NEW YORK (AP) -- The nation's retailers are reporting dismal January sales as shoppers dig deep into survival mode and curtail their spending as they grapple with rising layoffs and shrinking retirement accounts.
As merchants reported their sales figures early Thursday, the malaise crossed the spectrum of retailing, from department chains to teen chains. Wet Seal Inc., Stage Stores Inc. and Children's Place Retail Stores Inc. are among the pack that reported deeper-than-expected sales declines.
The figures are based on same-store sales, or sales at stores opened at least a year.
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