Let’s get to the good news first. Because it’s some of the best news we’ve had in a while. Nothing will change overnight, but consumers are coming out of the woodwork and buying stuff they just weren’t buying before, probably because they didn’t all lose their jobs like they thought they would. As a result, retail sales are slightly up.
Also, you know how everything is going bankrupt? That means there are all kinds of vacant retail spots popping up. Well, doesn’t seem they’ll last for too long. The retailers that are doing well are taking advantage of these new real estate opportunities.
Now the bad stuff.
Nordstrom cuts pay for its top execs.
Jane & Company cosmetics files for chapter 11.
Neiman Marcus slashes 131 jobs.
New York boutique Sweet Tater is set to close its doors April 19th.
LL Bean lays off 150 of its 200 call center employees in Bangor. This is just the first wave of layoffs.