In New England, for example, Montgomery Ward followed up its 1997 Chapter 11 filing by shutting its Lechmere stores. Consumer electronics chain Nobody Beats the Wiz, music retailer Strawberries Inc. and bookseller Lauriat's Inc. have all filed for protection and closed stores. Still, in a strong economy, retailers have had relatively easy access to credit, allowing them to expand. Ellis and others say the pendulum may be swinging in the other direction as retailers amass debt and lenders tighten up. Changing habits among consumers are partly to blame, she said.
People are busier today and spend less time at the mall.
The results encouraged owners and merchants to believe that consumers weren't becoming overly cautious on the brink of the holidays. All Rights Reserved.