Fitch: Retail Recovery Not Until 2003; Holiday Season Slow.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 3, 2002 Retailers continue to struggle due to anemic anemic pertaining to anemia. economic growth, weakened consumer confidence and growing levels of consumer debt. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new Fitch report, a meaningful recovery in the retail sector will not take place until 2003 and weakened consumer confidence will likely dampen the holiday selling season. Fitch projects there may be partial sales recovery for those retailers that were most adversely affected last year post-Sept. 11. This includes the luxury retailers that are dependent on tourist-dominated markets. However, there are signs that consumers are becoming more cautious as retail sales trends weakened in July and August. 'Recent corporate scandals and accounting regularities have added to capital market volatility, leading to more questions about the direction of the economy,' said Philip Zahn, Director, Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . 'The bankruptcy filing by Kmart Corp. in January, along with the pending liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of Ames Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , Inc., underscores the stress that the difficult environment has placed on the industry's weaker players.' For a full copy of the report titled 'Retail Industry: Uncertain Consumer Clouds Outlook' please visit the Fitch Ratings web site at 'www.fitchratings.com' or contact Market Services at 1-800-853-4824. |
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