American Retired Seniors

This is good information for planning purposes for those holding on to any gift cards. This may not be the year to give or receive gifts cards.  Watch those store money cards and gift cards and credit slips.  These are stores that informed the Security Exchange of closing plans between October 2008 and January 2009.Saks Fifth Avenue is the latest big retail chain to announce serious losses, and on Tuesday the CEO said people are not in the mood to shop. Macy’s, Gap, Target, Nordstroms and Kohl’s all reported feeling the pinch, and one source expects almost 6,000 store closings this year.

Consumer expert Jay Seaton said some of your favorite stores may not be around this time next month.

“People for the holidays, they need to feel as though their gifts are coming from the heart, but this is a Christmas where I think the financial part of it comes into it too,” said Seaton.

Seaton did say that stores closing may not necessarily be a bad thing for shoppers this season.

“This is one of the best years I’ve ever seen to shop early because the sales are now, or if you’re willing to take a real chance, right at the end, because I think right at the end, right before the holiday, there’s going to be an enormous amount of bargains,” he said.

But he also warned that you need to be very careful because of the uncertainty of store closings.

“You need to be very clear with them and understand what the rules of the road are for that card or that particular sale item,” Seaton said.

If you don’t want to take a chance, Seaton said you could get a Mastercard or Visa gift card that the recipient can use anywhere.

Seaton said some stores are also bringing back lay away plants this year because of the tough economic times.

Here is a list of the store closings NewsChannel5 has been able to confirm:

Circuit City
155 stores closing
6 in NE Ohio
2 will remain open in NE Ohio

Ann Taylor
117 Stores to close nationwide
Closings planned over the next 3 years
No specifics announced

Lane Bryant

40 Stores closing nationwide

Fashion Bug
100 stores closing nationwide

Catherine’s

10 stores closing nationwide

KB Toys

150 stores closing nationwide
Akron location remains open

Eddie Bauer
27 stores closing nationwide

Cache
14 stores closed but several others open

CompUSA
All stores closed

Dillards
Closed Middletown, Ohio store in April

Disney Store
98 stores closed nationwide

Home Depot
15 stores closed nationwide
2 in Ohio – Findley & Lima
Won’t open 50 stores planned for 2009
Hurt specifically by real estate crisis

Talbots
78 men’s and children’s stores closed by September

Fifteen furniture chains closed last year, up from 10 in 2006 and five in 2005, according to Furniture/Today, a trade publication. Two of the largest, Wickes and Domain, closed this year.

Pacific Sunwear
154 remaining Demo stores closing

Foot Locker
140 stores closing by end of 2008

Linens N’ Things
371 stores liquidating
All set to be closed by Jan. 1

Macy’s
Already Closed: Rolling Acres Mall
Akron Canton Centre, Canton
Randall Park Mall, North Randall

Movie Gallery
160 stores as part of reorganization plan to exit bankruptcy

Zales
100 Stores

J. C. Penney, Lowe’s and Office Depot are scaling back or delaying expansion. Office Depot had planned to open 150 stores this year, but will now open 75.

Sprint Nextel
125 retail locations

Get more information here.

Filed under: Senior Finances and Economy