This post is part of AOL Money & Finance's Best & Worst in Money 2008 feature.
As the economy slides into recession and struggling retailers and restaurants begin to lose the good fight, its inevitable that some favorites will disappear. Among those leaving us in 2008 are retailers Linens 'n Things, Mervyns, Sharper Image, and Steve & Barry's.
I always liked Linens 'n Things for its reasonably priced, reasonably stylish offerings of such functional things as kitchenware and linens, not to mention the occasional useless but chuckleworthy items such as dancing Santas and big plastic barrels of pretzels. But I admit that I didn't shop at the New Jersey-based big-box retailer very often. After Linens 'n Things went private in 2006, the chain's expansion was offset by declining same-store sales, and the company operated at a loss. It filed for Chapter 11 bankruptcy in May 2008, but in October said it would liquidate all remaining stores.
Being from the midwest, I've never shopped at a Mervyn's. It appears to have been a store with a bit of an identity crisis. It was acquired by Dayton Hudson in 1978. Beginning in the '80s, Mervyn's tried unsuccessfully to expand into Georgia and Florida. From 1996 to 2001, the name was changed to Mervyn's California to identify with its West Coast roots. Then in 2004 , Mervyn's was sold to private investors. Store closings became a regular occurence. In July 2008, the company filed for Chapter 11 bankruptcy. More store closings followed, and in October the company filed for Chapter 7 bankruptcy and began to liquidate its stores.
The Sharper Image was always one of our regular stops when visiting the local mall. We never bought anything there, but it was always worth a look for such things as storm trooper armor, retro jukeboxes, and Donald Trump steaks. The end for the San Francisco-based electronics and gifts retailer seems to have begun with a 2006 management shakeup that ousted the company's founder. By February 2008, the company had been delisted from the Nasdaq exchange after its share price fell to an all-time low. The company filed for Chapter 11, and by August all its stores had closed.
I may miss Steve & Barry's most of all, because I only discovered this discount causal apparel chain shortly before it began going down the tubes. While I had little interest in celebrity endorsements or the vast offierings of naughty, silly, and logo tee shirts, I very much appreciated the store's pricing policy. I picked up some jeans and a ball cap or two (though I should have grabbed that leather jacket when I saw it). However, despite receiving almost $200 million from GE's lending unit last March, by July, Steve & Barry's was in bankruptcy. Now the company is in the final stages of liquidation.
Which of these fine retailers will you miss most of all?
Share the reasons for your pick in the comments, or let us know about any contenders we overlooked. Also be sure to see the rest of the Best & Worst in Money 2008.
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Reader Comments (Page 1 of 1)
12-04-2008 @ 11:33AM
B said...
I have worked for Mervyn's back when it was in Minnesota, before all the store closings. I was there for 3 years before the closed the store I was at. Out of all the places I have work in my career, I have missed Mervyn's. It was a fun place to work with great people to work with.
12-04-2008 @ 2:13PM
Ellie said...
I have always loved Sharper Image because they always have small items that you did not think existed, but they take care of a common need. It was a neat, state-of-the-art gadget and more shop. Best of all the products were quality and worked!
12-08-2008 @ 12:40AM
42 said...
I won't really miss any of em, but I just remembered that one of the first credit cards I ever got was from Mervyns and the account is still open as far as I know. Been over 20 years though I haven't used the account in at least 15 of those.
12-08-2008 @ 10:05PM
Bill said...
My family will definitely miss Steve & Barry's the most. Linens 'n Things was a clone of Bed Bath & Beyond, but there is nothing comparable to S&B's. You can't get college apparel at the prices they sold it for, and the Starbury sneakers for $9 were a steal, even if they wore out after a few months. The newer women's lines were also great.
12-22-2008 @ 2:47PM
Ryan Healey said...
An error "From 1996 to 2001, the name was changed to Mervyn's California to identify with its West Coast roots". Nope, ONLY the California stores were named " Mervyn's California" in hopes of boosting sales in that state, it didn't work.
12-30-2008 @ 11:07AM
Patty said...
I loved Linens n Things! Bath and Body works didn't come close. I'll really miss this store. I couldn't go into town without stopping. Most of my home furnishings came from their sales.
12-30-2008 @ 11:46AM
Jen said...
Patty... please tell me you didn't just say Bath & Body Works when you meant Bed Bath & Beyond. Totally different.