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Bankruptcy claims casualties, from Fedco to Filene's
Survival of the fittest ruled in retailing this past year as the strong got stronger at the expense of the weak. Especially hard hit were apparel retailers, regional supermarket operators and sporting goods chains unable to adapt to changing customer shopping habits.
A few longtime established names in retailing either went out of business or filed for bankruptcy, including Service Merchandise, Eaton's, Fedco and Filene's Basement. Others, such as JCPenney, were forced to shutter stores as mass merchants and specialty retailers stole market share.
So far, however, the new millennium has been kinder. Only four retailers tracked by DSN Retailing Today's Annual Industry Report have filed for bankruptcy protection this year, perhaps indicating a stronger retail market.
Many of the past year's casualties fell victim to declining sales due to stiff competition. Such was the case with Filene's Basement, an off price apparel retailer that was driven into Chapter 11 last August...