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Time: "By 2009, the number of retailers will be down as much as 40% . . ."

Ref - http://www.time.com/time/business/article/0,8599,1861929,00.html

Be careful whose gift cards you buy this season. As retailers struggle with recession, debt-laden consumers, unfriendly bankers and declining property values, fewer of them will be around next year. "By the end of 2009 the number of retail players will be down by at least 25% and could be down by as much as 40%," says Britt Beemer, chairman of America's Research Group, a consumer research and marketing firm based in Charlotte. "I expect the number of bankruptcies next year to be more than we've seen in the last five years combined." Already some 20 retailers have sought bankruptcy protection this year, with household names like Circuit City, Steve and Barry's, Linens 'n Things and Mervyns going under. Of those four, only Circuit City is attempting to restructure its business, closing 155 stores by the end of the year in an effort to emerge as a leaner operation. The other three plan to liquidate altogether, a trend on the rise due to the lack of buyers for troubled assets and a tightening of credit from banks.