Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
|
 Posted: Wed Aug 13, 2008 11:36 pm Post subject: Bankrupty Retailers: Pushed to the Brink |
 |
|
It's not just individuals that are hurt by the changes in bankruptcy laws, retailers have been hit hard as well. I was a little shocked at the names of some of the retailers going out of business. Among them:
The Sharper Image, Wickes Furniture, Bombay Co. and Levitz
When businesses go bankrupt, their employees lose their jobs and possibly more if they are unable to find another job.
| Quote: |
Ultimately, though, it's all a question of control, says Elizabeth Warren, law professor at Harvard University. She says that the impact of store closings is bound to be felt across the broader U.S. economy in coming months. "This will have a ripple effect through communities with hundreds of job losses, loss of taxes, and suppliers going out of business," says Warren, who in 2005 testified to Congress against changes to the bankruptcy law. "Bankruptcy is countercyclical�it is a tool designed to be a cushion during a downturn so that everybody takes a small hit for the short term and emerges stronger for the long term."
|
Here is the full article:
http://www.businessweek.com/bwdaily/dnflash/content/aug2008/db20080811_680564.htm?campaign_id=rss_daily |
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
