Another one bites the dust....let's fill 'em up before building more

gratefuldoc's picture

Linens 'n Things files Chapter 11 bankruptcy
The bedding and home furnishings chain will ask the bankruptcy court to let it close 120 underperforming stores nationwide, including five of its 20 Georgia stores.

The five Georgia stores closing are: Perimeter Mall, Atlanta; Uptown Square Shopping Center, Fayetteville; Stonecrest Marketplace, Lithonia; Macon Mall, Macon; and Southlake Pavilion, Morrow.

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the writing on the wall...Linen's and Things
Main Stream's picture
Submitted by Main Stream on Fri, 05/02/2008 - 4:28pm.

Most businesses tied to housing are going to keep taking a hit, like this one. When folks buy a house, they are always quick to furnish, decorate, remodel and renovate, but with no houses selling, these businesses are bound to either dry up or be forced to downsize and reorganize.

What do we have in the Kedron shopping ctr? Is that a Linen's or a Bed Bath and Beyond?


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Just a bit of a stretch...
Submitted by Spyglass on Fri, 05/02/2008 - 5:14pm.

The fact of the matter is, houses are selling in this area, they are just staying on the market longer. New homes are feeling a bigger pinch, I'll say that for sure.

Contrary to what the Media wants you to believe, we are not in a recession.

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Spyglass... our local economy
Submitted by Sick of Fascists on Fri, 05/02/2008 - 9:23pm.

There are 528 pending foreclosures in Fayette County. There are 2456 existing homes on the market. These numbers are per the AJC. That doesn't include new developments that stand empty with fancy magnolia trees and no residents. Yeah, it isn't as bad here as some places. But it is still BAD.

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Georgia MLS Numbers..
Submitted by Spyglass on Sat, 05/03/2008 - 9:29am.

Show 1466 Single Family homes on the market in Fayette County. 136 additional are under contract (pending closings).

Just an FYI.

I don't have numbers from a year ago to compare at this time. It would make an interesting comparison.

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spyglass... national vs. local impact
Main Stream's picture
Submitted by Main Stream on Fri, 05/02/2008 - 9:13pm.

I was referring more to the effect on housing related industry and businesses nationwide, however, it does have an impact on us locally as well, when these businesses, that are floundering due to the housing crisis, either shut down or are forced to reorganize and cut staff and employees.

Anyway, I don't see my comment as being much of a stretch when you read what is happening in the news:

"The collapse of the housing market, the credit crunch and declining consumer confidence exacerbated Linens 'n Things' financial problems…"

CNN - LINEN'S AND THINGS

Home Depot: "The challenging economy and rough housing market have hit consumer confidence and retailers including the Atlanta-based chain."

HOME DEPOT CLOSING 15 STORES, POSTPONING 50 OPENINGS

Companies closed or under bankruptcy protection:

Bombay Company
Levitz Furniture
Sharper Image
Wickes Furniture
Lillian Vernon

RETAIL BANKRUPTCIES RISE

Could Wachovia be next?:

"This month, Wachovia reported a first-quarter net loss of $393 million, or 20 cents per share. In the same period last year, the company earned $2.3 billion, or $1.20 per share. "

WACHOVIA SUFFERING

HOUSING CRUNCH FLATTENS MORE COMPANIES

What happens nationwide, will affect us locally. It already has.


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Bed Bath and Beyond
Submitted by mcg on Fri, 05/02/2008 - 5:02pm.

The store in the Kedron shopping center is a Bed Bath & Beyond.

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