Forbes predictions begin coming true. 1st Big Chain shutting down.

[Guest TankerHC]

I posted part of Forbes list of 10 businesses that would not be around come the end of 2014. Sears was one, Best Buy another, possibly Radio Shack, Dardens Restaraunt chains, J.C. Penney and some others.

 

Saw an announcement today that Red Lobster is going out of business, Longhorns is slowing down building and their other chain Olive Garden will be ceasing all new construction and slowing hiring. That would be Darden, one of Forbes 10 Companies or Brands that will go away before the end of 2014. 

 

Some are saying the brand might possibly be sold, according to the article this morning they couldn't find a buyer, (Unless it occired in the last 4 hours) and all Red Lobsters will be closing their doors. An 8 Billion Dollar Company is now an 4.2 billion dollar Company. 

 

According to both Forbes and Buzzfeed last year, best Buy wont make it past March, JC Penney will be gone, probably along with Sears by mid summer or so. 

Edited December 27, 2013 by TankerHC

[hipower]

Wow. Scary.

But not unexpected, at least it shouldn't be to most of us.

We can't keep going as a buying rather than a producing nation and economy.

[buck1032]

Wow, that sucks about Red Lobster. We love the food and eat there every so often. As well as Olive Garden.

[Guest TankerHC]

List of Brands that wont be around after 2014 according to Forbes, Yahoo Money and MSN Money

 

JC Penney

Olympus

Martha Stewart Living (Probably just the Magazine)

Living Social

Mitsubishi Motors

Nook

Volvo

Leap Wireless

Car and Driver Magazine

Road and Track Magazine

Abercrombie and Fitch

 

Best Buy stock rose 253%, but expected only because of the Christmas shopping season and with big stock transactions with little to back them (Or required any longer), most stock is inflated anyway.

 

The only good thing I see in the financial sections are that there are 12 companies about to hit it big and all are tech companies (As I said before, Tech Companies will be who saves the economy from collapse) and according to Forbes, ACA is unsustainable even in the short term and will be repealed before the 2014 elections. 

[itw69fxst]

It is brutal to watch our country lose its strength. But its even worse to realize there is nothing that can be done to save it. When our own prez signs away our rights and jobs, and any person with the power to stop it is bought and paid for, we are in deep muck.

[Metalhead]

Red Lobster isn't closing.

 

http://www.orlandosentinel.com/business/os-red-lobster-not-closing-20131227,0,916437.story

[knewcomb]

Both Red Lobster and Olive Garden in Antioch are supposedly both closing soon. May be due to bad location though.

[Guest TankerHC]

The prediction is more than an Internet rumor as Darden claims. Notice the "several options" she states in the above article. As of this morning, they are closing. 4 days ago, Bloomberg stated no matter what they do, a spinoff wont work (Bloomberg is not Internet rumors), in the last 2 weeks, Enterprener, CBS Financial, Bloomberg, all say the same, spinoff wont work, the Company is too far gone. Bloomberg, dont expect some miracle, it aint gonna happen. 

 

Those are not Internet Rumors, those are real financial companies with stakes in Dardens stock. And Dardens CEO isnt making that decision, their Investors pressured them to close, also part of the Spin Off plan is to close the Red Lobsters.

 

Ill bet anything, in 6 months there will be no Red Lobster. It's already been noted, it isnt a matter of if, but when they begin closing restaurants. 

Edited December 27, 2013 by TankerHC

[wewoapsiak]

I don't think I'll miss a single one of those companies. Red Lobster has been complete crap the last few times we've been there. Sent from the blue lagoon.

[E4 No More]

My wife loves Red Lobster, but the only thing that I like there is the Cheddar Bay Biscuits. I'd be ok with them closing.

[Metalhead]

The one close to me is usually pretty good. I don't think I've ever had bad service or food there, but I only eat red lobster maybe a handful of times per year. I usually just buy the cheddar biscuit mix from Kroger and make my own when I get that craving.

[Erik88]

My wife loves Red Lobster, but the only thing that I like there is the Cheddar Bay Biscuits. I'd be ok with them closing.

 

I hate red lobster but a business that big closing means thousands of people will lose their jobs. That's never a good thing.

[gregintenn]

I don't think I'll miss a single one of those companies. Red Lobster has been complete crap the last few times we've been there. Sent from the blue lagoon.

Same here. Captain D's is a step up in my opinion.

 

I love seafood. It's a damned shame we have to drive 8-10 hours to get good seafood.

Edited December 27, 2013 by gregintenn

[E4 No More]

I hate red lobster but a business that big closing means thousands of people will lose their jobs. That's never a good thing.

I didn't say that it was a good thing; I said that I'd be ok with it. I have empathy for those that would lose their jobs, but a business has to evolve or die. Publicly traded isn't really a great thing because it locks the company into a business model that doesn't necessarily evolve. The company that I work for just went from public to private, and I think that's a good thing. I have been here for 9 years watching them do inane things, so I hope things change for the better so that they evolve.

[runco]

It is brutal to watch our country lose its strength. But its even worse to realize there is nothing that can be done to save it. When our own prez signs away our rights and jobs, and any person with the power to stop it is bought and paid for, we are in deep muck.

We the people could have done many things years ago (and still can), but we the people never did organize to one voice and never did make saving our manufacturing jobs a priority to save.  If we the people had organized to protect our jobs like we did for the Great 2013 Gun Scare, we would be sending food today to starving China-men, instead of our jobs.   Our country could have levied great duties on anything imported that was already made here.  Would we made some countries angry, yes, but who cares.  This is our home, our jobs.  I doubt seriously if our country was in top financial health from top to bottom, these companies mentioned would not be in any stress.

[Sam1]

The internet is 100% of the reason for this.  Technologies change trends, and right now a local box store can't compete with an out of state warehouse that saves you 20%, no taxes and free shipping.

[seez52]

dang, I might ought to use up those gift cards toot sweet.

[runco]

The internet is 100% of the reason for this.  Technologies change trends, and right now a local box store can't compete with an out of state warehouse that saves you 20%, no taxes and free shipping.

You got to love a free market.  These companies could have changed or adapted their business model to include internet sales.  They lack vision.  They once had the necessary capital to put any start up internet company out of business.  Cudos to the new entrepreneurs that created Amazon, Ebay, Newegg, TigerDirect, Optics Planet, Midway, etc.  How did Walmart destroy Kmart and Sears, a vision and determination. 

 

But I still contend that a strong U.S. economy with an attitude of protectionism, and likely these companies would not be threatened.

[No_0ne]

When was the last time you ate at a Burger Chef or a Big Boy restaurant?  Shopped at Woolsworths or a Merry-Go-Round store?  Flew on Eastern, Pan-Am or TWA?  Where are the products from Sony Betamax, Compaq and MCI Worldcom?  Saw a new Studebaker, Pontiac or Packard for sale?  Where is Enron, E.F. Hutton, and General Foods now?  All these companies were at one time highly profitable, many were among the leaders in sales and viability in their respective fields.  All are gone, some by merger and acquisition, some by bankruptcy, others due to fraud and mismanagement.  This is capitalism at work; when a company can no longer provide goods and services at a price that the market will bear, those companies go out of business.  While economic downturns may exacerbate and hasten the process, good companies survive the bad times and are often stronger than before, those who cannot adapt and change to meet shifting conditions go under.  It's the nature of the beast.

[Guest TankerHC]

You got to love a free market.  These companies could have changed or adapted their business model to include internet sales.  They lack vision.  They once had the necessary capital to put any start up internet company out of business.  Cudos to the new entrepreneurs that created Amazon, Ebay, Newegg, TigerDirect, Optics Planet, Midway, etc.  How did Walmart destroy Kmart and Sears, a vision and determination. 

 

But I still contend that a strong U.S. economy with an attitude of protectionism, and likely these companies would not be threatened.

 

Walmart wasn't North of TN in the 70's. When word came that Walmart was coming to VA and MD, a lot of people complained and said they wouldn't shop there, reason was, we had KMart, Two Guys and some other places (All out of business now except a few KMarts), Walmart stated wherever there was a KMart, they would build a Walmart. They did, and everywhere they did there is no longer a Kmart with few exceptions. CVS is using that same model, when you see a Walgreens, if not there already you will eventually see a CVS within a city block built. But while Walmart's plan was to take the consumer, CVS reason is entirely different. 

 

CVS and Walgreens along with Rite Aid and others, along with multiple auto dealerships in the same area, Lowes and Home Depot across the street from each other, INCREASES the likelihood of a sale rather than running one or the other out of business. It increases the chance % per store of a sale. 

 

Learned this actually from Weakonomics. When Walmart was really growing in the 80's and 90's, every new store would take an Operating Loss until that store gained local market share before raising to normal prices. But the reason all those different car dealerships are in one place, and all those other stores, it increases foot traffic per store and increases the probability percentage of a sale per store. Rather than someone having to run all over town from store to store, they can walk back and forth to make a decision, according to Weakonomics, it increases the chance of a sale (Per store) from 6.25% to 25% for 4 different stores of the same type, in the same location. CVS will not run Walgreens out of business, it actually creates more customers. They say it is the same model as competing anchor stores in Mall's, which is what makes Malls so popular.

[TripleDigitRide]

I believe all K-Mart's are now closing. Over the last week or so, I've noticed "Going Out of Business" signs going up at all the remaining stores around Nashville.

[runco]

Shopping at Kmart is somewhat like camping.  I just feel dirty after doing both, and I want a shower.

[Guest TankerHC]

I believe all K-Mart's are now closing. Over the last week or so, I've noticed "Going Out of Business" signs going up at all the remaining stores around Nashville.

 

I stopped in KMart on 153 a couple of days before Christmas and was pretty surprised, the store was clean, great customer service and prices were definitely competitive with Walmart. Too late I suppose. Since they merged with Sears, could be another bad sign for Sears. Shopping in Sears is still like shopping in a rat hole. (In many cases but not all). 

[Randall53]

This is not good news and is a sign of a sinking economy in my mind. Stores usually close because of lack of customers or mismanagement .
The thing that worries me more is the mass retirement of doctors over obamacare. A doctor shortage won't be good either.

[Guest TankerHC]

This is not good news and is a sign of a sinking economy in my mind. Stores usually close because of lack of customers or mismanagement .
The thing that worries me more is the mass retirement of doctors over obamacare. A doctor shortage won't be good either.

 

Did you see the news today on the ACA Insurance Company bailouts?  Built right in to the ACA. Any losses the Insurance carriers take due to the ACA HAVE to be made up by the taxpayer. Im sure that will NOT be passed on to the Doctors, do not see how they can do that without jacking up the tax rate even higher which will take more expendable income, costing business on the economy.

 

This so called President of the United States is DESTROYING the economy. Im waiting for a Venezuela like price control law's to go into effect so I can get my $50 70 inch 3D Smart TV. 

Edited December 28, 2013 by TankerHC