May 12, 2020 at 9:40 am #46268Alfredo_TParticipant
Sur La Table is either looking to sell or file for bankruptcy. Its 125 stores have been closed both due to the slowdown in the restaurant business and due to the impracticality of holding in-store cooking classes (an important source of income for the chain) for amateur cooks. See:May 12, 2020 at 3:03 pm #46272
KLCC ran a segment today on how restaurants are being affected. I think they were interviewing a well-known Portland restaurant owner. His take on it is the old business model for running restaurants with large waitstaffs, cooks, bartenders, etc. is probably not going to come back for several years, if ever. They have to completely re-imagine how they operate, possibly permanently.May 12, 2020 at 6:46 pm #46277
All shit is on hold until we have a vaccine. But I agree that the carnage facing restaurants is unprecedented in their business and the fact that almost all restaurants run in super thin margins it’s gonna be ugly.May 13, 2020 at 8:35 am #46281edselehrParticipant
World of Speed Museum in Wilsonville is permanently closed, after just opening in 2015. One would think they could just mothball the collection for a few months, but apparently not. It’s a beautiful new building, and I’m guessing the mortgage was prohibitively expensive to maintain without any income.May 15, 2020 at 5:25 pm #46305
JC Penney files BK. They should just liquidate and call it good.May 15, 2020 at 8:50 pm #46311nosignalallnoiseParticipant
I’m not surprised. They’ve been slowly circling the drain for years (along with most of the legacy department stores).
After Penney’s, all that needs to happen is for Macy’s (Meier & Franks) to close. There’s an extremely high likelihood that AMCrap-O-Topia will file chapter 11 in the next few months so it’s doubtful that shithole excuse of a theatre will reopen, and once those three are gone that’s it. Vancouver Mall will fall flat on its ass. Old Navy, H & M, Men’s Warehouse and the gym (used to be Nordstrom’s) have lots of square footage but they’re not big enough to be considered major anchors that caould, in theory, hold up an entire dying mall.May 15, 2020 at 9:15 pm #46312paulwalkerParticipant
Penney will likely try to keep some of their stores open, much like Sears did until they couldn’t. The writing is on the wall for JC. But yes, next up may be Macy’s, and if they go, malls will collapse everywhere. We are seeing historic sea changes in retail right in front of our faces now.
In the meantime, Bezos is laughing all the way to the bank. But he will be the next target with anti-trust complaints and he won’t be safe either (relatively, haha)…May 15, 2020 at 9:36 pm #46313nosignalallnoiseParticipant
Maybe if another major retailler like Target or Wallyworld, or shit, even Freddy’s zhwoops in and takes the place of one of the major department stores they might buy the mall a little time but I doubt any of those will.
Van Mall has been floundering for a good 15 years now. Westfield was one of the worst things that happened to it and had probably its highest vacancy rate between 2003 and 2007. (I worked at the mall then.) Cheney & Co didn’t help, but Westfield’s constantly jacking rent up was the salt in the mall’s proverbial wound.May 16, 2020 at 2:01 pm #46324
Valley River Mall in Eugene used to be the happening place. Nowadays it’s like visiting a ghost town, some kind of relic from the 80s. Which is what it is. They used to have high standards for tenants with regard to signage etc. Now these malls will take just about anyone who can pay a few months of rent and put up some kind of crude and cheap signage. Honestly it’s kind of a downer to go there because everything reeks of the 1980s and imminent failure, with the possible exception of the movie theaters. The food court is like a revolving door of names and food themes and vacancies. Macy’s is in desperate need of a complete facelift.May 19, 2020 at 9:57 am #46399May 19, 2020 at 10:19 am #46400Deane JohnsonParticipant
The big stores that have gone under started loosing the scent a long time ago. Sears, JCPenny, Radio Shack.
As the world changed, none could figure out the change they needed to make and each thing they tried made things worse. Each had multiple management changes, and each change brought on increased negatives. None could figure out where the magic was or even if there was any magic to find.
At the same time, the mall concept was on a failing trajectory. The days of women spending a day wondering around the mall doing some shopping went away. The women moved mostly into the work force and didn’t have time to shop.
Amazon was only the final plunge of the sword into a gasping body.May 19, 2020 at 11:02 am #46402Alfredo_TParticipant
There was once a link to a documentary about shopping malls posted on this board. The documentary was made circa 1983, and it is shocking to see how much things have changed since then. The mall profiled was in the Midwest, and one of the businesses was a country nightclub. The mall had many women out for a day of shopping, but teenagers were another important demographic. We all know where the teenagers are today.May 19, 2020 at 12:50 pm #46406
Pier 1 to liquidate, announced today.May 22, 2020 at 5:22 pm #46461
Shares of Hertz Global Holdings Inc. HTZ, -7.49% fell more than 30% in the extended session Friday after The Wall Street Journal reported the car-rental company’s bankruptcy could come as early as Friday night. Hertz has failed to reach a deal with top lenders, the newspaper reported, citing people familiar with the matter. Nationwide restrictions on travel put in place to curb the spread of the coronavirus have hit Hertz and other travel-and tourism-related businesses hard, and Hertz has missed debt payments and reportedly had hired advisers to try to negotiate its debt. Shares of Hertz ended the regular trading day down 7.5%.May 22, 2020 at 5:42 pm #46462Andy BrownParticipant
The bigger they are the harder they fall. The smaller fish will survive. The huge corps with bloated executive salaries and their huge debts will disappear although their assets and name might survive.
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