E-mail I received about Retail Stores (any truth?)

Originally posted by anachryon

Originally posted by Velvet Death
I would think that if they go bankrupt they would not have to honor gift cards because a piece of plastic would not be a secure debt.

No worries, gift cards are covered by the FDIC now.

Seriously.

Holy Crap!!!! 250K worth of protection??? DANG, This must have been a recent change cuz 6 months ago our Attorney General had to take one of the Big Box stores (Kmart i think) to court because when they closed one store the other stores refused to honor gift cards that where purchased at the closed store!

Zindo

sorry for the one liner...but LEAD?

please explain this lol (sorry for being a little off topic)

just to try and keep it to topic tho, wonder whats going to happen to DestinyUSA, the next "Mall of America" in Syracuse, NY. DestinyUSA

He has asked for an extension on his original tax exemption plan because of difficulty financing construction (no duh). I just can't see how in this market environment they can keep going ahead with this.

You really want to get worried if and when Wal-Mart starts closing stores. If that happens I know we are in trouble

reply to post by toepick


Lead, meaning, When the Guano hits the fan and they are rioting in the streets for food and heat and water, you might want to have enough 'lead' to protect that which you have smartly put aside for your own family!

Zindo

I don't get it guys? Is this a joke? Look up any of it and I hope you realize that the dates on all of those articles are nowhere near November 2008...why are we reading articles from 2001...2004...2005, uuuh??



[edit on 15-11-2008 by semidiablan]

reply to post by Doomsday 2029



I'm an AGM at a mall and the list is accurate. Things are brutal out there for retailers and will remain so until around 2010, depending how soon the economy bounces back(and it will).

the reason for reading such articals from 2001...2004...2005 is the reason it as got us here, if it was that bad in them dates can you see the scope it is now

reply to post by semidiablan


My quotes for GGP (number two mall management co) was not from years ago it was current and they went from a 52 week high of 53 USD to 31 cent........that is just an indication of how bad it is getting......and it will get much worse.


And yes.........lead becomes a very precious metal once propelled chemically at 1500-2000 fps. Get it while you still can.......becoming harder and harder to aquire each day.

Macy's is closing 9 stores while they have 800 total.

Home Depot is closing 15 and they have 2,230 stores.

It is all relative, I don't see the gift cards at either store being a risk.

Sounds like fear mongering spam. Maybe it's a way to get people into those stores the day after Thanksgiving. Hurry up before it's all gone! It produces an artificial crisis that kicks in anxiety that is related to our survival instincts. It works well with the female populations.

[edit on 16-11-2008 by cloakndagger]

Yes that sure bites,I had about 4000 dollars in repair to my son's truck,now I noticed they went out of buisness,so now the warranty I had with them is now void

reply to post by Oldtimer2


If you where refering to Pep Boys. They haven't gone bankrupt yet so I would check into whether they are still on the hook for that warrunte. Just because they close a store in your area doesn't mean that they don't have to honor it. Check with your state laws on that. They might have to pay an outside contractor to honor it if it is to far to travel to any of their other shops out of your area!

Zindo

[edit on 11/17/2008 by ZindoDoone]

Pep Boys reached this point on their own in part thanks to them hiring imbeciles. A few years ago in Tucson I had to buy a new starter for my old Chevy truck. It was a holiday and they were the only place on my end of town that was open so I could replace it without having to take time off work. So I removed the old one to turn in for core value and drove my wife's car over to PB to buy a new one. I had to go to the back to the service window to pick up the new starter, $120 bucks or so, "take the new one & the core to the front check out and they'll take care of you" type thing.

Anyway, I get to the front and the girl working the register was an idiot and was clearly pissed about working on a holiday. She rings up my order (also bought a pack of shop towels and a knuckle buster extension for my ratchet) She tells me it'll be $14 bucks & change. I tell her, "Uh, I also wanted this starter and am turning this old one in for core value." She stares at me blankly and pulls out this notebook, takes the old starter, rings up $20 for it, and then hands me a $5 bill and some change. I tried 3 times to explain to her that I still needed to pay for the new starter I was buying which she'd already put into my bag and she finally yelled at me "Look, we only pay $20 for the core! Do you wanna talk to my manager and argue with him?" I looked at her, smiled, and said "Nope, have a good day." walked out with my new (free) starter and have wondered ever since that day how Pep Boys stays in business with such morons running their registers.

reply to post by burdman30ott6


That was hillarious. I believe that situation as well as NOT having anything on the store shelves in my area caused the stores in my area close.

Zindo

Originally posted by toepick
just to try and keep it to topic tho, wonder whats going to happen to DestinyUSA, the next "Mall of America" in Syracuse, NY. DestinyUSA

You mean the Congel family tax break? Since I moved up here I've heard about how this project will save Syracuse. The question is, where will the lost tax revenues come from since this project has the sweetest tax deal around.

Linens and Things (Nation Wide) is closing all of its stores and shutting down operations. Liqudator employees have taken over in the store near me!

I also heard something about DHS(?) and Circuit City both filing for Bankruptcy protection

I would be extremely cautious about buying gift cards for any retail chain other than Wal-Mart at this point. Stocks of every retail department store are dropping at a horrible rate. Even if a whole chain does not fold right away, we are going to see massive cutbacks and closings after Christmas. Be careful.

Stores like these closing doesn't surprise me.

Clothing, housing, vehicle parts stores......these seem to open and close all the time here in Indiana.

Originally posted by hotbakedtater
Wow, interesting. I don't like or give gift cards, it is the lazy gift, I think. I think maybe this can turn into a good thing, eventually. Do we NEED so many retail stores anyway?? Consumers have less disposable income, so these types of stores will be hit. I think other types of stores will take their place, like 'green' friendly type of stores, 'back to basics' types, not these ridiculously overpriced and subpar quality stores that sell useless stuff.

interesting point.. but whats gonna happen to all those people that are out of a job and what kinda burden is it gonna be on the system?

I work for Ann Taylor Stores Corporation and wanted to assure you that Ann Taylor is a financially strong Company with a healthy balance sheet. We already communicated early this year that we are closing a number of stores through 2010, but we continue to open new stores and have close to 1,000 stores in our fleet. Ann Taylor and LOFT Gift Cards are a great idea for gifting this holiday, and they can be redeemed at any of our stores or online. Although the source of this viral email is questionable, we felt we should clarify the misleading information because we want our clients to always feel confident in their Ann Taylor purchases.