Shopping blues
Another recession indicator: Bankruptcydata.com reports that 15 major retailers have filed for bankruptcy this year, compared with seven in all of 2007. Here's a sample of recent victims.
Mrs. Fields
When the purveyor of cookies and frozen yogurt declared bankruptcy, the blame fell on declining mall traffic and diminished consumer spending. But increased health-consciousness about the dangers of fatty foods could also be turning customers away from sweets. Mrs. Fields, started in 1977 by its namesake, Debbie Fields, operates 1,068 franchises internationally. The company saw revenues of $98 million last year--and owed nearly twice as to lenders. As part of its prepackaged bankruptcy (a plan devised before filing with the cooperation of creditors), Mrs. Fields will convert much of that debt into cash, bonds and a controlling equity stake for bondholders.
NEXT: Barbeques Galore
Last updated September 09 2008: 9:59 AM ET
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