Currently Being ModeratedJul 24, 2013 3:25 AM (in response to mdbm)
This seems to be a glitch. It should resolve if you sign out of the store and sign back in again.
Alternatively you can use View > Hide <Media Kind> in the cloud or iTunes > Preferences > Store and untick Show iTunes in the cloud purchases to hide the cloud items. The second method eliminates the cloud status column (and may also let iTunes start up more quickly).