By  on December 9, 2008

Retail finance executives took unprecedented steps to limit the damage a battered economy could do to their holiday businesses, and they’re ready to go further as they deal with the likelihood of an even more challenging 2009.

In a survey of chief financial officers from 35 national retail chains conducted by the Karabus Management consulting firm of Toronto, 90 percent of cfo’s were able to reduce their inventories on a comparable square-footage basis by midsingle-digit percentages to 15 percent. There was unanimous agreement that receipts would be cut materially for spring based on the “universal recognition of near-term lower consumer demand,” the study found.

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