more ›

Office Depot has announced it's closing 112 stores nationwide, which includes 15 Chicago-area stores. One of the more high-profile closings is in the Southgate Market mall in the South Loop. The closings will leave approximately 300 area workers without jobs, but they can apply for open jobs at other stores or accept a severance package. more ›

This morning, Sears Holding Corp. announced a wider than expected quarterly loss - $146 million or $1.16 per share – resulting in the closing of eight more of its retail stores. This is a drastic difference compared to 2007’s third-quarter loss of $4 million, or three cents per share. These closings are in addition to 14 already in the third quarter. The Hoffman Estates-based company, which is controlled by hedge fund manager Edward Lampert, also approved a stock buyback plan of up to $500 million in common shares.

Revenue dropped eight percent to $10.66 billion from $11.62 billion as Sears' U.S. same-store sales slid 10.6 percent and Kmart same-store sales slipped seven percent. Total same-store sales – or sales at stores open at least a year, a key retail gauge – fell nine percent.

The current financial meltdown has claimed another victim: Circuit City. The electronics chain will be shutting down 155 stores nationwide, including 14 in the Chicago area. The store at 1030 W. North Ave, in the Clybourn Corridor, will be the highest profile store of the area to close. Other locations shutting down include ones in Joliet, Bolingbrook, Niles, and Oswego. The stores that are being shut down will be closed tomorrow (Tuesday, November 4) but will reopen on Wednesday, November 5 to begin closing sales. New store openings are being reduced and existing leases are being renegotiated to help save money as well. more ›