Dismal Holiday Season Leads Retailers To Shutter Stores

[Purveyor]

Taking stock of a rough holiday season, retailers are shuttering stores and trimming expansion plans as they stare down edgy consumers.

Industry analysts said Thursday that there was little mystery behind the plans announced by several chains this month. "We're in poor economic times, and when you're in poor economic times, retailers close stores" and reduce the number they plan to open, said Eric Beder of Brean Murray, Carret & Co. "That will accelerate into the second half of 2008."

Zale Corp. said Tuesday that by the end of February it would have closed 60 Zales, Gordon's Jewelers and Piercing Pagoda locations, including a Zales in Fashion Valley Mall in San Diego and a Piercing Pagoda kiosk at the Promenade in Temecula, Calif. Zale also said it would close several dozen more stores later this year.

Liz Claiborne Inc., which has been reviewing its holdings as it charts a long-term growth plan, is pulling the plug on its 54-store Sigrid Olsen chain, which has been losing money for several years. Ethan Allen announced that it would be shutting 12 of its furniture stores and two service centers, and Talbots Inc. is putting up the shutters on 78 Talbots Kids and Talbots Men's stores.

Also this month, Anaheim-based Pacific Sunwear of California Inc. made it official that it would shutter the last 154 stores in its struggling demo chain. And Macy's Inc. capped the holiday season with a New Year's Eve announcement that it would close nine stores because of disappointing sales.

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http://www.latimes.com/business/la-fi-retail18jan18,0,5...