NYT: Retailer bankruptcies set to prompt thousands of store closings

[babsbunny]

http://rawstory.com/news/2008/NYT_Retailer_bankruptcies_set_to_prompt_0414.html

A growing number of bankruptcies among US retailers is set to prompt thousands of store closings, the New York Times will report on the front page of its Tuesday edition.

"The consumer spending slump and tightening credit markets are triggering a wave of bankruptcies in American retailing," with ensuing store closures "expected to remake suburban malls and downtown shopping districts across the country," writes Michael Barbaro for the Times.

Barbaro notes that over half a dozen store chains have filed for bankruptcy in recent months amidst "mounting debt and plummeting sales" and warns that financial troubles are "quickly spreading to bigger national companies."

The Times articles comes amid a slew of reports underscoring America's economic woes. Even presumptive Republican presidential nominee Sen. John McCain, who only months ago panned talk of a recession, admitted today that he thought the country was now in one.

[xchrom]

1. i remember the first bush's recession --

i lost my clothing store then.

horrifying when this happens.

furthermore -- the huge sales that the majors will have constantly will drive more mom and pops out of business.

[earth mom]

2. THOUSANDS of store closings sounds more like a depression rather than a recession to me.

:yoiks: