Established and emerging designers are equally affected (NY Fashion Week's cancellations are indicative of their plight), web based shops and physical spaces alike are being decimated...What to do? Shop our way out of the crisis? If you have disposable income, I guess that might be the answer. You'll get ridiculous deals, downright steals, and you'll help the "economy", no? Guilt free shopping at it's best? Shopping for the sake of the world economy? Maybe.
Department-store operator Macy's Inc. said on January 8, after an abyssmal holiday season--one of the worst in decades, that it would close 11 underperforming stores in 9 states. The store's operator reported a $30 million loss in the first nine months of 2008, with sales dropping 4.3%.
An 80% off sale? Really? This could only mean that bad news is forthcoming...and, this weekend we learned that Saks is axing 1,100 jobs...that's 9% of its workforce!
retailer, known for their association with Sarah Jessica Parker's line, Bitten, filed for bankruptcy last July. The owners of the store will liquidate the company's remaining 173 stores.
And, sadly, the list goes on and on... I hope that I will not have to update this post, but the Wall Street Journal doth portend a wave of bankruptcy filings for retailers in the wake of the holidays :(