April 24, 2014

American stores closing up shop

A Wisconsin-based retailer is closing its doors, after almost 60 years in business. American TV and Appliance announced Monday it plans to close all 11 of its stores in Wisconsin, Illinois and Iowa. The move will impact nearly 1,000 employees.

In a statement, company officials said “The last five years have been very difficult for our industries. We have fought hard, valiantly and with great integrity. We are proud of our efforts but the economy has been unforgiving.”

Madison College retail expert Betty Hurd says the announcement is a sign of the continued problems retailers are facing in the post-recession economy. She says families are looking for ways to cut costs on purchases, and the ability to save even $50 by shopping online is often worth waiting a few days extra for a product to arrive.

Hurd says the ability to find quality reviews about products has also made it easier for people to make a decision about a purchase without even leaving home.

American plans to sell off its remaining inventory at stores with a liquidation sale that’s scheduled to start on February 20.