Things are getting very grim for the nation’s retailers, which is no surprise to anybody who has seen the graveyard of empty storefronts dotting the malls.
Bankrupt retailers: Sharper Image, Levitz, Fortunoff, Lillian Vernon, Linens ‘n’ Things, Wickes, Harvey Electronics, Bombay, Domain.
Wobbly retailers: Best Buy, J.C. Penney, Lane Bryant, Lowe’s, Office Depot, Foot Locker, Zales, Ann Taylor.
Some of the wobbly chains are closing more than 100 outlets in a desperate bid to stay in business. Thanks to the mortgage crisis, banks are pulling back on loans to retail chains, money typically extended to tide the retailers over during regular down cycles. Things are going to get worse, much worse.