US Retail Industry Faces The Biggest Bankruptcy In Forty Years
Beijing time on December 29th afternoon, according to foreign media reports, because this holiday sales may appear the most dismal situation in 40 years, U.S. retailers will face shop closures, bankruptcies and mergers and acquisitions next month.
According to Howard Davidowitz, chairman of Davidowitz & Associates Inc., New York retail consulting and investment bank company, Howard retailer expects us retailers to close 1.2 stores in 2009. Retailers AnnTaylor Stores Corp., Talbots Inc. and Sears Holding Corp. are closing down poorly run shops.
Because of the credit crunch and economic recession, sales of more than ten retailers in the United States have filed for bankruptcy protection this year, including Circuit City Stores Inc., Linens n Things Inc., Sharper Image Corp. and Sharper & amp; Gelbert Harrison Gilbert Harrison, chief executive of Financo Inc., a retail consultancy, said holiday sales were gloomy, suggesting that there might be an integration and further bankruptcy filing in the retail industry.
The International Council of Shopping Centers announced last week that sales of retail outlets for at least a year or more in November and December could fall by a maximum of 2%, up from 1% previously expected, which will make this Christmas season the worst performance in at least 40 years. Many retailers will announce their December performance in January 8th next year.
According to statistics from market research firm SpendingPulse, consumer spending on women's clothing, electronics and jewellery was reduced by at least 20% in November and December.
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