Phoenix, Arizona (PressExposure) December 09, 2009 -- According to an article in The Phoenix Business Journal, posted on December 4, 2009, dire predictions of even more bankruptcies in retail businesses are expected. The article predicting an even worse 2010 than was expected was written by Mike Sunnucks and Lynn Ducey.
Their information about the 2010 boom in bankruptcies comes from an expert who is a partner for a Phoenix bankruptcy law firm, Dodge & Vega,PLC. They predict that soon after the holiday, bankruptcies in retail will be like a tidal wave. Working as a bankruptcy lawyer he has seen a sharp rise in those areas related to retail and expects that more bankruptcies will be filed after the holidays.
The problem according to the expert bankruptcy lawyer is that people are not buying and have no confidence in the current economy. The added touch that will send bankruptcies among retailers on an upward swing is that credit to retailers has been almost shut off. The credit crunch aimed at retailers aided with the drowning mortgage industry and the ever increasing unemployment is painting a real scene of massive bankruptcies in retail establishments.
The article is based only on predictions assumed due to the recent rise in bankruptcies and the worsening economic situation especially hitting the retail industry perhaps harder than other more necessary industries. Let's face it people will always need to buy food and maintain shelter and retailers are going to feel the worst of the economic paralysis.