Retailers Sharper Image and Lillian Vernon filed for bankruptcy protection, and analysts say that’s just the tip of the iceberg. Weak holiday sales and a broader drop in consumer spending have prompted other retailers to cut staff and close stores. “You’ll see a record number of bankruptcies over the next 50, 100, and 1,000 days,” said Burt P. Flickinger III at retail consulting firm Strategic Resource Group. “Consumers are cash and credit constrained. They’re out of purchasing power.” (AP in Los Angeles Times)
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The Bottom Line
February 21, 2008
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