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 Could the Chapter 11 filings of Linens 'N Things Inc., Sharper Image Corp. and Steve & Barry's LLC be just the beginning? The New York Post posed the question to Weil, Gotshal & Manges LLP bankruptcy attorney Harvey Miller, and his answer was more retail bankruptcies are on the way.
The reasons so many retailers are suffering, Miller says, is because "consumers this year are spending 30 to 40 percent more of their disposable income for necessaries such as fuel and food." Miller went on to explain that retail companies that are overleveraged or expanded too rapidly with borrowed money are at the greatest risk of filing for bankruptcy protection. The article also outlines possible holiday season casualties such as Circuit City Stores Inc. and Pier 1 Imports Inc. Pier 1 has been hurting for the past five or six years and has posted net losses for the past three while Circuit City's shares have been slowly sinking, and the Post wouldn't be the first to suggest a bankruptcy. - Maria Woehr See more of Miller's comments from the New York Post Categories Deal Video
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