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No festive joy for struggling retailers this year

The days when Santa Claus would ride to the rescue of struggling retailers are gone as they feel the arctic chill of banks and financiers concerned about ballooning debts and flagging sales. Recalling Dick Smith’s failed attempt to generate sales with deep discounting in the lead up to Christmas last year and now wary of challenging market conditions, banks are reviewing debt exposures in the retail sector. Just as there is no Santa Claus behind a desk in banking headquarters, it is unlikely t