As many as 10,000 stores are expected to close by the end of this year, according to a retail report released Tuesday. Retail distress advisers at Grant Thornton LLP’s Corporate Advisory and Restructuring Services division in New York focused a report.
Retailers faced their biggest declines at the end of last year, Grant Thornton CARS national managing principal Marti Kopacz said in the release. More than halfway through 2009, consumers still aren’t in the mood to open up their wallets.
“Falling sales hit all regions of the country and nearly all retail sectors, challenging stores and pushing many to the brink of failure,” Kopacz said. “Either retailers are contemplating bankruptcy, have already declared it or are announcing significant reductions.”
