Have you seen any businesses closing lately?  Headed to Circuit City?  I don't think so.  Need something at Mervyn's?  Nice try.  If you think it’s bad now, it’s only going to get worse.  When times were good retailers were buying inventory like it was never going to end... now they're paying for it... with bankruptcy.

These once successful companies had no clue how big the recession was going to be, leaving them with way too much inventory. However, this means the liquidation business is making a killing.  Overstock.com, redtag.com, and ubid.com anyone?  Check them out.

This also means great deals for consumers... don't pay retail for anything.  Wait for it to go on sale or move on.  The days of paying MSRP are over... for now.

Retailers are reporting numbers that are "less bad" than analysts expected... and analysts had extremely low expectations.  However, this is somewhat of a good sign.  At least it's summer.  Everyone is in a better mood and pulls out that credit card again.

These stores reported better than expected declines: Gap, American Eagle and Wet Seal.

These stores reported better than expected gains: The Children's Place, T.J. Maxx owner TJX Cos. Inc. and The Buckle.

T.J. Maxx can probably keep this up due to their name brands at low prices strategy... but I'd stay away from the rest of retail.

Read more here.