840°
Submitted by SRN_Tech 175d ago | news

Sony to Close 20 out of 31 US Retail Stores

SonyRumors: Sony has officially announced that the company plans to close a majority of its retail stores in the US and keep only 11 outlets open, down from 31. (Industry, Sony)

Alternative Sources
allegrissima  +   175d ago
Sad stuff. I'll miss the Century City store in particular, but it's never a good day when anyone has to lose their job.
cell989  +   174d ago
I hope the on e in Vegas stays open
bebitech  +   175d ago
Sad indeed. The spiral continues
SilentNegotiator  +   175d ago
They were actually in the black last quarter (Not year, their year sucked, but in the quarter they made profit because they made necessary cuts and released Ps4). They're cauterizing open, bleeding wounds so that the spiral does NOT continue.
#2.1 (Edited 175d ago ) | Agree(5) | Disagree(4) | Report | Reply
joeorc  +   175d ago
@SilentNegotiator

"They're cauterizing open, bleeding wounds so that the spiral does NOT continue."

100% Exactly, since Kaz took over he told the Board of Directors what he intended to do, and he is following through with those directive cuts.

By making the entertainment Arm a 100% owned LLC that is not for public IPO hedge fund Mgr's Like Dan Lobe cannot get his hooks into the value centric parts of the company. these custs were needed and Kaz and the board know exactly where to move the company going forward.
Azmatik  +   175d ago
yes very sad indeed but I guess why have sony stores when you can buy sony products at every store
SITH  +   175d ago
No matter how you Sony kids spin it, it is still a down hill slide to bankruptcy for Sony. The playstation brand can in absolutely no way float the entire Sony boat.
MysticStrummer  +   174d ago
"No matter how you Sony kids spin it…"

Always a great way to encourage mature conversation.

smh
Kanedas_Bike  +   175d ago
This was predicted earlier this year. I will look for the article.
Kanedas_Bike  +   175d ago
Still remains massively sad
EvoNeonLover19  +   175d ago
Nooo not the wrentham Store. Sony you already closed down the one in Providence, what are you doing to me? Both stores always had people in them.
Ares84HU  +   175d ago
That's just sad. Now that Playstation is doing so good this happens. Not good!
SilentNegotiator  +   175d ago
Darn, Aurora AND Pleasant Prairie shutting down. I went to the outlet in the cheese state once and they had Heavenly Sword for like, $20.
Tzunoy  +   175d ago
you know that hype that Sony is selling like crazy and is doing fine? well is to mask the real financial problem that it has.
SilentNegotiator  +   175d ago
Sony selling off things that aren't making them money is a conspiracy to cover up their financial situation, even though they were very open about their annual loss?

They're trying to hide something that they have openly presented to investors with a plan to fix? Makes perfect sense.
/s
#8.1 (Edited 175d ago ) | Agree(8) | Disagree(1) | Report | Reply
ChrisW  +   174d ago
No one tells the truth about their losses... nor their gains*!

(*strange, but true)
respekanize91  +   175d ago
i live near the woodbury,ny store..only reason i went to that damn outlet strip!! now the what am i gonna do when the g/f wants to go shopping ?!?!?
maniacmayhem  +   175d ago
They closed down the Sony store in the Metreon in San Francisco. That place was awesome, except everything was crazy expensive.

That store was a tech nerds dream as everything was cutting edge, but unless you were a superstar silicon valley hipster or CEO living in the Marina you couldn't afford a thing in that store.
Mkai28  +   174d ago
http://www.notenoughshaders...
Sony went from 100 billion to 11.6 billion in 10 years..
"Total liabilities are the total amount of all financial obligations (short term and long term) of a company. This includes all creditor claims on company assets.

Electronic Arts Total Liabilities: $2.27 Billion
Google’s Total Liabilities: $21.33 Billion
Apple’s Total Liabilities: $51.15 Billion
Microsoft’s Total Liabilities: $54.91 Billion
Sony’s Total Liabilities: $135.61 Billion

Sony has more total liabilities than Microsoft, Apple, Google, and Electronic Arts combined.

Total assets include cash in the bank, property, accounts receivable (money owed to the company), equipment, and inventory.

Google’s Total Assets: $86.05 Billion
Apple’s Total Assets: $162.90 Billion
Microsoft’s Total Assets: $121.27 Billion
Sony’s Total Assets: $166.22 Billion

Compare Apple’s total assets ($162.90 billion) to Apple’s total liabilities ($51.15 billion).
Compare Microsoft’s total assets ($121.27 billion) to Microsoft’s total liabilities ($54.91 billion).
Now compare Sony’s total assets ($166.22 billion) to Sony’s total liabilities ($135.61 billion).

Since total assets include everything that Sony owns (cash, buildings, divisions, intellectual property, etc.)…Sony would have to sell over 80 percent of their total assets (Total Assets = Every single thing Sony owns including cash) just to pay off their total liabilities.

If you combined the June 2012 total liabilities of Microsoft ($54.91 billion), Apple ($51.15B), Google ($21.33 billion), and Electronic Arts ($2.27 Billion), that would equal to $129.66 billion in liabilities. Sony would STILL have $5.95 billion more in total liabilities than Microsoft, Apple, Google, and Electronic Arts combined. It really paints a picture of just how out of control Sony’s total liabilities have become.

The biggest problem here is that Sony’s total liabilities show no sign of declining. They keep increasing and eventually, this bubble is going to pop. It’s important to understand that not all liabilities are inherently toxic. Companies are expected to have significant liabilities at all times. It’s when we compare Sony’s liabilities to assets ratio with that of other major corporations that it suddenly becomes clear that something has gone wrong.
#11 (Edited 174d ago ) | Agree(0) | Disagree(0) | Report | Reply
Soldierone  +   174d ago
They are just too big for what the economy is like right now. They seem to be lingering, hoping that the economy comes back. When people have money, they not only buy expensive stuff they but unique stuff.

Sony in a way is noticing its not working and just cutting the cord on stuff that won't matter in a few years. Laptops are making nobody money at the moment, and their TV's need to be stripped to the bone until people buy again.

Stores are a mistake in this economy, just let retail stores handle your products.
Agent_hitman  +   174d ago
Sony is selling a lot of their assets lately.. I wonder what will happen next. The PS4 is doing great but it seems that the core Sony is in panic right now, on how to revive this 50/50 company..
Soldierone  +   174d ago
It just sucks, growing up my town was thriving. We had new stores opening all the time, and buildings being built constantly. I finally get old enough to go work at these places, let alone shop there, and everything goes to hell and just keeps getting worse.

I always wanted to go to a Sony store, instead I get a bunch of empty business buildings on literally every corner because our government does nothing to help keep anything alive.

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