For a battered California economy that’s endured crushing hits from the housing market collapse, shrinking consumer spending, a tight credit market and natural disasters like fires and floods, 2009 could deliver even more painful blows — and already-hurting retailers may absorb a large share of the pain.
California is locked in its worst budget crisis, with Gov. Arnold Schwarzenegger declaring a financial emergency amidst a Legislature deadlock on how to close a two-year budget gap that grew to $42 billion, as job losses and stalled consumer spending cut income and sales taxes.
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?"