Now that General Growth Properties Inc. has filed for Chapter 11 bankruptcy protection, the question is whether more recession-hit developers might follow.
Plummeting consumer spending has hit the profitability of many retailers. Circuit City, Linens-N-Things, Steve & Barry’s, The Sharper Image, Fortunoff and Mervyns filed for Chapter 11 protection and ultimately liquidated, shuttering hundreds of locations. Macy’s Inc., Foot Locker Inc., AnnTaylor Stores Corp. and Zale Corp. closed underperforming units that totaled into the hundreds. Meanwhile, Wal-Mart Stores Inc., Target Corp. and Gap Inc. have cut back or postponed planned expansion.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"