCalBeachDude

            I love Jan Brewer who was the lovely, charming, and very bright former Governor of Arizona and would fully support her for President of the USA.

    • SoCalBeachDude

      100% correct.

    • Patriot Alice

      You expected Pres. Trump to turn things around in 4 months? Hoe stupid can you be! He already saved millions of our jobs from leaving the USA by deleting TPP, Obama’s signature achievement after ACA.

      • Bear1000

        I didn’t say I believed Trump could turn things around in four months, and I don’t appreciate words being put into my mouth. Trump has done some good things, yes, but looking at this report and the fact that Trump is being besieged by Washington elites who want to impeach him, I fear that no matter what Trump tries to do our future is already sealed.

  • SoCalBeachDude

    BREAKING: TOWERING INFERNO RAGES IN LONDON…

    On the brink of COLLAPSE: Trapped London residents scream for help and hurl themselves from windows as huge inferno engulfs 27-storey apartment block while 200 firefighters battle for control

    http://www.dailymail.co.uk/news/article-4601902/Huge-inferno-West-London-tower-block.html

  • SoCalBeachDude

    Within a few hours, the Federal Reserve will have raised the only 3 interest rates they set by 0.25% and the Federal Funds Rate will be in the range of 1.00 to 1.25%. The Federal Reserve will also be reviewing their plans to reduce their $4.4 trillion balance sheet by around 50% over the coming year and a half and is on track to increase the only 3 interest rates they set by another 0.50% this year in 2 separate policy decisions ahead.

    • Stuey

      Who cares, you have previously stated that the Federal Reserve does not control interest rates but that the bond market does. So why are you talking about this topic of the Fed setting the interest rates today if it is irrelevant? More inconsistent dribble from you. So make up your mind, does the Fed control interest rates or not??

      • df NJ

        Here’s a good documentary on the Federal Reserve corporation:

        https://www.youtube.com/watch?v=ByFfzMORXSM

        • SoCalBeachDude

          That “Money Masters” video is nothing other than TOTALLY FALSE AND UTTERLY BOGUS propaganda nonsense.

      • SoCalBeachDude

        The IOER matters very much to the member banks who will earn more than $80 million more a year now on their more than $2.5 trillion in funds in their excess reserves accounts inside the Federal Reserve.

        The three interest rates that Federal Reserve raised on June 14, 2007 are:

        1) Federal Discount Rate (the rate at which banks borrow directly from the Federal Reserve for overnight liquidity purposes on a fully collateralized basis).

        2) Federal Funds Rate (the interbank borrowing rate at which banks borrow from each other strictly for liquidity purposes for very short terms (typically overnight) on a fully collateralized basis.

        3) IOER [Interest On Excess Reserves] (the rate paid by the Federal Reserve to member banks on their more than $2.5 trillion in funds in their excess reserves accounts inside the Federal Reserve).

        Not that it matters the slightest bit of a hoot, however, as the FDR and FFR are practically NEVER USED THESE DAYS given the fact that member banks are overflowing with vast excess reserves and have NO NEED WHATSOEVER to borrow from each other or from the Federal Reserve for overnight liquidity purposes.

        The Federal Reserve targets for these rates are around 3% by the end of next year in December 2018 and the Federal Discount Rate is always set at 0.5% higher than the Federal Funds Rate.

      • SoCalBeachDude

        The only three interest rates that Federal Reserve raised on June 14, 2007 are:

        1) Federal Discount Rate (the rate at which banks borrow directly from the Federal Reserve for overnight liquidity purposes on a fully collateralized basis).

        2) Federal Funds Rate (the interbank borrowing rate at which banks borrow from each other strictly for liquidity purposes for very short terms (typically overnight) on a fully collateralized basis.

        3) IOER [Interest On Excess Reserves] (the rate paid by the Federal Reserve to member banks on their more than $2.5 trillion in funds in their excess reserves accounts inside the Federal Reserve).

        Not that it matters the slightest bit of a hoot, however, as the FDR and FFR are practically NEVER USED THESE DAYS given the fact that member banks are overflowing with vast excess reserves and have NO NEED WHATSOEVER to borrow from each other or from the Federal Reserve for overnight liquidity purposes.

        The Federal Reserve targets for these rates are around 3% by the end of next year in December 2018 and the Federal Discount Rate is always set at 0.5% higher than the Federal Funds Rate.

        The IOER matters very much to the member banks who will earn more than $80 million more a year now on their more than $2.5 trillion in funds in their excess reserves accounts inside the Federal Reserve.

        • Stuey

          So you admit it doesn’t matter………then why post that garbage on here?

      • SnodtBlossom

        I care.. I care a lot

  • SoCalBeachDude

    All of the major cable news channels including Fox were droning on endlessly and breathlessly about the RUSSIANS ARE COMING NONSENSE tonight and Jeff Sessions’ testimony today before Congress without any focus on indicting Loretta Lynch and James Comey for obstruction of justice and mindlessly haranguing on and on and on about trying to blame Trump for this entire NO-EXISTENT MATTER WITH RUSSIA.

    Jeff Sessions was very good as to his testimony and rolled his eyes many times at the LYING SENATORS including John McCain who is obviously certifiably insane and many of the others coming off with clueless and ignorant assertions that were just mind boggling. Lyin’ Brian and Ms. Madcow were having quite a field day over on MessNBC making utter fools of themselves.

    • Stuey

      I thought you hated Trump, so you should be enjoying all this nonsense. Or you have changed again this week and now love Trump????

      • df NJ

        Whatever the dude’s position is one thing I know is he is “right”.

        • Stuey

          Of course, he is always right.

  • Fleming 007

    Good, take down all the malls and parking lots and let nature retake some land that people can actually use to live on or grow food.

    • SoCalBeachDude

      Why would anyone one to do anything so last century as “grow food” when we can import it all from other countries?

      • Stuey

        Yeah, why would someone as privileged as you get your hands dirty in the soil, right. That is beneath you, when you can just be dependent on other countries for your food, which they use all kinds of chemicals to grow and you consume. But what would you know about such things. Keep eating that food grown in China and those cheap doughnuts, please please keep doing that.

        • df NJ

          As much as social beach dude is a complete and total a hole he does make a good point.

          • Stuey

            That we shouldn’t produce are own food?? Are you serious??

        • SoCalBeachDude

          Using valuable land here in California to grow food is extremely stupid and a very unproductive use of land which could be far better put to use by building beautiful homes and other developments, which is precisely what we have been doing for the past 100 years and hopefully soon we can get rid of all agricultural waste of land in the North just as we have done here in Southern California. Not to mention that growing food is a total waste of water.

  • SoCalBeachDude

    Sessions stands firm: AG brands Russian collusion claims a ‘detestable LIE’ and says Comey was fired because he ‘usurped’ prosecutors’ role by letting Hillary off the hook

    Attorney General Jeff Sessions delivered an indignant denial that he took part in any ‘collusion’ with Russia during the campaign – as he said he did not recall any conversation with a Russian official at a D.C. hotel. ‘I was your colleague in this body for 20 years, at least some of you, and the suggestion that I participated in any collusion, that I was aware of any collusion with the Russian government to hurt this country, which I have served with honor for 35 years, or to undermine the integrity of our democratic process, is an appalling and detestable lie,’ Sessions said.

    ‘I did not have any private meetings, nor do I recall any conversations with any Russian officials at the Mayflower hotel. I did not attend any meetings at that event, separate, prior to the speech attended by the president, today. I attended a reception with my staff that included at least two dozen people and President Trump.,’ Sessions testified. ‘I did not recuse myself from defending my honor from furious and false allegations,’ fumed Sessions, who recused himself from the Russia investigation over his undisclosed Russia contacts.

    http://www.dailymail.co.uk/news/article-4601102/Sessions-faces-Senate-Intelligence-panel.html

    • df NJ

      As a liberal, I’d rather have Trump than Pence. But it looks like the right wing media is determined to make Pence president.

      • SoCalBeachDude

        That certainly isn’t gonna happen.

  • billtheguy

    Where I live there is a mall in town. It takes a while to get there, and it has one anchor store, JC Penny. It has a few other stores but is mostly vacant. The older people use it for walking laps. Kay Jewelers comes to town and instead of going into the mall, they built a new building in the parking lot. Was it because it was easier to build around a safe? I cannot believe the square footage would be cheaper. I guess I do not know the deals being made.

    • df NJ

      Did you ever notice the word “Jew” in “Jewelers”. It makes you think doesn’t it!

      • Concerned Capitalist

        Some people think Cartier is overpriced; look at Kay Jewelers, they take some low grade stones and multiply the price not by a decent factor of two or three, but by ten. If people want to buy overpriced EGL diamonds, they can go ahead. Also, the word jewelers come from Old French, so I am not sure what the conspiratorial implications are.

      • LIZ THE SHIZ

        another Zero Hedge poster or The Biblical Institute

  • SoCalBeachDude

    WHY HASN’T HELLERY BEEN INDICTED ON MULTIPLE FELONY COUNTS AND THROWN INTO THE FEDERAL HOOSEGOW ON REMAND WITH NO CHANCE OF BAIL?

    • df NJ

      No evidence? Just a guess. I mean if there were evidence she killed someone I think she would have been indicted.

      • HeyAHuman

        Lol…

        • SoCalBeachDude

          Read the PARTIAL list of felony crimes that Hellery has committed above and attempt to comprehend it.

      • SoCalBeachDude

        A FEW OF THE MANY FEDERAL LAWS HELLERY HAS BROKEN:

        18USC§201 Bribery

        18USC§208 Acts Effecting A Personal Financial Interest (Includes Recommendations)

        8USC§371 Conspiracy

        18USC§1001 False Statements

        18USC§1341 Frauds And Swindles (Mail Fraud)

        18USC§1343 Fraud By Wire

        8USC§1349 Attempt And Conspiracy (To Commit Fraud)

        18USC§1505 Obstruction Of Justice

        18USC§1519 Destruction (Alteration Or Falsification) Of Records In Federal Investigation

        18USC§1621 Perjury (Including Documents Signed Under Penalties Of Perjury)

        18USC§1905 Disclosure Of Confidential Information

        18USC§1924 Unauthorized Removal And Retention Of Classified Documents Or Material

        18USC§2071 Concealment (Removal Or Mutilation) Of Government Records

        18USC§7201 Attempt To Evade Or Defeat A Tax (Use Of Clinton Foundation Funds For Personal Or Political Purposes)

        18USC§7212 Attempts To Interfere With Administration Of Internal Revenue Laws (Call To IRS On Behalf Of UBS Not Turning Over Accounts To IRS Putting this all together leads to the biggest charge, RICO ACT violations, Operating a Criminal Enterprise (The FOUNDATION), et al. ad infinitum.

  • Alberto Francis

    Oh Please… Both Parties in DC are worthless, self involved, low intellect, don’t care a damn about the American people, double faced, and just plain ol’ incompetent politicians.

    And this will continue because people are more interested in blaming each other or even worse blaming poor people who have ZERO political or economic power for their woes. Please! You let these industry capitalist destroy your towns, move your jobs away and leave with low paying jobs or none at all, and instead of blaming those who are in charge you blame the people that have it even worse than you. Pathetic.

    Until Americans wake up, we will always lose! because we love falling for the same ol’ divide and conquer/fear mongering tactics over and over and over and over.

    • Stuey

      I agree with some of what you say. But humans by nature have fear and are pretty good at dividing themselves and trying to conquer or control others on their own, they don’t need to be pushed too much.

    • df NJ

      Wake up to what? Corporations ARE the government. The problems with our country are not rocket science. The lobbyists force the politicians to pass laws creating cartels and monopolies in exchange for campaign financing. The politicians are owned by the lobbyists. The lobbyists are owned by the corporations. Both parties are EXACTLY the same. It doesn’t matter which party holds the presidency. The lobbyists define domestic policy for both parties. The CFR defines foreign policy for both parties. Elections are kind of irrelevant at this point.

      • SoCalBeachDude

        The CFR is just an advisory group and has no power as to governments at all.

        http:///www.CFR.org

    • SoCalBeachDude

      Yep, 100% correct.

  • df NJ

    Jesus will save us from suffering financial collapse. Jesus is Lord. All God’s blessings will come to those who believe in Jesus.

    • Carl

      Did you know that two-thirds of Ethiopians are Christians. Most earn an average of $460.00 a year. Many work like dogs just to survive. So where is jesus and god for the christians of Ethiopia? Do Americans really think they are just so darn special that god ignores christians across the globe in order to make them fat and prosperous?

    • SoCalBeachDude

      What utter nonsense.

  • Richard O. Mann

    There go more of those less than great paying service jobs. Suck it up America. The poop is about to hit the fan.

    • df NJ

      No it will not. Jesus will protect us from suffering.

      • Carl

        Exactly how does jesus protect people (which when you say people I am assuming you mean christians) from suffering on this earth?

      • Richard O. Mann

        Tell that to the Christians in China, Pakistan, and various countries all over the middle east. Christians are being put to death daily. Persecuted by Muslims, Hindu, and various other religions. It is only by the grace of God that we Christians in the US have not had to endure that kind of suffering. But now, things are changing fast. If the rapture does not happen soon, you can expect persecution to start getting stronger and more frequent here in the US.

        • Carl

          So you see that belief in god/jesus does not mean anything. That your life is what it is based on the geographical location of your birth, who your parents where as the chief factors in who or what you become. Yet you still cannot help but hope that this rapture (which the author of this blog discredits) will happen in your lifetime.

        • SoCalBeachDude

          Christian church destroyed as Chinese police drag and beat worshippers…

          http://www.express.co.uk/news/world/814645/china-church-religion-crackdown-shuangmiao-henan

  • El Gallo

    One aspect of why socialism is useless and capitalism always wins is capitalism’s agility. “Creative destruction” is the key phrase. A classic case is the Old West gold rushes. Jobs are quickly created to service the “rush,” then disappear when it fizzles. People come to the jobs, then leave and find new work. Malls were a gold rush from about 1975 to about 2005, and now the rush is fizzling.

    People need to move on. One trend is dumping the idea that a college degree is a must for upward mobility, and trade schools are in. Many millions of skilled trade jobs are unfilled b/c trade jobs were seen as low brow. But blue collar tradespeople are making more money than average office job workers (jobs with a useless and expensive college degree requirement).

    Security is, sadly, also a booming business.

    • df NJ

      Now if we can only somehow stop the government from giving the corporations socialism we may actually have a real recovery. Did you know the bank bailouts of 2008 cost about 160 years of social security per year cost? Corporate Welfare is by far the biggest problem our country is facing. We are just redistributing too much income to the CEOs.

  • Richard O. Mann

    It’s the end of the world as we know it, and I feel fine. Cheese anyone?

    • df NJ

      EZ Pass did not destroy the economy. Automation and online retail will not either.

  • LIZ THE SHIZ

    ROBOTS, JEFF BEZOS, AMAZON is the new normal , all your wishes for a return to the old economy is just that ,a wish , Marx and Lenin are laughing their commie butts off !!!!!!!!!!!!!!

  • ollie173

    WHY HASN’T MOODY’S DOWNGRADED THE RATINGS OF THESE RETAILERS…LOL…OPART OF THE FAKE ECONOMY…”Twenty-two retailers in Moody’s portfolio are in serious financial trouble that could lead to bankruptcy, according to a Moody’s note published on Wednesday. That’s 16% of the 148 companies in the financial firm’s retail group — eclipsing the level of seriously distressed retail companies that Moody’s reported during the Great Recession.”

    • SoCalBeachDude

      Yep, and those downgrades are ONLY THEIR WAY from Moody’s and the other financial ratings companies.

  • Carl

    Why did god require a human sacrifice for the forgiveness of sins. Pretty barbaric when you actually stop and think about it.

    Seems like many have said that god murdered people because they sacrificed human beings to their gods, but perhaps god was angry because the blood they spilled wasn’t being done so to honor him.

  • JC Teecher

    There are many reasons for the disappearance of retail outlets, but the main reason is because there is less expendable income from the middle classes of society.

    According to information gathered by the PEW Research Center, all middle class incomes dropped by 4% in 2014 from the year 2000.
    The big thing about the middle classes, is the findings that the lower and upper middle classes grew, while the middle middle shrank.
    The very middle class has always been the largest of the general population, that have done most of the retail shopping and did so at all levels of the middle to high end merchandise, and grocery chain outlets.

    The high end retailers may have suffered somewhat, but the rich have gotten richer, and still keep the doors swinging.

    The middle to lesser than high end retailers, are now seeing big changes because of Amazon and internet sales as well.

    The far edges of the income spectrum have shown the most growth. In 2015, 20% of American adults were in the lowest-income tier, up from 16% in 1971. On the opposite side, 9% are in the highest-income tier, more than double the 4% share in 1971.

    More people in the lowest of income tiers, means the discount grocers and the Walmarts/Kmarts of the world, get more business.
    Aldi and Sav-a-Lot grocery stores are booming with business as the cheaper discount grocery items are in more demand.

    The big warehouse grocers/home decor/furnishings distributors like Sam’s and Costco are getting a lot of traffic from the middle and upper middle class clientele. Some middle to lower class shoppers do shop there like us, but most are value shoppers, and only purchase items that will save them over the smaller volume packages in a regular Super Walmart, or local quality Grocer.

    I am the frugal shopper, as the wife buys on need and mood. I figure costs per lb. and /or unit on almost everything except produce. I buy produce on the quality, no matter what the price. Since Fukishima, I buy from almost anywhere except California and Washington State.
    Luckily we have high quality apples and peaches nearby, and most of our sweet corn on the cob comes from Florida and Georgia, w/ a small amount locally grown in season. Green beans? We have been growing and canning since 2008. About half way through eating up the 2011 canning, and 2017 crop, is growing nicely.

    • Stuey

      Now drugheaddude is going to come on here and tell you how wrong you are, how the middle class is doing superb and that inflation is non-existent(except for healthcare where there is price gouging going on) and how it doesn’t bother him regardless because he is rich, but that he still buys old stale bread and doughnuts at his favorite grocery store.

      • SoCalBeachDude

        The so-called “middle class” is just an irrelevant myth about some Americans who were once grossly overpaid, but that situation has been changing for the past 40 years as more and more people are paid their true worth to businesses.

      • JC Teecher

        ScBD is the same as he was the first day i read his posts a long time ago.

        he is a blathering idiot that wreaks of someone on meth, that will contradict himself for the sake of argument, with anyone, and can never shut up.

        I have met people like this before in our neck of the woods, and just like sbd, nobody can stand to be around them for more than five minutes, unless they have a very low IQ themselves.
        I used to work with one like that when i was a teamster, and this puke was my union boss, and i hated even being in the same room, much less having to have a conversation with him, because he was as dumb as a rock but portrayed himself to be an Einstein.
        Thankfully that was only a three year job.

        • SoCalBeachDude

          What utterly bogus and stupid nonsense.

    • SoCalBeachDude

      The biggest reason is VERY HIGH LEASES AND RENTS that the stores are forced to pay in malls.

  • gUeSt

    They will be converted into FEMA Camps.

    • SoCalBeachDude

      Laughably false.

      • gUeSt

        There are pictures of it happening.

        • SoCalBeachDude

          Absolutely false and very stupid assertions. There are no FEMA (Federal Emergency Management Agency) facilities being installed at any shopping malls anywhere in the USA. Sheeeesh.

          • gUeSt

            Absolutely True. My links came out of moderation and you have the proof. There are lots more links I could put up to prove its true. You want to live in your little bubble world go ahead it will burst just like the economic bubble.

  • Cheyenne

    I am a Trump supporter but seeing that even he doesn’t do much to protect this nation against the Left, I am apathetic and getting calloused. Shooting today of the congressman and the hateful rhetoric in the news after. I no longer pray for our side, I pray the Lord cleans house!

  • aldownunder

    How long did your post sit in moderation?

    • PocoPete

      My post sat in moderation about 16 hours approximately. Thanks.

      • aldownunder

        Funny that when SCBD can get his through so quick and take over the comment section

        • PocoPete

          Yes. By the time one of my posts with a link completes moderation there is usually a new article on the Economic Collapse Blog website and most people stop looking at comments on the old article.

  • Robert Peters

    the communists in our government want total control. that’s known as democrates. they only want power not our personal success. today a republican was shot by a sanders supporter. when will they get that America won’t go down like nazi german jews? the second American civil war is closer than we think.

    • SoCalBeachDude

      Nope on all counts.

  • SoCalBeachDude

    ALDI is a VERY LOW END junk grocery store that can only compete with other junk stores like Walmart.

    • PocoPete

      For nearly 40 years, ALDI US has stuck to the same guiding principle: Great quality shouldn’t come at a high price; rather, great quality should come with everyday low prices.

      • SoCalBeachDude

        Aldi does not have any foods even close to fitting the description of QUALITY and their only selling point at their crude, clunky, backwards little stores is LOW PRICE and they even charge 25 cents for someone to get a shopping cart. There NO QUALITY in any Aldi foods and they don’t even carry hardly any national brands, but rather just BAD STORE BRANDS just like their sister operation, Trader Joe’s which is pathetic pile of bad quality debris.

        • PocoPete

          According to consumer surveys, the real secret of Aldi’s success is the ruthless way it apes the look of top brands… and often the quality is even better.

  • ikkichia

    looks like I’ll take a good jobs away from the americans and good jobs will be moved to the canada there. america is no longer be credit nation anymore. fewer jobs available for so many americans sounds like 1 in 10 ratio. america will carry a high public debt burden and no jobs for americans for sure.

    • SnodtBlossom

      “I’ll take a good jobs away from the americans”
      I’m sure you’ll be president

    • SoCalBeachDude

      How can you be so stupid? Are you from China or Japan?

  • ikkichia

    why you delete my post? it is truth. america is no longer be credit nation that where jobs will be moved out of the america. high public debt will result fewer jobs for americans and that’s it. I just checking the USA credit score before i give them a jobs… but I’m not gonna to give a jobs to them because USA credit score looks like a stinky credit rating.

    • SoCalBeachDude

      What total BS.

  • SnodtBlossom

    what is was is a matter of perspective. If you were a slave,..the country sucked.. If you were a Native, you propably weren’t too fond.

  • BellsNwhistles

    Capitalism moves towards monopoly, every store owner knows the system considers competition a sin. Wallmart is the example and when times get tough the little guys fall like Palestines Children.

  • AffinityNetNews

    What is left to say ..? Amerika, is doomed to the dust-bin of history, and ‘We The Useless Eaters’, are guilty as well. How many times have you dear reader as I have, attempted in vain to awaken ANYONE who might listen ..? We are living in a total nightmare of liberal zombies mind-controlled by Marxist/Fascist techno-fuedal monsters. Everywhere I go, I see fat ugly slobs too ignorant and lazy to even think. I do not see any hope for what was once our nation.

  • Patriot Alice

    NAFTA and TPP were the destruction of our middle class. Who sold us out? Not Trump! Retail destruction is the result of no more middle class jobs. Restaurants are next, because unemployed people don’t eat out.

  • freevoter2016

    The s was “OVER” Retailed over 25 years ago. The Banks poured investments into Shopping Malls thinking it was a safe investment. Developers sought Mega Mall locations and solicited the Chain stores for lucrative leases. Now that On Line shopping has rocketed it is the Banks that will suffer along with Local Counties which depend on the Real Estate Tax base for their budgets.. These are the very same groups that encourage an Open Borders policy thinking it will save their ill conceived investments. The real solution is what Trump has in mind in rebuilding our Middle Class for economic growth

    • ikkichia

      nope. USA high public debt will depress the economic growth soon. trump does not have any ideas in his mind at all.

      EDIT: I’m taking a jobs away from the americans and move on to the offshore.

      • freevoter2016

        Yes that’s free enterprise. Trump himself a businessman wants to create an environment where Trade Agreements do not take away incentives to keep Factories in the US. The US should not grant favorable tariffs to those countries that put high Tariffs on American Goods and create manipulated market barriers to prevent our exports a fair access to foreign markets. Companies will then find it conducive the produce here at home. Trump believes in Free Trade that is above all Fair Trade. Past Trade Agreements were mostly formulated by Lobbyists for foreign countries and the corporations that would benefit from the lower labor cost and tariffs.

        • ikkichia

          trump better not to put tariffs on the goods comes from the foreign countries or else, trump will find himself that american goods are been tariff added by the foreign countries. that’s trade wars.

          • freevoter2016

            You don’t seem to realize we have been in a trade war for decades and we were losing.

          • SoCalBeachDude

            100% correct and time its way past time to put HEAVY TARIFFS on the violators causing those problems, especially Japan as to cars and China as to other goods.

          • SoCalBeachDude

            So what? Tough luck.

      • Gay Veteran

        “…the companies are free to ship it a jobs off to the foreign countries what companies wants.”

        and in response we should impose tariffs

        • ikkichia

          Then we’ll pass a cost to you, as US customers when our goods gets tariff on.

          • Gay Veteran

            not if the product is made in America

          • ikkichia

            made in america? nah. forget it. goods will be made in canada and we’ll encourage you to pay much more on goods we sell it into the america with trump’s tariff.

          • Gay Veteran

            assuming NAFTA remains unchanged

      • SoCalBeachDude

        It isn’t US government debt that depresses growth but rather the OVERALL $67 TRILLION IN DEBT OUTSTANDING IN THE USA across all sectors of the US economy. The federal government debt is only around $20 trillion by itself.

        TARIFFS used to almost exclusively fund the US government and are the most effective measure available to handle any and all trade imbalances.

    • SoCalBeachDude

      Online shopping is still a TINY PORTION of overall retail sales in the USA and is not the core issue at all.

      • freevoter2016

        Speaking from 50 years of experience in the Retail & Import business those vacant spaces at Shopping malls across the country bear out what I previously stated. In addition the Immigration in mass as decimated the middle class as wages and job opportunities have fallen victim to the Globalists.

        • SoCalBeachDude

          The biggest expense that stores of all sorts are facing is SKYROCKETING RENTS for store space and that is true both across all of the main streets of America and especially at malls. It really isn’t the lack of sales which aren’t down much at all, but rather the MUCH HIGHER COSTS OF KEEPING STORES OPEN when sales are not rising.

          The so-called “middle class” is not “decimated” at all and only a few tens of millions of jobs have been lost or downgraded over the past 40 years in the US. They were VASTLY OVERPAID and are now being paid closer to what they are worth to their employers.

          A very big problem is that many people today HAVE NO TASTE OR SENSE OF VALUE AT ALL and just want to buy JUNK which is a big reason stores don’t even carry fine crystal, china, furniture, or all of the other great things that people used to buy.

          • freevoter2016

            The rent increases under existing leases may be written in stone but Mall managers often are willing to reduce existing rents rather than have tenants vacate the premises. These leases have financial reporting clauses so the property owners have insight into the economic issues for the premises and the economy. Thanks to the LLC structure of many retailers they can close unprofitable locations.

          • freevoter2016

            The only VASTLY overpaid workers are the Bureaucrats in government with guaranteed pay increases, Bonuses and generous pensions. Middle class wage increases have been stagnant for 25 years.

  • CumExApostolatus

    Unless and until the international money-lenders are brought to heel, the majority of the world’s population will continue to go from one crisis to another and continue to live mostly hand to mouth.

    • SoCalBeachDude

      What utter nonsense.

  • Twaddlefree

    And, uh, if there were no members, he wouldn’t be raking it in. Charging what the market will bear is Capitalism. When enough say enough, the price will go down or the business will cease. Simple as that. To be angry that someone ELSE is making a lot of money from OTHER people who are willing to pay the price that is asked is called ENVY, and it’s the basis of Socialism which ultimately causes everyone (except the more-equal-than-others-elitists) to be equally POOR and MISERABLE.

  • travis690

    I can’t say that I’m not concerned, but this is the end result of the Federal Reserve keeping interest rates lower for longer.

    The United States has more retail space per person than any other country in the world, with 23 sq ft per person. This compares with Australia in second place at 11 sq ft per person, followed by United Kingdom at 9 sq ft per person. Australia occupies almost the same land mass as the United States, but 95% of their population is within 100 miles of the east coast. I guess it’s because our nation has the population more evenly spread out, but here, over 85% of the population lives within 100 miles of the coasts also.

    No–we just decided that we needed to replicate every stinking strip center thousands of times over across our landscape. And we also decided that almost all the space along major streets in our cities should be lined with more retail shopping space. Like we really need a convenience store on every corner, and hair and nail salons in every dang strip center.

    But where someone has an idea about how to “develop” a property, there’s a bank willing to lend them the money to do it. And ever since 2007, the cost of money has been less than a rational return on investment for the borrowers. This has caused many otherwise worthless projects to be financed, and we have thus seen the duplication of all these strip malls located in front of every big-box store in the country.

    This has been the answer to the question: “What happens to a fool and his money?”

    • SoCalBeachDude

      The only three interest rates that Federal Reserve raised on June 14, 2007 are:

      1) Federal Discount Rate (the rate at which banks borrow directly from the Federal Reserve for overnight liquidity purposes on a fully collateralized basis).

      2) Federal Funds Rate (the interbank borrowing rate at which banks borrow from each other strictly for liquidity purposes for very short terms (typically overnight) on a fully collateralized basis.

      3) IOER [Interest On Excess Reserves] (the rate paid by the Federal Reserve to member banks on their more than $2.5 trillion in funds in their excess reserves accounts inside the Federal Reserve).

      Not that it matters the slightest bit of a hoot, however, as the FDR and FFR are practically NEVER USED THESE DAYS given the fact that member banks are overflowing with vast excess reserves and have NO NEED WHATSOEVER to borrow from each other or from the Federal Reserve for overnight liquidity purposes.

      The Federal Reserve targets for these rates are around 3% by the end of next year in December 2018 and the Federal Discount Rate is always set at 0.5% higher than the Federal Funds Rate.

      The IOER matters very much to the member banks who will earn more than $80 million more a year now on their more than $2.5 trillion in funds in their excess reserves accounts inside the Federal Reserve.

  • Bruce

    Retail is DONE in this country. Not only does the economy suck meaning many people can only buy essentials. It also means everyone is looking for the bargains. In addition, on-line shopping dealt the final death blow to normal retail. Amazon has bought the grocery giant Whole Foods since this article was written. Amazon has changed retail and did so in a very short period of time. Before long Amazons methods will take away grocery stores for the most part.
    In short order the majority of our purchases be they groceries or dry goods will be through the net. Big box stores like Sears and Wal-Mart were to late to the party and have lost Billions in sales. The world is changing so fast, no one hardly can keep up.

    • SoCalBeachDude

      What utter nonsense. More good and services are now being sold than ever in the history of the United States.

  • Sir William

    How do you get women to realize and accept, that by shopping at Amazon, their child, along about 4 million more, will be living at home until their 33 yrs old, because their job got whacked from online shopping.

  • SoCalBeachDude

    Sears says it will close 20 more stores; Stock Down 97% since 2007…

    More bad news for Sears Holdings: The beleaguered chain on Friday said it will shutter an additional 20 U.S. stores, amounting to more than 260 closures so far this year.

    The company’s stock has lost nearly 97 percent of its value in the past decade, from a peak of $195.18 a share in 2007 to less than $7 a share today.

    The announcement, which deals yet another blow to the 124-year-old company, comes as retailers across the country struggle to stay relevant in an era of online shopping. Department stores such as Sears, J.C. Penney and Macy’s have been particularly hard hit as Americans look beyond the suburban shopping mall for clothing, furniture and appliances.

    A day earlier, spin-off Sears Canada filed for bankruptcy protection and said it would close 59 stores and lay off nearly 3,000 workers.

    Sears, once the country’s largest retailer, dominated the industry for years by building a collection of well-known brands such as Kenmore, DieHard and Craftsman (which it sold to Stanley Black & Decker earlier this year for an estimated $900 million). The company, which started as a Chicago-based mail-order business, quickly grew into a one-stop shop for American families.

    The company has not turned a profit since 2010, and last year it reported losses of $2.2 billion. Analysts say many of the company’s stores have fallen into disarray, and its website has yet to attract much of a following. In 2016, online orders made up less than 8 percent of Sears’s total sales, compared with about 18 percent at Nordstrom and Macy’s, according to market research firm eMarketer.

    So far this year, the company has announced the closure of more than 260 Kmart and Sears stores. (It has about 1,100 locations left.)

    https://www.washingtonpost.com/business/economy/sears-says-it-will-close-20-more-stores/2017/06/23/2d8ea320-5826-11e7-ba90-f5875b7d1876_story.html

  • SoCalBeachDude

    What utterly bogus nonsense.

    The so-called “Great Depression” occurred as a result of the COLLAPSE OF THE MASSIVE CREDIT BUBBLE THAT WAS CAUSED BY IDIOT SPECULATORS IN THE ROARING 20s.

    The Great Depression itself was really nothing more than two separate periods of recession the first of which started in August 1929 two months before the stock market crash of 1929 and which lasted only until March 1933. Then there was a recovery which lasted 4 full years with positive growth in GDP until May 1937 when the economy dipped into another very short recession which only lasted until June 1938.

    http://ingrimayne.com/econ/EconomicCatastrophe/GreatDepression.html

    This time around the Grand Global Depression is likely to last considerably longer and actually started in August 2007 and will be with us last least out through the end of 2032. The affects of the GGD are being masked by huge government deficits without which GDP would be decisively negative and by such programs as food stamps which are the modern equivalent of soup kitchens for 41 million Americans.

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