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The first three months of the sale will see prices raised to 10% above prevailing online prices. This will lure in the suckers who will buy the good stuff and then look stupid as they brag about the good deals they think they got.
After that, the remaining garbage will be marked back down to MSRP and then advertised as being 10% off. This will result in a new wave of suckers.
By the time the prices even approach online pricing will be when the only things remaining, the protien bars in the checkout aisle, will be 5% off, and stale.
We need more hundreds of millions of square feet of retail, fast food, fast casual food, and other space allowing sellers of foreign made goods (competing with Amazon) to be constructed because the ghost town-like, nearly empty existing stores, big boxes and restaurant (within 1,000 feet of the next restaurant) aren't enough as it is.
BUILD MOAR RESTAURANTS AND STORES SELLING CHINESE, INDONESIAN, THAI, INDIAN AND MEXICAN USELESS CRAP.
They missed the boat, they should have sold guns and ammo.
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That's something obviously that online sales can't easily compete with.
Another Mittens/Gordon Gekko company down the drain.
Office Depot closing 300 stores.
Ruby Tuesday's closing many restaurants, including all in Illinois.
Fifth Third Bank closing hundreds of branches.
Comerica bank closing 40 branches.
CVS purchased heavily indebted Rite-Aid and will close and sell many Rite-Aid locations, as well as close some CVS locations also, as they have contracted to manage Target stores' pharmacies (in stripE.
I've been avoiding Sports Authority because these bankruptcy sales only attract dummies that don't realize they're paying more for their items than the store previously sold them for. These are also the same dummies that haven't heard of Amazon or the concept of comparison shopping.
Dan8267
2016 Aug 3, 12:12pm
Judge refuses bonuses for executives at bankrupt Sports Authority
A U.S. bankruptcy judge refused on Tuesday to allow Sports Authority to pay up to $2.85 million in bonuses to four executives for overseeing the winding down of the national sporting goods chain.
"I think it’s just inappropriate to pay senior executives a bonus when all the employees are losing their jobs," said Judge Mary Walrath during a hearing in Wilmington, Delaware.
Sports Authority said the bonuses were essential to ensure executives squeeze the most value out of its assets by adhering to a budget and preventing waste.
The company asked to keep the identities of the executives under seal to "minimize detrimental impacts on employee morale," which prompted an outcry from some of the 14,000 former staffers.
ASSHOLE! Doesn't that judge realize that an executive is physically incapable of doing his job unless he gets a bonus? What does she think an executive is? A regular employee who has to do his job just for his salary?
At least they kept the executives' identities under seal. I'd hate to see all the employees being fired lose their morale before they are kicked flat on their asses. I mean, can you imagine if the employees slacked off during the last few days of their employment. That's totally something they would do since they aren't getting bonuses.
Have you noticed how many cheap shoe stores fill once spectacular malls.
Most of the malls in Atlanta, save for Lenox Square and to a lesser extent, Perimeter mall are the only malls still doing well. Most of the other malls in the Atlanta area are decrepit or decaying.
MisdemeanorRebel
2016 Aug 3, 12:46pm
ASSHOLE! Doesn't that judge realize that an executive is physically incapable of doing his job unless he gets a bonus? What does she think an executive is? A regular employee who has to do his job just for his salary?
Notice you never hear those with golden parachutes being told "You're lucky to HAVE a job, as this company spirals towards bankruptcy. Be thankful you aren't fired"
We really need Corporate Governance Reform in this country, bad. No rational shareholder would vote to pay big bonuses to executives as they are about to be left holding the bag of worthless shares.
tatupu70
2016 Aug 3, 1:40pm
Notice you never hear those with golden parachutes being told "You're lucky to HAVE a job, as this company spirals towards bankruptcy. Be thankful you aren't fired"
We really need Corporate Governance Reform in this country, bad. No rational shareholder would vote to pay big bonuses to executives as they are about to be left holding the bag of worthless shares.
+1 This is a huge problem that nobody talks about.
http://www.usatoday.com/story/money/2016/05/23/sports-authority-going-out-biz-sales-should-start-end-week/84792816/
Sports Authority, in planning to close all of its stores,is set to launch its going-out-of-business sales this week, according to court documents.
In shutting down, the 463-store chain becomes the latest casualty among rivals for the sporting-good business. It follows the recently announced closure of the Sport Chalet chain, based on the West Coast. While sporting goods and athletic wear sales are growing, traditional retailers like the two chains have been hurt by competition from online.
Sports Authority's final sales are expected to start by Friday and finish by the end of August, the documents state.
The big-box chain, which filed for bankruptcy protection less than three months ago, had initially planned to try to sell or close about a third of its retail sites in order to strengthen and streamline its operations. But the retailer, based in Englewood, Colo., added that if attempts to restructure its debt failed, it might close all of its stores.
The Sports Authority closings come on the heels of another athletic goods retailer, Sport Chalet, taking similar action. The chain stopped online transactions and began closing sales at its nearly 50 stores in April.
Sports Authority, which was owned by the Los Angeles-based private equity firm Leonard Green & Partners, has said that it was hampered by $1.1 billion in debt, and was late in picking up on shifting consumer trends.
But the growing number of consumers doing their shopping online has roiled brick and mortar retailers across the board, whether they sell t-shirts or tennis rackets. And Sports Authority has acknowledged that online competition played a key role in its demise.
“It’s a hypercompetitive industry,’’ says Katie Nemec, spokeswoman for the National Sporting Goods Association, who added that online retailers who don’t have to tack sales tax onto merchandise get “an unfair advantage . . . If that company is in a state where they don’t have to charge it, we see it almost as a discount to the consumer.’’
The amount of athletic and sport equipment sales made online grew to 15.8% last year from 11.8% in 2010, according to the National Sporting Goods Association. Online sales of athletic and sport footwear increased to 17.2% of all such sales last year, from 12.8% in 2010.
Still, it’s not just sporting goods sellers that are struggling. “It seems like every retail industry is dealing with its own set of challenges,’’ Nemec says. “I certainly don’t think the sporting goods industry is the only one.’’
#obamasfault