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According to the National Bureau of Economic Research, the U.S. entered its recession in December 2007, far earlier than most business people thought. Most economists forecast that this may be the longest contraction since the 1980 recession. Lawrence Summers along with other presidential economic advisors suggest that the pace of the downturn is accelerating and will get worse before any recovery. Unfortunately, retailers and their vendors are suffering along with other segments of the economy. Faced with this environment, careful planning and defensive measures are required not only to survive, but to avoid the pitfalls of bankruptcy litigation that can cause financial harm.
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