Tuesday, November 16, 2010

It's The Economy!

Last year in December, I wrote about my outlook for 2010 at Home Accents Today. I wrote:
I don’t think all of our troubles are behind us. Private industry is in a process of reducing debt and has a ways to go. Private industry is working its way through reorganization, but government is still adding debt and that will have to change before it crowds out private borrowers.
I haven't posted about furniture and accessories stores closing their doors this year because I haven't seen many closings, other than Wayne Martin, here locally. Today, I was jolted by two store closings:
  • Lacks Home Furnishings  -Lacks has 36 stores across the state of Texas. It has been in business for 73 years.  "Throughout its history, the company has helped customers finance their furniture purchases through extended loans.

    Banks and lenders gave Lacks the money to help make those payments, but now, Lacks says, those lenders will no longer loan the company money."
  • After 17 years as an Ohio furniture store and 96 years as a family business, Stauffer's Home Furnishings is going out of business. 
After all the money spent by the Feds, the economy doesn't seem to be getting better.  Maybe spending even more money will do the trick.

Bev & Mike
Landfair Furniture + Design gallery
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