| In the past year "how do I close my retail store", | | | | the world could I expect them to buy them at a |
| "best way to close a retail store", "retail crisis | | | | 50% markup; no matter what their affection for me |
| turnaround" and "retail crisis management" have | | | | was. I eventually closed the store, but not before |
| become popular search phrases on the Internet. | | | | trying everything possible. I did not have access to |
| Business owners in increasing numbers are having | | | | the Internet then. It was 1977, and though it had |
| going out of business sales. Not since the 1980s has | | | | been invented by then, it was called Arapnet and |
| our country struggled so hard against dire economic | | | | was not available to the public, only a communications |
| forecasts and rising unemployment. New retail | | | | device between the White House and Pentagon. I |
| businesses as well established retail stores are both | | | | had not heard of it nor had I heard of companies |
| closing their doors at a rate not seen since 1983. | | | | such as Waldoff's called "Retail Crisis Turnaround |
| With unemployment topping 10% (USA Today), | | | | Managers", but I certainly wish I had. It would have |
| Americans are spending less on non-essential items | | | | saved me many countless nights of being awake, |
| and making do with last year's purchases. A | | | | headaches, unanswered phone calls (generally |
| growing number retail businesses are seeking | | | | creditors) and reading book after book of "how to |
| assistance using the skills of a retail crisis manager, in | | | | get out of this mess". |
| closing their stores profitably. Many will seek the | | | | They take a personal approach to each owner's |
| specialized services of a liquidation consultant before | | | | specific needs. Their clients vary from businesses |
| they have a going out of business sale. | | | | needing to find a retail turnaround solution to those |
| While small and midsize retail establishments struggling | | | | needing to close their retail stores. Their Group |
| the past eighteen months, now some of the major | | | | believes "Good management means knowing when |
| brands and design giants are seeking retail crisis | | | | to call for help". As a retail consultant He contributes |
| managers to stay in business or close their doors. | | | | his expertise and years of experience as a very |
| The struggling apparel retailers include GAP, Eddie | | | | successful merchant and businessman, in assisting |
| Bauer, Timberland, Ann Taylor and Pacific Sunwear | | | | store management in recognizing problems and the |
| (Forbes). Unfortunately for shoppers Eddie Bauer is | | | | successful implementation of solutions. Turnaround |
| on the "critical list", while Timberland, Ann Taylor, GAP | | | | and crisis management has become a specialty of |
| and Pacific Sunwear are closing stores in an effort to | | | | The Waldoff Group. Through his personal experience, |
| stay in business. Another casualty Charming Shoppes | | | | guidance and leadership he continues to assist |
| (owner of Lane Bryant, Fashion Bug, Catherines) is | | | | troubled companies in returning to profitability. Of |
| set to close another 100 stores. | | | | course there are many other retail crisis turnaround |
| A leader in the field of retail crisis solutions (ranked | | | | managers other than Mr. Waldoff. We chose him as |
| #1 by Google and MSN), The Waldoff Group has | | | | an example since he is ranked number one by the |
| been serving the retail community with its expertise | | | | two major search engines and the testimonials on his |
| for nearly 2 decades. CEO Milton Waldoff currently | | | | site certainly reflect why with a plethora of happy |
| based in Hattiesburg, MS has a long family history | | | | clients. |
| owning and operating retail business throughout | | | | Business owners should be aware there is a wave of |
| Mississippi. He brings a unique business perspective | | | | newly minted retail crisis managers promoting |
| to retail crisis situations having experience both highly | | | | themselves online. According to the management |
| acclaimed success and, himself, being a retail | | | | library "Crisis management is a relatively new field of |
| casualty of the 1980s economic downturn. | | | | management. Typically, proactive crisis management |
| Before I became (what it is I became as an adult) | | | | activities include forecasting potential crises and |
| which could be a jack of many trades, and master of | | | | planning how to deal with them." Finding a retail |
| none, I was in the retail business. Though I only | | | | crisis manager with experience and a track record of |
| owned a small retail store with a floor space of under | | | | results will become more difficult as the recession |
| 2000 square feet, when giant stores began moving | | | | deepens. Store owners will need to carefully check |
| into my small town such as Wal-mart etc. I didn't | | | | the experience and testimonials of perspective retail |
| quite understand how my loyal friends could ever | | | | crisis managers. Acting before the crisis worsens, |
| leave me to starve. I was very young at the | | | | more often than not, will mean the difference |
| time. For goodness sakes, I couldn't even afford | | | | between liquidation and closing ones store profitably. |
| my own health foods and vitamins at cost; how in | | | | |