In the past week, Radio Shack has announced that will close 1,100 stores, or over 20 percent of its U.S. outlets. Staples is shuttering 225 stores, or roughly 12 percent of theirs. Smaller downsizings earlier this year have been reported at Macy's (involving store and other personnel) and J.C. Penney.
One gets the impression from press reports that these are occurring primarily because of poor management or the ongoing trend towards more online sales. Though those two factors are obviously relevant, the fact that the economy began weakening during the fourth quarter, especially so in December, rarely gets a mention. When it does get noted, it's usually something mild, along the lines of "disappointing holiday sales." A Thursday afternoon Associated Press article by business writer Tom Murphy illustrates the kid-glove approach (bolds are mine; my responses to certain of Murphy's points are in italics):