http://www.marketwatch.com/news/story/boscovs-closing-10-stores-support/story.aspx?guid=%7B1A03CF44-8969-4651-9F24-97BAF4582575%7D&dist=hppr
THe article says.....49? Only exist?....That's bad.
QuoteOriginally posted by NJxxJon
The article says.....49? Only exist?....That's bad.
Not really - this is a small, family owned chain and is currently only in 6 states, so 49 is not that small a number.
Also, most of the 10 stores closing are newer stores, many only open for a couple years. They bought (most of) these locations from Macy's (the one in VA was a Hills turned Ames)as they were "duplicate" stores after the Macy/May Co merger - and the majority were in newer areas that hadn't heard of Boscov's.
So it appears that they just overdid it - adding too many stores too quickly to pay for them, and now with a slowdown in sales they aren't making enough to keep up. At least they are smart enough to realize what is causing the problem (new stores) and get rid of those, rather than closing all their stores or trying to keep all of them going and causing more problems in the future (like some chains have done in the past).
Now, after the closings, they have 39 stores. Here is the breakdown:
24 stores in PA
6 stores in NJ
3 stores each in DE, MD and NY
Boscov's is not disappearing at least for now..some family members stepped in and are pulling it out of bankruptcy.