A wave of bankruptcies is changing the face of shopping malls across the US. Growing numbers of mid-sized retailers have found themselves out of luck as banks tighten the purse strings.
Takeaway facts:
- Eight chains have filed for bankruptcy; three large chains have announced they are on the verge of filing: Linens 'n Things, Borders and Circuit City.
- The International Council of Shopping Centers estimates 5,770 stores will close in 2008. That's up 25 percent from 2007.
- 11,000 retail workers may lose their jobs as a result of the bankruptcies.
Guest: Michael Barbaro, New York Times reporter, New York, N.Y.
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