By  on April 23, 2008

NEW YORK — Retail shares were mired in red on Tuesday as oil prices reached new highs.

The S&P Retail Index dropped 2.2 percent to close at 396.72. The Dow Jones Industrial Average fell 0.8 percent to 12,720.23, while the broader S&P 500 dropped 0.9 percent to 1,375.94.

Department store Dillard's Inc. topped the New York Stock Exchange's list of biggest decliners, plummeting 10.7 percent to $20.51.

Talbots Inc. continued on a downward spiral after last week's announcement that the specialty retailer lost letters of credit from two of its biggest lenders, Bank of America and HSBC. Shares were down 9.5 percent to close at $7.43.

Wilsons The Leather Experts dropped 5.9 percent to 16 cents on news that the company received a warning letter from the Nasdaq market saying it does not comply with minimum equity requirements. The retailer's independent accounting firm also said it doubts Wilsons' ability to stay in business, according to the company's annual report filed with the Securities and Exchange Commission on April 14.

Action sports apparel retailer Zumiez Inc. was one of the few gainers, closing up 2.4 percent to $18.33 after one of its directors increased his stake in the company.

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