Fashon Bug stores will close across the country in 2013. The location at Plover location at 1820 Plover Road closed in January.
On the Job is a blog by Business Editor Nathan Vine that looks at local business news in Portage County. You can view it by going to www.wisinfo.biz/blogs/category/stevens-point/on-the-job.
The following are excerpts from the blog:
If you've driven past the Fashion Bug in Plover, it would be hard not to notice that it was going out of business. Signs marking deep discounts are plastered all over the windows, along with a sign letting people know it will be closing.
A piece of paper listing hours on the store, located at 1820 Plover Road, only indicated hours through the first week in January.
The store is a casualty of a large-scale operation that will close 600 Fashion Bug stores in 43 states by early this year.
Ascena Retail Group Inc. completed its buyout of Lane Bryant owner Charming Shoppes Inc. in 2012. The new ownership began taking steps to shed parts of the acquired business that it doesn't want, which includes closing all remaining Fashion Bug stores.
Retailers likely to close stores in 2013
The BusinessInsider (www.businessinsider.com) did a story earlier this year listing the eight U.S. retail chains most likely to close stores in 2013.
As you might guess, nearly all have some presence in our region. Here's a rundown:
1. Best Buy (Located in Plover, also in Wausau) - Forecasted 200 to 250 store closings.
This past holiday season was a bad one, with holiday revenue declining to $12.8 billion, and same-store sales declined 4.3 percent in the fourth quarter of 2012.
2. Barnes & Noble (Wausau) - Forecasted 190 to 240 store closings.
Same-store sales during the holiday season fell by 8.2 percent over the previous year.
3. Sears and Kmart (Kmart in Stevens Point, Sears is a privately owned store in Plover) - Forecasted 175 to 225 store closings for Kmart, projected 100 to 125 for Sears.
Both Sears and Kmart have been going down the tubes for a long time, steadily losing their middle-income shoppers to retailers such as Walmart Stores Inc. and Target Corp. Sears Holdings Corp.'s same-store sales have declined for six years.
4. J.C. Penney (Wausau, Wisconsin Rapids, Marshfield. Stevens Point location closed in 2010) - Forecasted 300 to 350 store closings.
In the fourth quarter, same-store sales fell by 26.1 percent compared to the previous year.
5. Office Depot (Closest location is Green Bay) - Forecasted 125 to 150 store closings.
The company's North American division reported an operating loss of $21 million in the third quarter of 2012.
6. Gamestop (Plover, Wisconsin Rapids, Marshfield, Wausau has two locations) - Forecasted 500 to 600 store closings.
The video game retailer had a 4.6 percent decrease in revenue, as well as a 4.4 percent decline in comparable-store sales compared to the previous year.
7. OfficeMax (Wausau, Marshfield) - Forecasted 150 to 175 store closures.
In the third quarter of 2012, OfficeMax reported that same-store sales in the U.S. fell by 2.6 percent.
8. RadioShack (Stevens Point) - Forecasted 450 to 550 store closures.
The company recorded an operating loss of nearly $60 million in the third quarter of 2012.