SOTT - Riding Into The Abyss
Another Sign Of The Times. Three years of ridin' with PedoJoe, and the stores selling cheap crap from China are dropping like flies.
At least they are hedging their bets, with the remaining 400 stores slated for closure to occur over the next three years. Apparently hoping that the controlled demolition of the economy will be reversed before it comes to that.
Perhaps if the stores started carrying more Genetically Mutated Frankenfoods, business would pick up?
It's often fun to shop at the dollar stores for better prices than one would get for the same stuff, only paying more, at other businesses. Especially books and kitchen utensils. Every now and then a gem appears in the book section. That the dollar stores are closing indicates a lot of people are running out of money for cheap distractions and improvements, and are focused on hardcore necessities like food.
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Dollar Tree swung to a surprise fourth-quarter loss and will close nearly 1,000 stores after the discount retailer slashed the value of a rival chain it acquired almost a decade ago.
Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year and 370 Family Dollar and 30 Dollar Tree stores over the next several years.
[Snip]
On Wednesday, Dollar Tree said that it would record a $950 million impairment against the trade name Family Dollar, on top of a $1.07 billion goodwill charge. Family Dollar will spend more than $594 million closing or rebranding stores, essentially erasing profits from the holiday season.