As Big Retailers Declare Bankruptcy, How Consumers Are Affected | TODAY

published on July 17, 2020

THANK YOU WE’LL SEE YOU NEXT HOUR >>> THIS MORNING ON "TODAY’S" CONSUMER, WHAT DOES IT MEAN WHEN YOUR FAVORITE STORE DECLARES BANKRUPTCY? WITH MILLIONS OUT OF WORK AND

STATES ROLLING BACK THEIR REOPENINGS, BIG NAMS LIKEES LIKE JCREW HAS BEEN HIT HARD IT DOESN’T MEAN YOU’LL NEVER SEE THEM AND MAYBE THERE’S A SALE IN THERE FOR YOU

WITH US NOW TO DISCUSS IS STEPHANIE RUHLE GOOD MORNING OFTENTIMES I THOUGHT ABOUT BANKRUPTCY YOU THINK THEY’RE SHUTTING THE

DOORS, THAT’S THE END, YOU NEVER SEE IT AGAIN THAT’S NOT HOW IT WORKS >> IT’S NOT HOW IT WORKS, SAVANNAH IT MEANS THAT THESE STORES THAT

YOU MAY LOVE ARE IN FINANCIAL TROUBLE, SO THEY’VE GOT TO RESTRUCTURE THEIR DEBT BUT THEY’RE NOT DISAPPEARING THINK TOYS R US, FOR EXAMPLE FILED FOR BANKRUPTCY, WE LOST

THAT BIG TIMES SQUARE LOCATION BUT THEN THEY OPENED UP A SMALLER ONE, LESS EXPENSIVE ONE DURING THE HOLIDAY SEASON IN PARAMUS, NEW JERSEY, LAST YEAR SO THEY’RE JUST CHANGING IT UP

BUT THEY’RE NOT DISAPPEARING FOREVER >> WHICH BUSINESSES ARE DOING WELL RIGHT NOW AND WHICH ARE STRUGGLING? >> SO WHAT WE’RE SEEING IS A

CONTINUATION OF WHAT WAS HAPPENING BEFORE COVID THE BIG ARE GETTING BIGGER AND THE SMALL ARE GETTING SMALLER IT’S A HEART BREAKER WE TALKED ABOUT THE AMAZON

EFFECT BEFORE NOW THOSE MOM AND POP STARS ARE HURTING WE’RE EXPECTING 25,000 SMALL BUSINESSES TO CLOSE BY THE END OF THE YEAR

OVER HALF ARE LIKELY TO BE SHOPPED INSIDE OF MALLS AND WHEN YOU THINK OF THE AMAZONS AND WALMARTS, THEY SELL EVERYTHING, CONTROL SUPPLY CHAINS, HAVE HUGE E-COMMERCE

THEY’RE DOING REALLY WELL AND THOSE SMALLER BUSINESSES ARE REALLY HURTING >> YOU AND I ARE ALWAYS ON THAT, WE’RE ALWAYS PREACHING THAT TUNE

SHOP LOCAL, SHOP SMALL IF YOU WANT TO SHOP, THERE ARE SOME BARGAINS TO BE HAD >> ABSOLUTELY AND SOMETHING WE NEED TO REMEMBER, THOUGH

IF YOU HEAR A STORE YOU LOVE HAS FILED FOR BANKRUPTCY AND LET’S SAY YOU’VE GOT A CREDIT CARD WITH THEM, THAT DOESN’T MEAN YOU DON’T HAVE TO PAY IT IF YOU OWE THAT STORE SOME

MONEY, YOU’VE GOT TO PAY THEM AND THERE’S A COUPLE BIG DIFFERENCES IF A STORE IS GOING OUT OF BUSINESS, FOR EXAMPLE, THERE’S A CHANCE YOU’LL SEE THE BEST DEALS

BECAUSE THEY’RE BASICALLY SELLING EVERYTHING THEY’VE GOT NOW, STORES THAT ARE FILING FOR BANKRUPTCY, THINK JCREW WHO IS MOST LIKELY CLOSING 50 OF THEIR 200 STORES

BROOKS BROTHERS ALSO CLOSING 50 LOCATIONS BECAUSE THEY’RE SHRINKING, THEY’VE GOT TO MOVE A LOT OF MERCHANDISE SO BE ON THE LOOKOUT FOR COUPONS

AND DEALS FROM THOSE STORES THEY NEED TO MOVE MERCHANDISE, SO IT’S A GREAT TIME TO BUY SOMETHING TO ALSO BE ON THE LOOKOUT FOR, DIG THROUGH YOUR KITCHEN DRAWERS

IF YOU’VE GOT STORE CREDITS, OLD COUPONS THAT HAVEN’T EXPIRED, YOU WANT TO USE THEM ASAP BEFORE ANY RULES CHANGE >> AND IF THEY’RE CLOSING A LOCATION, PROBABLY A GOOD TIME

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