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Billabong Posts $275.6 Million Loss! Closing More Stores!

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This is so sad!

Billabong has been clothing surfers and beach bums for decades, but after losing $275.6 million in a year, or a 331% drop, they're having to downsize.

Gnarly!

In the next year

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Sears To Close 100+ Stores

Filed under: Business Blitz

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This is no way to end the year.

Sears Holdings Corp. announced this week they plan to close 100-120 Sears and Kmart stores after less than impressive holiday sales.

Maybe they shouldn't have shelled out all that money for the Kardashian Kollection.

[Image via AP Images.]

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Gap's Closing 20% Of North American Stores

Filed under: Business BlitzGap

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Ouch.

Gap announced at its annual investor meeting on Thursday they're closing 189 or 1/5 of their stores in the US by 2013.

To make up for the loss,

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Saks Shutters More Stores

Filed under: Business Blitz

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More bad news Saks Fifth Avenue.

After shutting down both the Portland and San Diego locations in May, the luxury department store has decided to close the Saks in Southampton as well as their Off 5TH in Reno.

Saks CEO Steve Sadove explained:

Store closing decisions are difficult ones to make, but the planned closing of these two locations is consistent with our strategy of deploying our resources in productive stores and closing underperforming stores, when feasible.

Wonder which stores are next???

[Image via AP Images.]

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Abercrombie To Close More Than 100 Stores

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It's been a rough year for Abercrombie & Fitch.

After being infested with bedbugs and cutting prices to keep up with competitors the preppy retailer will be closing 60 stores by the end of the year and 50 more by 2012.

Abercrombie said the majority of the closures are due to expired leases, but we're sure having crappy sales didn't help either.

[Image via AP Images.]

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Hampton Retailers Close Up $hop

Filed under: Business Blitz

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Looks like the economy is finally taking its toll on the swanky East Hampton community.

According to the New York Post, retailers are having to close their doors for good because they can no longer afford the expensive rent.

A local real estate broker explains:

"The chains want an East Hampton store just for advertising, to be able to put it on their letterhead. They were willing to lose money to do that. But with the economy down, things have changed."

And with good reason! Some spots are costing some shop owners $200,000 a year in rent!

Renee Fertig, whi owned a spot of Main Street for 40 years says the change is depressing, saying "A few years ago, it was all mom and pops. Now these stores have taken over and they don't even stay open. It really hurts the rest of us."

Sad.

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