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Daily News Brief for Wednesday, February 22nd, 2023

Daily News Brief for Wednesday, February 22nd, 2023

FromDaily News Brief


Daily News Brief for Wednesday, February 22nd, 2023

FromDaily News Brief

ratings:
Length:
11 minutes
Released:
Feb 22, 2023
Format:
Podcast episode

Description

This is Garrison Hardie with your CrossPolitic Daily Newsbrief, for Wednesday, February 22nd, 2023. 
 
Fight Laugh Feast Conference - Ark Encounter
This year, our Fight Laugh Feast Conference is at the Ark Encounter in Kentucky on The Politics of Six Day Creation. The politics of six day creation is the difference between a fixed standard of justice and a careening standard of justice, the difference between the corrosive relativism that creates mobs and anarchy and the freedom of objectivity, truth, and due process. The politics of six day creation establishes the authority and sufficiency of God’s Word for all of life: from what is a man or a woman, when does human life begin, and how is human society best organized?
 
Come hear Ken Ham, Pastor Doug Wilson, Dr. Ben Merkle, Dr. Gordon Wilson, me and more, and of course a live CrossPolitic show! Mark your calendars for October 11th-14th, as we fight, laugh, and feast, with beer & psalms, our amazing lineup of speakers, our Rowdy Christian Merch, and a Sabbath Feast to wrap up the occasion. Maybe an infant baptism while we’re at it? 
 
https://redstate.com/bobhoge/2023/02/21/retailers-to-shut-down-over-800-big-box-stores-as-inflation-anemic-sales-and-interest-rates-create-perfect-storm-n706431
 
Retailers to Shut Down Over 800 Big-Box Stores as Inflation, Anemic Sales and Interest Rates Create Perfect Storm
 
The retail world continues its downward spiral, as holiday sales failed to meet expectations and wary consumers are keeping their wallets in their pockets due to rampant inflation and soaring interest rates.
 
While 2022 Christmas holiday sales did increase from the prior year; it’s just that expectations were primed for an even higher increase after two years of the pandemic.
 
The end result: over 800 big-box stores are slated to shut down across the country in 2023.
 
Bed Bath & Beyond, Walmart, Gap, and Party City are among the big names who will be downsizing. Bath & Beyond, which narrowly escaped bankruptcy proceedings earlier this month, is the biggest loser, aiming to cut its number of stores to 480 when it once had over 1,500 locations.
 
At least 416 stores have been identified for closure, along with all 65 of its locations in Canada. Thirty-five will close in California alone.
 
Next up is homegoods outlet Tuesday Morning, which will close 265 stores as it struggles to survive through bankruptcy proceedings. Once again, California will be hardest hit, with 30 stores shutting their doors.
 
Macy’s, Big Lots, JCPenny, and even Amazon Fresh grocery stores also have plans to shutter locations.
 
What’s going on here? CNBC explains:
 
For retailers, the shopping season’s results reflect the challenges ahead. As Americans continue to pay higher prices for groceries, housing and more month after month, they are racking up credit card balances, spending down savings and having fewer dollars for discretionary spending.
 
Plus, retailers are following years of extraordinary spending. During the Covid pandemic, Americans fought boredom and used stimulus checks by buying loungewear, throw pillows, kitchen supplies, home theater systems and more.
 
Party City, the ubiquitous entertainment supply chain, has filed for bankruptcy and is in the process of auctioning off many of its leases. NJBIZ reports:
 
A month after filing for Chapter 11 bankruptcy protection, Party City Holdco Inc. is looking to shrink its retail footprint as part of an expedited financial restructuring.
 
In a Feb. 16 filing with U.S. bankruptcy court, the Woodcliff Lake-based operator of 800-plus stores said it is working with A&G Real Estate Partners to auction off leases for 12 underperforming locations in six states. In coming weeks, additional lease auctions will follow, with the total number of closures depending on the outcome of ongoing negotiations with landlords, according to A&G.
 
Unfortunately, this is not a new trend. CVS, Rite-Aid, Kroger, Nordstrom, and Best Buy have also been quietly cull
Released:
Feb 22, 2023
Format:
Podcast episode

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Daily News Brief