by Daniel Jennings, NewsWatch:
Hundreds of stores across the nation are closing as some of America’s most famous retailers struggle to stay in business.
The country is facing what CNBC has labeled a tsunami of store closings and blogger Michael Snyder has called a retail apocalypse.
Sears, K-Mart, Best Buy and JC Penney are among the big names in American retail that could disappear in the coming years, according to investment analysts. If or when these chains collapse, thousands of jobs and hundreds of millions of dollars in sales tax revenue will disappear.
Major retailers are posed to close 300 stores in the United States this year and that is only the beginning, CNBC reported. Up to half of the retail stores in the United States could disappear in the next 10 years, analyst Michael Burden told CNBC.
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