Could the news get any worse? Very much so. Retailers keep struggling, stores keep closing, and stuff keeps getting liquidated. The Q4 results are in… here are the losers, and, well, the losers.
Fourth Quarter Blues
Nordstrom and Saks, two of the more upscale retailers out there, aren’t doing too well, and in fact – “given the uncertain economy, [Nordstrom] no longer will provide a quarterly earnings outlook.” Eeks. So much for optimistic thinking.
Neiman Marcus is lightening its load, firing a bunch of folks (450 to be exact). Valentino is also letting go of some employees. J.Crew’s taking even more drastic measures, though, slashing 95 jobs, suspending its 401K program, and even getting rid of raises that are merit-based. Jeez!
Could Barneys be on the same path? Probably not, but it did put a stop to its spring orders, for the time being.
Finally, the economy is hammering the final nail in the Fortunoff coffin. Liquidation is beginning.
In the midst of all this doom and gloom, Christian Audigier is rubbing the opening of his new Ed Hardy store in everyone’s face, celebrating it with champagne, hors d’oeuvres, and NFL players. A little insensitive, don’t you think?