Retailers Dropping Like Flies

The real fireworks will fly later this year and in 2010 when bellwethers like JC Penney and Blockbuster take it on the chin followed by luxury main stays like Saks Fifth Avenue and Neiman Marcus.

UPDATE 2-Crabtree & Evelyn unit in US files for bankruptcy
Wed Jul 1, 2009 3:58pm ED

SAN FRANCISCO, July 1 (Reuters) - Crabtree & Evelyn Ltd filed for Chapter 11 bankruptcy protection in the United States on Wednesday as the purveyor of specialty soaps, fragrances and lotions became the latest retailer to fall victim to the economic downtown.

The Woodstock, Connecticut-based company, which is owned by Kuala Lumpur Kepong Berhad (KLKK.KL)and is a unit of Britain's Crabtree & Evelyn Holdings Ltd, said it would continue to operate its stores and, honor gift cards and returns as reorganizes its business under bankruptcy protection.

But with sales in its retail channel forecast to fall 24.4 percent this year, the company said it will close some stores and try to renegotiate leases for others. It currently operates 126 stores in 34 U.S. states and employs about 950 people.

Read More Here: http://www.reuters.com/article/FODMFG/idUSN0149076620090701