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US retailers are expected to begin bankruptcy filings in masse, after a disappointing holiday season furthered the worst consumer-spending slump in decades. Retailers are being hit with a double-whammy: not only is consumer spending down considerably, but several of the retail industry’s largest lenders are tightening credit. More stringent lending terms are leaving retailers unable to find the capital they need to reorganize under bankruptcy protection, leaving them more likely to liquidate. The latest retailers to announce multiple store closings include Macy’s Department Store and coffee giant, Starbucks. Meanwhile, retailers such as Ann Taylor, Talbots and Sears are among the many retailers also expected to close underperforming stores. The price of oil drops below $38 a barrel, more than $100 less than the peak price of $147 a barrel last July. Prices fell 8%, down $3.24, to settle at $37.59. After ten consecutive days of rising prices at the pump, the average cost for a gallon of retail gasoline finally fell overnight, catching up to the 17% drop on oil prices last week. The Department of Energy last week reported bigger than expected inventories of oil, natural gas and gasoline, suggesting demand for energy continues to decline. In an effort to boost prices, OPEC has announced cuts of 4.2 million barrels a day since September with the latest cuts going into effect the early part of 2009.

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