Myron Ullman, J.C. Penney's CEO and chairman, sees a tough retail environment that could lead to more bankruptcies, according to this Dallas Morning News article. There could be 10 to 20 chains that could fall victim, especially regional outfits, he said speaking recently at a Lehman Brothers conference.Ullman says the stimulus checks that many taxpayers have started receiving might help retailers but concedes that high gas prices might have already sucked up those funds. He also says he is "cautiously optimistic" about the holiday season for his company.So far some of the casualties we've seen are Bombay Co., Sharper Image, and Movie Gallery. Chains such as Ann Taylor, Charming Shoppes and Talbots are closing numerous stores. What do you see as the next chains or sectors to take a hit? And how do you think J.C. Penney in particular will fare during the downturn compared to its compeititors? So far, their sales results haven't been spectacular.
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