files for bankruptcy

NEW YORK - December 30, 2008 - Parent Co., the operator of, has filed for bankruptcy protection and says it will consider selling some or all of its operations.

It's just the latest company hit by the most dramatic pullback in consumer spending in decades. Experts don't see things turning around anytime soon.

The managing director of the consulting firm Strategic Resource Group says about 160,000 stores will have closed this year and 200,000 more could shutter next year. That would be the industry's biggest contraction in 35 years.

Some stores didn't even make it to Christmas. Circuit City and KB Toys filed for bankruptcy protection in the weeks prior to the holiday.


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