Make or break week- worst for 40 years

It’s a make or break week for retailers. After a dismal Christmas, some will rely on massive Boxing Day sales to generate much-needed hard cash to pay bills.

But crazy discounting on top of pre-Christmas discounts means the margins are so low, it won’t help the bottom line and some businesses will fail.
The Washington Times reports that recession worries have put a monumental chill on holiday sales, which are on track to be the worst in at least four decades raising the possibility of many retail bankruptcies next year.

The slump comes as the nasty turn in the economy continued to eat away at consumer wealth and confidence, with home sales hitting a 17-year low last month and home prices falling at the fastest rate in at least 40 years. The rapid decline of home values - the largest source of wealth for most consumers - is contributing to the funk that is sinking holiday sales.