I think that they reached the point where something had to happen to Burlington Coat. (CEO) Monroe Milstein was not active for quite sometime, and I think it was mostly his sons running the company. I think his sons were running out of ideas. They weren't expanding and they felt it would be too much of an effort to make the company shape up and be competitive.
More Quotes from Kurt Barnard:
There's no question that competition in retailing is rampant and out of hand. It's getting increasingly difficult for companies to keep their heads above water. That's why the industry is getting into gear for more merger activity.Kurt Barnard
Today, (consumers) are beginning to realize they have to do some buying, but there isn't that much money yet after gas and what they've already bought at Wal-Mart.
Kurt Barnard
Wal-Mart's news is a very big deal, ... There's no doubt that a significant number of consumers are shopping paycheck to paycheck. Most are also waiting for price reductions. So saying that the consumer is still cautious is a good indicator that the holid
Kurt Barnard
It wasn't surprising really. The August same-store numbers really confirm the trend of slowing retail sales and consumer spending, ... August was the back-to-school that wasn't. August and back-to-school doesn't quite have the importance it did a decade ago, but outside of that make no mistake, consumer spending has slowed down and Americans are tapped out.
Kurt Barnard
The bulk of the refund checks will go toward paying off the enormous credit card debt which Americans have currently.
Kurt Barnard
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