Oct 7, 2008 5:57 pm US/Eastern
Harford Co. C-Mart Shutting Its Doors For Good
HARFORD COUNTY, Md. (WJZ) ―
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Caught in the middle of an economic crisis, one Harford County discount store is closing its doors.
CBS
Caught in the middle of an economic crisis, one Harford County discount store is closing its doors.
As
Gigi Barnett reports, experts say more stores may be headed in the same direction as C-Mart.
"Fifty percent off." "Entire stock must go." "Nothing held back."
They're phrases that would spark any bargain shopper to action.
"I did get my hot pink boots for $4," said Trena Hudnall.
But when those signs are plastered on the front doors of a popular discount store like C-Mart, it's a sign of a deeper economic crunch.
"People are really hurting," said Annie King.
While C-Mart had plans to begin an online division, the company didn't have the cash for it. After 33 years in business, C-Mart's last day is Oct. 18.
"Scary, scary. The economy is really bad right now, and I guess the stores are failing and everybody else," said Mark Bryan.
"There was a cult following here in this region of C-Mart and so when a C-Mart fails, it sends a warning signal to many people around the state that many retailers must be in trouble," said economist Anirban Basu.
With the price of gas and food skyrocketing and the prices of homes plummeting, Basu says they're wreaking havoc on customers' wallets. He believes more businesses are on the same path as C-Mart.
"There's a bit of panic out there and the last thing you want to do is go shopping," Basu said.
C-Mart closes its doors for good next weekend.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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