We are a pretty large store located in the northeast.
Our sales have been tanking all year, and we are starting the holiday
push deep in the hole.
Even our Holiday meeting was cancelled, to save on payroll.
If this store is shut down, do you think it would be January, or early
Spring?
NO YOU ARE NOT SAFE. THEY WILL LEAVE YOU IN THE DUST......BEST TO WALK OUT NOW..YOU OWE THEM NOTHING. ONCE THEY ANNOUNCE THEY ARE CLOSING THEY WILL REPAY YOU WITH NOTHING.
Could be that the store being referenced in this thread (NORTHEAST - BIG STORE - NO HOLIDAY MEETING) is the one I work in NJ. That store is not leased. it is owned by company and it is huge. Real Estate is worth millions. Our parking lot looks full, but half is used by a big Mercedes dealership across the street. Their employees park here. Maybe they'll sell the real estate? Our sales are down.
No.
How long the store stays open will depend on when the lease ends or what the buyout options are to end the lease early.
The only time they would shutter a store outside of lease termination is if the store is losing so much money that it is less expensive to shut it down and eat the rent until the lease expires or the space gets re-rented than continue to pay the operating costs to run the store.
As others have said, closing sales usually run 8-12 weeks to clear out all the non-returnable inventory but they will cut off replenishment of those items 4-6 weeks before that. If your store suddenly stops getting toys restocked after the holiday shopping period, you know your in trouble.
If they announce in jan you'll close a couple months later. Usually expect March or late Feb.
After January. They’ll do a large after Christmas sale and if they don’t make enough money,they’ll begin returning massive amounts to distributors then talk closing.