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Monday, February 17, 2020

Business Monday

Macy's announced plans to close about 20 per cent of its stores.  Its brick and mortar stores are taking a hit from the internet.

It's not difficult to see Macy's problems.  Many of its stores in malls and malls are struggling.  I frequently pass through the Viewmont Mall Macy's.  Nice stores.  Nice merchandise, but just a touch on the pricey side.  The issue is the shopping experience.  There isn't one.  The place always looks the same.

The same can be said for Kohl's.  It's stores don't change much, but as a big box store, it can get away with that.  Kohl's is getting rid of a bunch of employees at the corporate office, a move the company says it needs to improve efficiency.

My heart goes out to all the Kohl's and Macy's people who are losing their jobs.

The same goes for the people at Wells Fargo.  A banking industry expert sees a round of cost cutting and layoffs this year.

A major American newspaper chain, McClatchy, filed for Chapter 11 bankruptcy protection last week.  People aren't buying newspapers.  Newspapers are becoming more successful at monetizing the internet, but they still have a way to go.  It appears the papers will stay in business, but this one really has me worried.

Do you know anyone itching to take a cruise these days?

Published reports have retired baseball star Alex Rodriguez interested in buying the New York Mets.  I can't see how this can be a bad thing.  The franchise has lacked direction for years.

Wendy's starts serving breakfast early next month.  Competition makes everyone stronger.  There are a lot of places where you can get an egg sandwich.  In my book, service makes the difference.  Get me in and out-- fast.