|
There was a guy on NPR (local NPR, I think) yesterday saying that 7,000 retail stores will close this year with several medium and large chains closing all or a significant number (hundreds) of locations.
Since I don't shop I wouldn't notice. He said that while dropping consumer spending is a problem for some of them a bigger problem is that the credit crunch is hitting them hard. Stores buy inventory on lines and letters of credit. If those instruments are hard to come by a lot of them don't have the cash on hand to keep going.
|