Walmart responsible for major economic meltdown - this is not news
MSNBC is running a post this morning about how WalMarts decision to sell flat panel and plasma TV’s for under 1000 dollars last christmas season has lead to a major meltdown of Circuit City and Tweeter Home Entertainment. MSNBC States:
Now, it is becoming apparent that Wal-Mart’s calculated decision to break the $1,000 barrier for flat-panel TVs triggered a disastrous financial meltdown among some consumer-electronics retailers over the past four months. The fallout is evident: After closing 70 stores in February, Circuit City Stores on Mar. 28 laid off 3,400 employees and put its 800 Canadian stores on the block. Tweeter Home Entertainment Group, the high-end home entertainment store, is shuttering 49 of its 153 stores and dismissed 650 workers. Dallas-based CompUSA is closing 126 of its 229 stores, and regional retailer Rex Stores is boarding up dozens of outlets, as well as selling 94 of its 211 stores. “The tube business and big-screen business just dropped off a cliff,” says Stuart Rose, chief executive officer of Dayton-based Rex Stores. “We expected a dropoff, but nowhere near the decline that we had.” Clearly, these retailers are taking such drastic measures because they don’t see any respite in sight. Source: MSNBC
Crys of “Damn you Walmart, damn you all to hell” are heard all over corporate board rooms as they pound their fists into the sand looking at the scarred ruin of the statue of liberty, while many ordinary people just shrug and get on with it.
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