America’s Retailers Are Closing Stores Faster Than Ever

 

  • Rue21 may be latest casualty as it prepares bankruptcy filing
  • Amazon is gobbling up most of the industry’s online growth

The battered American retail industry took a few more lumps this week, with stores at both ends of the price spectrum preparing to close their doors.

At the bottom, the seemingly ubiquitous Payless Inc. shoe chain filed for bankruptcy and announced plans to shutter hundreds of locations. Ralph Lauren Corp., meanwhile, said it will close its flagship Fifth Avenue Polo store — a symbol of old-fashioned luxury that no longer resonates with today’s shoppers. Continue reading

Watch for U.S. recession, zero interest rates in China next year, Citi says

Lets get one thing straight. The U.S. economy crashed in 2008 and never recovered since. The amount of Americans out of work (95,000,000+) alone prove just that, yet we’re told a second recession is coming. Since we never recovered, this statement essentially means the second wave of the crash is coming. If you’re wondering why the normally-thought-of ensuing chaos hasn’t happened after the crash, it’s because America is in the free-fall phase. Simply put: The chaos doesn’t ensue until impact at the bottom. Those who see the free-fall are making preparations to take cover and those who are blissfully unaware will continue to remain blissfully unaware.

The moral of the story is: If anyone you know or talk to ever asks you when the economy is supposed to crash, tell them 2008.

 

LONDON (Reuters) – The outlook for the global economy next year is darkening, with a U.S. recession and China becoming the first major emerging market to slash interest rates to zero both potential scenarios, according to Citi. Continue reading