Great deals for consumers translates into a weaker economy with fewer jobs.
For stores, the holiday season may already be overNEW YORK (AP) - The holiday shopping season begins Friday with a blitz of early morning specials. For some merchants, though, it's practically over already.
Piles of jewelry, clothing and electric drills are bypassing store shelves and heading straight to liquidators by the caseload as stores try to save as much cash as they can.
Major department stores and mall-based chains have cut prices up to 70 percent to move out mounds of excess inventory stuck in the pipeline since the financial crisis hit in September and people snapped their wallets shut.
Big moves of merchandise happen every year -- but usually after Christmas. This year stores are desperate to shed inventory even before Thanksgiving.
"The holiday season is over. The reason? It just never got started," said Marshal Cohen, chief industry analyst at NPD Group, a market research firm. "How cheap things are doesn't bode well for holiday success."
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