Like fashion trends, retailers come and go, depending on the changing economy and shifting consumer tastes and preferences. The recent economic recession certainly has taken its toll on the retail industry; many retailers have struggled due to a sluggish economic environment, a continuing weak job market and the resultant pullback in consumer spending.

A wave of big-box retail bankruptcies and store closings shook the retail industry from 2009 to 2011. Established companies such as Mervyn’s, Circuit City, Eddie Bauer and Borders all recorded bankruptcy filings. And for some stores the financial struggles continue, particularly for mid-priced retailers.

Department store chains such as Macy’s and J.C. Penney are treading water, while apparel retailers such as Gap and Talbots have fallen victim to fashion preferences. In 2012, well-established retailers such as Sears and Kmart are expected to close stores in an effort to battle falling sales and increased competition.