118 years down the tubes
- Thread starter surferboy
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They will re-emerge with a much smaller, but more profitable footprint. Personally, I'm waiting for the Hudson's Bay Co. to file and re-structure sooner than later. A Canadian institution that needs the protection of the court to finally make significant changes and modernize.
Reitman's has just filed for bankruptcy protection.
"Reitmans has filed for bankruptcy protection under the Companies' Creditors Arrangement Act. It has 576 stores and 6,800 employees. The Montreal-based women's wear retailer says it remains in business (stores closed due to #COVID19).2 hours ago"
Nordstrom will probably be next.
Last time I was at their Sherway location there were 10 customers in the store and 20 salespeople
Last time I was at their Sherway location there were 10 customers in the store and 20 salespeople
Lowes?
You do realize that their shares are trading at $116.00 a share don't you?
Usually when companies are going broke their shares are pretty much worthless.
Best Buy, well that stock is trading at about $83 a share, up about 80 percent from its 52 week low this year. Yep, that's another candidate for bankruptcy.
Air Canada will continue. Having access to planes for various reasons is too important (repatriation) not to have a national airline.
Anyone who has money and is in lock down has a wife who has been eying her house critically these last few months.
I expect renovation, because travel ain't happening, to rise over the summer. Especially patios, gazebos, and the like.
Exactly. How these businesses are already bankrupt after 2 months of lockdown is just nuts.
I remember when Eatons went out of business and I took a look around to see if they were selling anything I might want at bottom of the barrel prices. Lots of cushions, I guess you would throw around or place on your couch or chairs. a couple of hundred bucks reduced from three hundred and fifty or thereabouts. I kind of got the drift that some of their buyers were slightly out of touch with reality. Thus the ensuing bankruptcy.
Alot of these brick and mortar places were nearing bankruptcy long before Covid. I can see them declaring now hoping to get the government to feel bad for them and offer $$$
Yes, this has already begun! I don't know about Lowe's but Home Depot and Canadian Tire are going to do just fine.
Lowes is a well documented story, in case anyone living under a rock decides to actually do some research. They aren't out of the woods yet.
https://www.cnbc.com/2020/02/26/lowes-low-earnings-q4-2019.html
Same with Best Buy.
Stock price doesn't always tell the full story.
https://www.swfinstitute.org/news/78944/will-retailer-best-buy-draw-closer-toward-a-bankruptcy-scenario
Let's have a look at the old balance sheet and stock prices end of Q2 post COVID-19 which as we all know has been such a huge blessing for business. Remember that record breaking US stock market? Where is it now?
You might be out of your depth on this financial analyst thing. Lowe's has a market capitalization of $89 Bil. and Best Buy $21 Bil. These aren't the stock valuations of companies anywhere near bankruptcy.
During the COVID crisis, both companies have benefited from greater demand for their products. The home improvement business is booming. Sales of electronic devices for work from home offices is up. Both stocks are way up from March lows.
Is Amazon going to eat Best Buy's lunch over the next five years? Maybe, but it has nothing to do with COVID.
