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The New York Observer

Retailers Embrace Bankruptcy, Layoffs

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November 11, 2008 | 10:14 a.m.

From the Journal: "Circuit City is the latest of at least 14 major retail chains, including Linens 'n Things and Mervyn's LLC, to file for bankruptcy protection in the past 12 months. Many, such as Linens, are discovering that they can't find financing and are liquidating, slashing tens of thousands of jobs. ... In a teleconference last week with financial institutions, the large liquidation firm Hilco Appraisal Services projected 6,100 U.S. stores -- ranging from mom-and-pops to outlets of big chains -- will close in 2008, up 25% from 2007. It estimated that figure could reach a record 14,000 stores next year. Each store typically employs 20 to 100 full- and part-time workers, say retail experts."

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