CA Wal-Mart Stores Closing List and Other Retailers Going Out of Business in 2010
2010 Sam's Club Store Closings and Layoffs Hit California
Wal-Mart Stores Closing List of Sam's Club Locations
While Wal-Mart works on reducing its global waste by 33% - Northern California Wal-Mart now charges for bags - it relies on store closings and layoffs to trim its bottom-line. Sam's Club CEO Brian Cornell released a stores closing list that will rid parent Wal-Mart of 10 financially failing locations.
The stores closing list involves Nampa, Idaho; Clay, N.Y.; Rolling Meadows, Ill; Houston, Texas; Phoenix, Ariz., and Louisville, Colo. California will be hardest hit by having four Sam's Club locations going out of business in La Quinta, Vista, Irvine and Sacramento. An estimated 1,500 employees will be affected by these Wal-Mart store closings and layoffs.
Going Out of Business
As previously reported, there are a number of bookstore closings in 2010. Among them are B. Dalton, Waldenbooks and Lighthouse Christian Stores. A list from Retail Info Systems News reveals that there are still more store closings and layoffs that will hit neighborhoods in 2010. Stores closing include 650 Blockbuster Videos and 125 Trans World locations.
Daily Job Cuts also showcases an alarming number of stores closing. List items include eight Pearl Art and Craft Supplies in Tampa, Atlanta, Rockville, Falls Church, Philadelphia, Selden, Chicago and San Francisco. Four Super Target stores are also going out of business, with one of them being in Stone Mountain and currently employing 140 workers.
Store Closings and Layoffs in the Wake of Business Bankruptcies
2010 has already seen its share of business bankruptcies, which will undoubtedly be followed by stores closing and associated suppliers going out of business as well. The Boston Globe reveals that outdoor retailer Ski Market filed for Chapter 11 bankruptcy protection and will likely lose 16 stores and 170 employees.
Affected by this bankruptcy are not only going to be employees but also South Shore Savings Bank ($4 million debt), a host of creditors ($1 million), the landlord ($610,000) and individuals as well as businesses that the Globe refers to as trade debt ($4.5 million). It is evident that a stores closing list due to bankruptcy affects not only employees but numerous other members of a local economy as well.
As the Wal-Mart stores closing list reveals 10 Sam's Club locations that are now going out of business - with four of them in CA - the economic repercussions associated with the store closings and layoffs undoubtedly hit California hardest. The question now remains: what other California retailers will be next?
Sources
* Wal-Mart Stores. Announcement of Sam's Club Closures - Jan 11, 2010 (accessed January 13, 2010)
* Retail Info Systems News. Store Closings Could Hit 8,000 in 2010 (accessed January 13, 2010)
* Daily Job Cuts (accessed January 13, 2010)
* Globe Newspaper Company. "Ski Market files for bankruptcy" (accessed January 13, 2010)
Published by Sylvia Cochran - Featured Contributor in Automotive, Politics, Travel and Lifestyle
Sylvia Cochran works out of sunny Southern California and has been freelance writing -- full-time -- since 2005. SEO-optimized Internet copy includes news analysis, political Op/Ed and parenting as well as a... View profile
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- Wal-Mart Stores Closing List of Sam's Club Locations
- Going Out of Business
- Store Closings and Layoffs in the Wake of Business Bankruptcies
16 Comments
Post a CommentFifteen cargo ships pollute as much as 760 million automobiles.
Foreign items ain't cheap and they cost America jobs.
Support your town.......shop around!
Made In America..........priceless!
"There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else." -Sam Walton
People in Germany and South Korea read that a few years ago and today there is no Wal*Mart.
Hip Hip Hooray!
oops! from post below...I made a Boo Boo!
how long will it take at 433 Billion dollars at year for China to have all of our money, leaving no money flow for us to circulate? At a 17 Trillion dollar economy less than 40-years minus the 1/6 they buy from us. Some say that if we keep putting money into our economy, it would take forever, but if we do not then eventually all the money flow will go. If China buys our debt then eventually they own us, no need to worry about a war, they are buying America, due in part to our own mismanaged trade, so whose fault is that? Not necessarily China, as they are doing what's in the best interests, and we should make sure that trade is not only free, but fair too."
on Wal*Mart's China web page!
"Wal-Mart China persists in local procurement which provides more job opportunities, supports local manufacture industry and promotes local economy. So far, 95% of merchandising sold at Wal-Mart China store are local products by which Wal-Mart has established business relations with nearly 20,000 suppliers. At Wal-Mart, we treat suppliers as partners and would like to develop with them. In 2008 Wal-Mart won the Supplier Satisfaction published by Business Information of Shanghai for five consecutive years."
5% foreign in China...
That doesn't support American exports and American jobs.
Remember what Lance Winslow wrote in that article "The Flow of Trade in a Global Economy"....
"Now let us look at Wal-Mart again; you buy a product there, 6% goes to the employees, 10-18% is profit to the company, 25% goes to other costs and 50% goes to re-stock or the cost of goods sold. Of the 50% about 20-25% goes to China, a guess, but you get the point. Now then,
well I'm not surprised, with an idiot in the White House, he's done nothing for the economy. People on SSA, DISABILITY, hasn't seen an increase in now 2 years come 2011. You always find out who the real decent business are when a Recession hits. Wal-Mart has trillions of dollars, there just greedy family. I hope on next presidential election people will wake up and see the Government has done nothing.
Each administration has something to do with this disaster, yes, and yes, it is not all Obamas fault, BUT Obama is not helping at all, EITHER.
Thank you all for stopping by and for commenting. @Dana: Actually, it was Clinton who started the mortgage mess.
Walmart's closing because they too, got greedy and expanded too quickly. Now that common sense and the financial bottom line for their stockholders is in question, they have to insure that they can still deliver huge profits. In tough times that means cleaning house of non-productive stores. Everyone needs to stop panicking and hope the healthcare bill gets passed. It's those costs that cripple most companies faster than slow sales.
Obama didn't cause this. It's from 8 yeara of Bush/ Cheney. Bush pushed through these bank bailouts, they juect fell in Obama's year. Bush deregulated allowing shifty securities sales, poor housing loans and so much more. YOU CAN'T TOPPLE A COUNTRY'S ECONOMY OVER 8+ YEARS AND EXPECT THE NEW LEADER TO CLEAN IT UP IN A DAY - OR YEAR!
Why not say as Regan, "Drill now drill here"