austinchu

Office Depot: Another Retail Sector Tragedy?

I'm no expert in the economy, but I'm comfortable talking about the retail sector of the economy. First and foremost, I work for a company that manages and tracks gift cards, and I follow the retail world, especially gift cards on savvywallet.com. One thing that I've noticed is the retailers that are filing for BK, all expanded heavily together in recent years. Land was cheap, and credit was low. Now the times are tough, and the retailers expanded well beyond what they were capable of going through. It's shame, they had to be in every strip mall, but I don't blame them. Everyone was in every strip mall, if they weren't there, then they weren't competing. Now only do the workers suffer, consumers suffer as well. There is currently millions of unredeemed and voided gift cards. Office depot may be next. Steve and Barry filed of BK on Wednesday.