It ain’t pretty in the fashion world. If you haven’t noticed yet, department stores are dropping like flies.

New York has been the first to feel the effects of the bad economy. Its local jewelry and furniture chain, Fortunoff, is bound for bankruptcy after shuttering its Manhattan store.  Might be worth it to check out Fortunoff’s online catalog right now. [hus], another beloved NY store, is also being forced to shut down.

Behind the scenes, Estee Lauder is slashing 2,000 jobs. The semi-good news? Although Macy’s seems to be going down the pooper (we’ll have more on this later), cutting 7,000 more jobs, it doesn’t plan to close any more stores.

We’ll continue to keep tabs on struggling stores for you. In the meantime, find out if your favorite stores are closing by checking out our past retail reports:
February 4th Closings
January 23rd Closings