Word: appareled
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...Apparel isn't the only thing that will take a hit. Back-to-school shoppers plan to buy less of the basic stuff that students really need. The National Retail Federation forecasts that spending on notebooks, folders, backpacks and lunch boxes will fall 16% this year. Analysts predict that electronic items like personal computers will also see a sales decline. "We expect that it's going to be a disappointing season," says Ashok Kumar, tech analyst at Collins Stewart, an advisory firm. Kumar points out that life cycles of desktop computers are stretching from four years to as much...
...failure will mean to Main Street what Lehman Brothers meant to Wall Street," says Van Haroutunian, a lawyer at Ballon Stoll Bader & Nadler who represents small apparel firms - many of which have borrowed money from CIT. Haroutunian says he has gotten calls this week from more than 40 of his clients who are nervous about what a CIT bankruptcy would do to their business. "It's going to be a tremendous problem...
...camo craze swept the country in the 1980s, with teenagers and hunters alike sporting all sorts of apparel in signature splotches of green, tan and brown. Retail experts credited America's military campaigns in Lebanon and Grenada for the trend. As a manufacturer told TIME in 1984, "I think many people wear military clothes because they feel proud of the U.S." To this day, consumers can find the familiar Woodland motif in oddly conspicuous colors - neon orange, bright red, hot pink - on everything from lingerie to toilet paper. Designers like Christian Dior and Nicole Miller have even created camo couture...
...typical luxury consumer has traded in high-priced fashion for quality, durable goods at a lower price, according to a recent report by Bain & Company. As a result, the luxury market is expected to shrink by 10% in 2009, with apparel being hit the hardest. So, when French couturier Christian Lacroix filed for court protection from creditors (similar to Chapter 11 bankruptcy protection in the United States) on May 28, it came as no surprise - especially since the filing was timed to same-store sales comps for May, which for department stores like Neiman Marcus and Saks Fifth Avenue were...
Hotel-industry employment, for instance, has dropped 7% in the past year. Jobs in the apparel business are down 16%. Work in the temporary-staffing industry has been slashed 26%. Automobile-manufacturing, which lost 30,000 jobs in May alone, is off 29%. (See 25 people to blame for the financial crisis...