Abercrombie to close up to 50 US stores – Used Cars Tell The Story…

Financial Times - Abercrombie & Fitch said it would close 40 to 50 stores in the US this year as the youth fashion retailer’s shares tumbled following weak sales in the crucial Christmas quarter.

“The earnings report was just one big giant pool of negativity,” said Brian Sozzi, chief equities analyst at NBG Productions. “Sales did not meet expectations, particularly in its international segment, and the company offered cautious comments on its first-quarter outlook. This is just something the market did not want to hear.”  (link)

Expensive Used Cars –  Yes, Obama’s Cash for Clunkers program is definitely one reason used cars are in increasingly scarce supply– and much pricier than they used to be. But another reason relates to something liberals despise: “trickle down” economics or, in respect to the increasing scarcity of used cars, the fact that low-income used car buyers do better when wealthier Americans (those who can afford new cars) do better.

The reason used cars have gotten increasingly scarce and expensive is the subject of a Wall Street Journal article, “Amid New Car Boom, Used Cars Are Gold.” Its observations are illuminating:  (read more)

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7 Responses to Abercrombie to close up to 50 US stores – Used Cars Tell The Story…

  1. Eric says:

    I went once there to shop for a pair of clothes after losing a ton of weight. I walked in and seen a pair of pants that were torn all to pieces for $150. The hell with that. I could buy 4 pair of Wranglers and do the same exact type of cuts to the jeans with money still left to spend.

  2. brutalhonesty says:

    2000 I owned a 1990 ford probe gt. bluebook $1800 good condition.
    that same car today, 13 years older, would bluebook for $2400.
    Cash for clunkers decimated the used car industry and the used parts industry. The pick and pull yards have fewer cars to get parts from. Cash for clunkers makes it harder for the poor and the minority to buy and maintain used cars.

    Another example: 2001 I bought a 1991 mazda mx6 for 700, nothing wrong with it. This year the closest I could come was my 1995 honda accord wagon, very dirty, bullet hole in the hood, wrecked needing a new hood, bumper and fender, and with a bad wheel bearing that caused the wheel to be tilted at a 30 degree angle.

    Despite these facts, the paid obama trolls on the white house page hailed the program as a major success and claimed it “saved the auto industry”.

    In addition, My brother is in school for collision repair, and he looked at the parts books and parts increased in price 30% or more between today and before cash for clunkers.

  3. brutalhonesty says:

    http://en.wikipedia.org/wiki/Car_Allowance_Rebate_System
    A study published after the program by researchers at the University of Delaware concluded that for each vehicle trade, the program had a net cost of approximately $2,000, with total costs outweighing all benefits by $1.4 billion.[

    aside from the economics, this is the worst part of it all:
    Exotic Cars crushed under the program
    Jalopnik reviewed the lists published by the NHTSA and found numerous cars crushed under the program that had book values far exceeding the rebates offered by the government. Among some of the cars whose book value was worth more than government rebates included models ranging from the Buick GNX to the Bentley Continental R. Some exotic/collectible vehicles were scrapped under the program, including a Maserati Biturbo,[82] a GMC Syclone,[83] a La Forza SUV,[81] a TVR 280i,[81] and Chevrolet Corvettes.[84]

  4. LittleLaughter says:

    Not much more could make me do a happy dance than seeing Abercrombie shut it’s doors. Seeing Hollister follow would make me do a happy dance and sing out loud as well. I get a migrain just standing outside their stores, 20 ft away. Their insufferable overuse of that deadly toxic cologne they have their teeny bopper employees spray constantly into the air is noxious. I could probably kill every flying insect in a 5 mile radious with it if I could stand the smell.

  5. scubachick75 says:

    That cologne is horrible! Hollister might sell more if they turned the lights on!

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