Retail Stores in New York are Going Out Of Business

A store advertises that it is going out of business Wednesday, Dec. 10, 2008, in New York. Consumers cut back on spending at retail stores for a record fifth straight month in November, another sign the recession that is already the longest in a quarter-century will translate into a dismal holiday shopping season.

Signs in the window indicate that the Otto Tootsi Plohound shoe store is closing Wednesday, Dec. 10, 2008 in New York. Consumers cut back on spending at retail stores for a record fifth straight month in November, another sign the recession that is already the longest in a quarter-century will translate into a dismal holiday shopping season.

Source : AP
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]