It’s not easy being a big retailer these days. Amazon is eating almost everyone’s lunch. And consumers aren’t spending as much as many economists thought they would — despite lower gas prices and rising wages. It seems that people are saving more and paying down debt. That’s bad news for the likes of Best Buy, Kohl’s and Sears. All three reported their latest results on Thursday.
Best Buy’s profits did top forecasts. But sales fell during the fourth quarter. And the company is forecasting a bigger than expected drop in sales for the first quarter. Kohl’s announced that it will close 18 underperforming stores this year. It added that sales for all of 2016 could fall slightly from a year ago. READ MORE
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Feel terrible for the employees. I sincerely hope they find work elsewhere. But Kohls priced themselves right out of business. Utterly ridiculous prices. Greed will be their ruin.