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  • Business
    The Street10 hours ago

    14 Large Retailers Besides J.C. Penney Are Closing Waves of Stores

    The Great Restructuring in retail continues.  In the wake of a disappointing holiday season, J.C. Penney (JCP) said recently that it will close 138 stores stores by the second quarter. The store closures represent 13% to 14% of the company's current store base and less than 5% of annual sales. They have a negligible impact on net income. J.C. Penney said same-store sales at the locations were "significantly below" the remaining store base and operate at a much higher expense rate due to poor productivity. The company expects $200 million in annual costs savings from the efforts. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat

  • The four most depressing reasons why Americans are not saving any money
    News
    MarketWatch9 hours ago

    The four most depressing reasons why Americans are not saving any money

    This year, Americans say they’re ready to make their savings accounts great again. Whether they actually will is another story. About 21% of working Americans aren’t saving any of their income, which remains unchanged from the answer consumers gave the survey in 2016, a survey released this week by personal finance site Bankrate.com concluded. And just 25% are saving more than 10% of their incomes, down from 28% in 2016. The Bankrate survey was conducted by Princeton Survey Research Associates from a nationally representative sample of more than 1,000 people. What are the biggest reasons Americans aren’t saving more money? The No. 1 answer: 38% said they had too many expenses, some of which may

  • Business
    Bloombergyesterday

    Payless Is Said to Be Filing for Bankruptcy as Soon as Next Week

    Payless Inc., the struggling discount shoe chain, is preparing to file for bankruptcy as soon as next week, according to people familiar with the matter. The company is initially planning to close 400 to 500 stores as it reorganizes operations, said the people, who asked not to be identified because the deliberations aren’t public. Payless had originally looked to shutter as many as 1,000 locations, and the number may still be in flux, according to one of the people. Payless’s bankruptcy would add to a tumultuous year in retail, with several bankruptcies and hundreds of store closings -- even at companies that aren’t distressed. The industry is racing to try to adapt to more online purchasing