Lee Hiller

Do I Need to Liquidate Merchandise, Close My Retail Store or Restructure My Business

Our once thriving economy has now left an increasing number of retail businesses struggling to stay afloat. Unemployment figures are at an all time high as retailers battle it out for the scarce holiday dollars being spent this year. Many retail business owners will be forced to close their doors and are seeking expert advice.

Rising unemployment and lower than expected sales figure over the traditional holiday shopping season will leave many retailers seeing red.  Questions such as “How do I close my retail store”, “I need to liquidate merchandise?”, and “What is a retail crisis manager?”, are now popular Internet search phrases.  Once thriving retail businesses are closing at a staggering rate; leaving vacant stores in malls and city centered across the United States.  Few if any prepared an exit strategy along with their original business plan to open a retail establishment.  Many retailers are wondering if they waited too long to seek help in closing or restructuring their stores. If one even suspects there are financial issues, the sooner the call to a retail crisis specialist, the better.

Hiring a professional to assess your business is the first step in determining whether you will need to close or restructure your retail business.  This is an important step as it removes emotional decision making from this critical process.  A retail crisis manager will look with an unbiased eye at the current health of your sales.  Their report will give you a realistic view of the next steps you should take.  They will be able to guide you towards a feasible goal for your business.   This is an important call for every retail store owner struggling in this economy.

Internet research shows that the top ranked retail crisis specialist Milton Waldoff of the Waldoff group offers sage advice during these tough economic times and is number one at the game of retail turnarounds.  He poses a question to me “Why hire a professional?” and then answers if for me. “A professional knows that often in attempting to come up with the right solutions, there is usually a litany of problems that must be addressed immediately, while the solutions are being developed and put into place.” He continues, “They know what must be done to assist you in developing realistic goals based on your situation, your problems, your needs, your desires plus they can devote the time and effort to addressing your problems while you continue to operate your business.” His final statement is preceded by a long silence, “A professional knows the tested and perfected methods in working through problems often require an unemotional approach, rarely achievable by owners.”

Making the important decision to get help is often difference between a liquidation sale and structuring your business.  Putting off asking for help and hoping for the economy to improve will not save your business. You need to be proactive. A retail crisis manger can provide you with multiple solutions and begin implementing changes needed for a successful liquidation or turnaround.

Article Tags: Retail Store, Retail Crisis

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