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Selling Boots for the Cost of the Laces

I spent a shivering Saturday morning lined up for Recreational Equipment Inc.’s (NYSEMKT:REI) monthly members’ only used equipment sale. This time, outdoor enthusiasts were joined by the newly jobless and homeless, who were hoping to pick up deeply discounted equipment so they could live out of their cars. They were not disappointed. I picked up a pair of Asolo heavy mountaineering boots, list price $189, for $5! I guess the size 13’s have not been flying out the door. It does not bode well for our economy when retailers are selling boots for the value of their laces.