Now we are beginning to see the corporate bankruptcies. The retail federation predicts that 12,000 major stores will shut their doors in 2009. This is only the beginning! The retail federation also estimates that 73,000 small retail stores will shutter their doors this year! That is a mind-numbing figure, especially when one begins the number of lost jobs that will result from those losses!
Here is a Bloomberg article: Holiday Sales Slump to Force Store Closings, BankruptciesU.S. retailers face a wave of store closings, bankruptcies and takeovers
starting next month as holiday sales are shaping up to be the worst in 40 years.
