Major Retail Bankruptcies from 2009-2011

Plenty of analysts and economists have already made the call saying that our worst fears have finally come to a stop. The global economy, which has been hurt by a recession the past couple of years, is finally bouncing back albeit slowly. Plenty of retail businesses and markets have continuously gained over the past five months of 2011 and the outlook today is more positive than ever.

 

But despite the positive outlook and forecasts, there have been plenty of casualties that have been left by the global recession. Especially in the retail business segment in the United States, a lot of familiar chains and supermarkets have folded in the burden of the economic recession.

 

Some of the main reasons why bankruptcy cases are still prevalent in 2011:

 

Outlook and forecasts are really for naught if consumer confidence and spending remains skeptical and low. According to recently published data by the US Conference Board, the Conference Board Consumer Confidence Index is down for the month of May of 2011 by 5.2 basis points. The index now stands at 60.8, down from 66.0 in April.

 

This means that consumers again are holding onto their budget and finding ways to reduce spending overall which does not really bode well with retail business owners. Even for manufacturers of simple and essential products like Office supplies and machineries like PCs and printers, the effects of this data is a big blow to their overall recovery.

 

Another thing that contributes to this gloomier outlook is the inflation information released last April. It states that from the year ending April 2011, inflation rate was up to 3.2% mainly due to rising oil and food prices. The bleak unemployment numbers are also contributing to overall consumer pessimism in the US. These data affect the US markets across the board and the retail business is always one of the hardest hit.

 

Retail Closures

 

The retail sector of the economy has seen a lot of bankruptcy cases since the start of the global recession in 2008. Plenty of these closures can be attributed to the fact that customers would rather save their money for future use rather than spend it on gadgets like printers, PCs, and the like.

 

Here are some of the more notable retail store closures of the past two years:

 

–          Office Depot

 

One of the popular office retail stores has announced the closure of more than 100 of its stores all across America. The closures are mainly due to their profits not being regularly met and underperformance as a whole. Some of its distribution facilities have also been shut down due to the economic recession.

 

The company sells office supplies ranging from personal computers to inkjet printers. It has restructured its business to adapt more quickly in this volatile economy.

 

–          Home Depot

 

This company has also seen massive losses and job cuts during the height of the recession which prompted it to close plenty of its retail outlets. It mainly sells home improvement tools but they also have computer products and printers in their fold.

 

The printer manufacturing market today is pretty much brighter compared to where it was just a couple of years ago. But many analysts are still cautious and wary since some of the important indexes that relate to the printer manufacturing and retailing market are still experiencing lots of volatility.

 

This Article is written by John C Arkin.



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