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Which of these two retailers declares bankruptcy first?
Posted on 2/28/13 at 8:18 am
Posted on 2/28/13 at 8:18 am
Best Buy or JC Penny?
My money is on JCP filing for bankruptcy within 18 months. They are already stretching out their account payables in order to provide internal financing.
There's just too much retail capacity in their genre and they have lost any hope of re-establishing a market niche for themselves. Their same store sales were down by double digit % in their latest report.
Their new CEO will be fired by the board within a year, IMO. He has already announced two major strategy changes since he has been there (less than a year) which I interpret as a combination of desperation and not knowing what he's doing.
Their death spiral has begun.....
(edited to correct typo)
My money is on JCP filing for bankruptcy within 18 months. They are already stretching out their account payables in order to provide internal financing.
There's just too much retail capacity in their genre and they have lost any hope of re-establishing a market niche for themselves. Their same store sales were down by double digit % in their latest report.
Their new CEO will be fired by the board within a year, IMO. He has already announced two major strategy changes since he has been there (less than a year) which I interpret as a combination of desperation and not knowing what he's doing.
Their death spiral has begun.....
(edited to correct typo)
This post was edited on 2/28/13 at 8:21 am
3
Posted on 2/28/13 at 8:19 am to LSURussian
JCP. Ron Johnson is getting crucified on CNBC.
Posted on 2/28/13 at 8:26 am to Janky
JCP stock price is down 16% in pre-market trading. Ouch!
Posted on 2/28/13 at 8:31 am to LSURussian
I think best buy at least has an identity. JCP seems to be all over the board. They don't know if they want to be cheap or higher end. RJ, just announced they are going to go back to having a sale each week, which could compress margins even more. However, they have already lost a bunch of customers when they kept moving their vision. I went in to a JCP in Lafayette a couple of months ago, and felt like I walked into a mix of TJ Maxx and Big lots. I felt dirty.
Posted on 2/28/13 at 8:35 am to LSURussian
quote:
Best Buy or JC Penny?
Penny
BB has lots of cash on hand to stem off for a while, plus there are a few groups who are interested in taking them private.
Posted on 2/28/13 at 8:40 am to LSURussian
I like the penny, but they are closing the photography portion in our local store, and I'm sure the rest is coming.
Posted on 2/28/13 at 8:52 am to Janky
quote:
Ron Johnson is getting crucified on CNBC.
That must have been when Jim Cramer was talking. I mute the TV when he's on. His voice makes my butthole pucker.....
Posted on 2/28/13 at 9:50 am to Lsut81
quote:
BB has lots of cash on hand to stem off for a while, plus there are a few groups who are interested in taking them private.
Amazon is killing BB. I think a lot of people just go to BB to "kick the tires" then come home and purchase online from Amazon. You can get the same or better price, avoid sales taxes and usually get free shipping.
Posted on 2/28/13 at 9:54 am to GumboPot
quote:
Amazon is killing BB. I think a lot of people just go to BB to "kick the tires" then come home and purchase online from Amazon. You can get the same or better price, avoid sales taxes and usually get free shipping.
Not denying that in any way at all... But nonetheless, they have lots of cash on hand in order to stave off a bankruptcy for a while. Plus, they have multiple parties interested in buying them and taking them private.
Posted on 2/28/13 at 10:10 am to GumboPot
I believe BB is staring/going to start price matching online retailers, so that could stop the showroom syndrome. Whether they lose money on those transactions is a different story though.
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