Linens Could Liquidate During Holidays
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Even in today's economy, a 32% same-store sales drop looks kind of bad. That's why, in part, private-equity firm Cerberus Capital Management has decided not to make a play for the beleaguered Linens 'n Things, according to this New York Post article. This follows a May bankruptcy declaration and the closing of 120 stores, leaving it with about 475 units. The Post article says that same-store sales have plunged 32% so far this month after a 25% drop in August. Apparently Cerberus' management thought that the investment to improve those sales was too high - and they were only planning on acquiring 100 stores. Now the retailer could face liquidation this holiday season...Ho! Ho! Ho! We assume that Bed Bath & Beyond will step in and take control of some of these store if Linens liquidates, or will another buyer step in? Certainly,landlords can't be happy about this given the lack of expanding chains out there.
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Maybe what is worse than an over supply of retail space is an over supply of "Stuff". We are wallowing in stuff from the recent buying binge fueled by supposedly "cheap" money. The average American can barely get their garage door closed and gave up putting the car in there years ago! Most of us have all the "stuff" we need and now the second phase, the upgrading of stuff, has also stopped.
The same store sales figures are alarming.
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Oh man, just what the retail sector needs, another high profile death in the family. I hope everybody's using common sense here and not depending the the Christmas 2008 holiday season to rescue the day, cause it ain't going to happen, regardless of whomever is elected in November. With the financial sector tanking as badly as it is (and the wild chicken-little the sky-is-falling-talk about under-insured FDIC deposits), I'd be curious to see what kind of real forecast we're all looking at for the holiday season.