Wall Street Journal: Wave of Bankruptcy Filings Expected from Retailers in Wake of Holidays

By: TraderMark Monday, January 12, 2009 2:27 PM

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If it wrong to be openly rooting for retail bankruptcies just so my predictions of the past year and a half come to fruition? (Dec 2007: Credit Downturn Hits Malls)

My latest round on the retail front, was a quite over the top outlier of 5 major brand names to go out by Memorial Day (Dec 16: 13 Outlier 2009 Predictions) I see Goody's Family Clothing has already filed but since that's not a national name brand I won't count it.

Goody's Family Clothing Inc. (GDYS) is liquidating operations, becoming the first high-profile retailer to go under in a new year that is expected to see many more going-out-of-business announcements. Goody's has about 9,000 employees and operates 282 small department stores in about 20 states, mainly in strip malls in the Southeastern and Midwestern U.S.
As recently as early November, White told the Knoxville News Sentinel that Goody's expected to turn a profit by the end of the year.

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