This holiday season will be a “bloodbath” for retailers, according to Marc Lichtenfeld. But there are still some companies that will dodge the downtrend. Marc says Kohl’s (NYSE:KSS), Wal-Mart (NYSE:WMT) and Dollar Tree (Nasdaq:DLTR) are well placed to weather the crisis. And they could even benefit from the demise of the competition.
Electronics retailer Best Buy (NYSE:BBY) slashed its full-year outlook today, saying it was “the most difficult climate we’ve ever seen.” But Paul Moore says Best Buy isn’t likely to head the same way as mismanaged Circuit City (NYSE:CC). In fact, BBY should even get a lift from the bankruptcy of its main rival just before the holiday season.
Circuit City (CC) made it official on Monday and filed for bankruptcy. Only a week ago, the company announced it would close 155 stores that were underperforming. On September 29, the company reported a third-quarter loss of $239 million, which was three times larger than the loss for the same quarter a year ago.
Circuit City Stores Inc. (CC) has filed for Chapter 11 bankruptcy, a week after the struggling electronics retailer announced it would close 155 of its 566 U.S. stores by Dec. 31 and slash its workforce by 17%.
Circuit City Stores Inc. (CC) will close 155, or 20%, of its 566 U.S. stores by Dec. 31 and slash its domestic workforce by about 17% as the fledging electronics retailer scrambles to conserve cash and reverse six consecutive quarters of falling sales.
Retail sales slumped 1.2% in September. It was the steepest decline for over three years. This is bad news for retailers. Andrew Snyder says this means investors should avoid retail-related REITs such as Simon Property Group (NYSE:SPG).
Circuit City Ousts CEO; Huge MSFT Buyback; McAfee Buys Secure Computing; Buffett’s Cash Wins Out; WaMu Downgrade; CarMax Crashes; Krawcheck Out at Citi; Legg Mason Not Going Private
Need help with your home computer? Perhaps you call up The TechGuys, owned by PC World (LON:DSGI), or the Geek Squad, from Carphone Warehouse (LON:CPW).
Now there’s a new outfit in town, says Penny Sleuth UK editor Tom Bulford. It’s called Nerd Force. And Tom reckons it’s a good buy.
Nerd Force is owned by by Nexus Management (LON:NXS), a small UK company whose shares trade on AIM at a price of just 0.8p. It also have twenty years of IT experience. If NXS can handle the roll-out successfully, its shares can only rise.
Oil Over $143; GM Falls to 54-year Low; Starbucks Closes 600 Stores; Nikkei Post 10th Straight Loss; United Health Lands in the Emergency Ward; 900 American Flight Attendants on Standby; Blockbuster Abandons Bid; Microsoft at it Again
Brian Hunt brings you the New Highs and Lows of note last week.