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Which retailers have been hit the hardest by the 2012-recession
Published by Gbaf News
Posted on January 10, 2013
1 min read· Last updated: June 11, 2018
Key Takeaways
- Several UK high‑street retailers such as Comet, HMV and Blockbuster were among the hardest hit in the 2012 recession.
- Many chains shut stores at a rapid rate—PwC reported an average of 20 closures per day in 2012.
- J.C. Penney suffered nearly $1 billion in losses due to a failed transformation strategy.
- Electronics brand Best Buy closed 50 big‑box stores amid losses and shifting retail dynamics.
References
Frequently Asked Questions
Which UK retailers were hardest hit by the 2012 recession?
Retailers like Comet, HMV, Blockbuster, JJB and Clinton Cards suffered major sales declines and faced closures during the 2012 recession in the UK.
How many retail stores closed daily in 2012?
According to PwC, major chains closed on average 20 stores per day in 2012.
What large US retailer lost nearly $1 billion in 2012?
J.C. Penney reported a net loss of approximately $985 million for fiscal year 2012.
How did Best Buy respond to the 2012 recession?
Best Buy announced plans to close 50 U.S. big‑box stores in 2012 following poor performance and shifting consumer behavior.
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