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Retail Stores Expect Massive Restructuring

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Dec 31, 2008 

Author

Edward Barrera  |

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Retail Stores Expect Massive Restructuring

ADOTAS — Massive retail store closings, bankruptcies and takeovers could be in the offing come the new year.

Retailers may close 73,000 stores in the first half of 2009, according to Bloomberg, with Talbots Inc. and Sears Holdings Corp. among the chains shuttering underperforming stores. Circuit City Stores Inc., Linens ‘n Things Inc., Sharper Image Corp. and Steve & Barry’s LLC, have filed for bankruptcy this year as well.

“You’ll see department stores, specialty stores, discount stores, grocery stores, drugstores, major chains either multi- regionally or nationally go out,” Burt Flickinger, managing director of Strategic Resource Group, a retail-industry consulting firm in New York, told Bloomberg. “There are a number that are real causes for concern.”

Retail sales at stores open at least a year probably dropped as much as 2 percent in November and December, the largest drop since at least 1969.

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Tags: Circuit-City, finance, Linens-'n-Things, retail, sears, Sharper-Image, Steve-&-Barry's, Strategic-Resource-Group and Talbots

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