Shrinking world of retail

No question, the recession is just killing retailers - and this morning's Eddie Bauer Chapter 11 filing is yet one more example. Most vulnerable are the merchants who had been struggling well in advance of the tougher times - as well as those that were heavily in debt and couldn't manage to get refinancing from their creditors. Here's a list of the more familiar names, courtesy of About.com.

--Wickes Furniture Co. (liquidation of 38 stores on March 1, 2008)

--Sharper Image (liquidation of 86 stores on June 1, 2008)

--Lillian Vernon (sold to Current USA in auction for $15.8 million)

--Vicorp Restaurants (sold to investment group; chains include Bakers Square and Village Inn)

--Linens 'n Things (began liquidation of 371 stores on October 16, 2008)

--Banner Bedding (emerged from Chapter 11 on May 30, 2008; operating 14 retail stores in Southern California)

--Goody's (began liquidation of 218 stores on January 9, 2009)

--Shoe Pavilion (began liquidation of 64 stores on October 22, 2008)

--Steve & Barry's (began liquidation of 173 stores on November 25, 2008)

--Mervyn's (began liquidation of 149 stores on October 18, 2008)

--Mrs. Fields (emerged from Chapter 11 on October 24, 2008; 40 new store openings are planned for 2009)

--Circuit City (began liquidation of 567 stores on January 19, 2009)

--Gottschalks (began liquidation on April 3, 2009)

--Ritz Camera Centers (liquidation plans for 400 of 800 stores)

--Z Gallerie (closed 21 stores in March, and now has 56 stores)

All these closures are creating lots of empty retail space, one reason why there's so much concern about the commercial real estate sector.