Thousands of stores across the country face closure as the credit crisis curtails consumer spending, and chain retailers file for bankruptcy.
"The consumer spending slump and tightening credit markets are unleashing a widening wave of bankruptcies in American retailing, prompting thousands of store closings that are expected to remake suburban malls and downtown shopping districts across the country.
Since last fall, eight mostly midsize chains - as diverse as the furniture store Levitz and the electronics seller Sharper Image - have filed for bankruptcy protection as they staggered under mounting debt and declining sales.
But the troubles are quickly spreading to bigger national companies, like Linens ‘n Things, the bedding and furniture retailer with 500 stores in 47 states. It may file for bankruptcy as early as this week, according to people briefed on the matter.
Even retailers that can avoid bankruptcy are shutting down stores to preserve cash through what could be a long economic downturn. Over the next year, Foot Locker said it would close 140 stores, Ann Taylor will start to shutter 117 and the jeweler Zales will close 100.
The surging cost of necessities has led to a national belt-tightening among consumers. Figures released on Monday showed that spending on food and gasoline is crowding out other purchases, leaving people with less to spend on furniture, clothing and electronics. Consequently, chains specializing in those goods are proving vulnerable.
Several of the retailers that filed for Chapter 11 bankruptcy protection over the last eight months, like the furniture sellers Bombay, Levitz and Domain, have begun to wind down - closing stores, laying off workers and liquidating merchandise.
Whether more chains file for bankruptcy or not, it will be hard to miss the impact of the industry's troubles in the nation's malls. J. C. Penney, Lowe's and Office Depot are scaling back or delaying expansion. Office Depot had planned to open 150 stores this year; now it will open 75.
The International Council of Shopping Centers, a trade group, estimates there will be 5,770 store closings in 2008, up 25 percent from 2007, when there were 4,603."
FULL STORY: Retailing Chains Caught in a Wave of Bankruptcies

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.

Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

Washington’s New Rent Cap Set Just Below 10% for 2026
Washington’s statewide cap on annual residential rent increases will be just shy of 10 percent next year, down slightly from its current level.

Nature Starts Here: The Essential Role of Nature Centers and Outdoor Programs
Nature centers and outdoor programs serve as vital gateways to environmental education, equity, and stewardship — bringing people closer to nature and inspiring the next generation to care for the planet.

Opinion: California Clean Transportation Efforts Not Addressing Needs of Low-Income Residents
The state’s rebate programs for e-bikes and other light electric vehicles are too underfunded to reach many of the Californians who need them most.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Caltrans
City of Fort Worth
New Jersey Institute of Technology
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Portland
City of Laramie