The Milwaukee area is losing its 82-year-old Harry W. Schwartz bookstores due to unavoidable market changes. The stores acknowledge changes in consumer habits, such as e-books and the Internet, as well as the current economic conditions plaguing other businesses. Interestingly, its management believes single-location specialty bookstores may thrive in the future, whereas the small-chain model of Harry W. Schwartz is not relevant in the current environment.
entertainment: January 2009 Archives
New York magazine has an article in this week's issue on the increase in bankruptcy filings for businesses in the nation's largest city. The angle: many of the chapter 11 filings, rather than reposition the filer for a restructuring, are instead precursors to going out of business. "There is not financing available for the reorganization process," says a lawyer in the article. A music studio and car dealership owner are quoted as wondering how they can possibly stay open.
Britain is suffering from the economic downturn in similar fashion to the US. Music retailer Zavvi announced 22 store closings today, citing financial investment--and not consumer demand--as the driving force. Yesterday, retailer Marks & Spencer (similar to Macy's in the US) announced it was closing 27 stores and laying off staff; the century-old chain Woolworth's shut down all its operations this week after a final holiday-season sale. While this page is focused on America's retailers, similar stories are playing out daily across the pond.
