The fashion industry has suddenly gone on a serious diet.

Plunging stock markets, a recession and a complete conk-out of the consumer spending engine that fueled the growth in the U.S. economy for more than a decade have fashion retailers and manufacturers taking a hard look at their organizations and cutting back wherever they can. With few signs of economic hope until at least late 2009, if not 2010, firms are moving to batten down the hatches and prepare for the worst.

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