SURPRISE! SURPRISE!

May 13 (Bloomberg) -- Retail sales in the U.S. unexpectedly dropped in April for a second month, indicating that rising unemployment is prompting consumers to boost their savings.

The 0.4 percent decrease followed a revised 1.3 percent drop in March that was larger than previously estimated, the Commerce Department said today in Washington. Excluding auto dealers, sales fell 0.5 percent.

here

SYSTEMAX - BOLD LEADER IN BANKRUPT BRAND NAMES

Bankrupt Circuit City's brand, trademarks and e-commerce business have been sold at auction to Systemax Inc., the same company that purchased electronics retailer CompUSA's intellectual property when it closed in 2008.

...

Systemax has previously said it believes the transaction would ''further extend its position as a leader in online retailing of value-priced, branded consumer electronics.''

comedy central

NOT WAVING, BUT DROWNING

To maintain its prestigious image, Abercrombie has stood alone among mall retailers in not blaring its sales — a strategy that Wall Street analysts have blamed for its current decline. The company reported a 34 percent drop in sales for March at stores open at least a year, the worst performance of mall retailers that month.

nyt

MAKES PERFECT SENSE

BALTIMORE (AP) -- T. Rowe Price Group's first-quarter profit tumbled by more than two-thirds, and the investment manager is responding by cutting 288 jobs.

The cuts disclosed Wednesday involve about 5.5 percent of the work force at the Baltimore-based manager of mutual funds and other investments. The reductions mostly involve telephone, processing and technology workers, rather than investment professionals.

from our friends

DOWNTURN HITS SELF-SATISIFED BLOWHARDS

ALSO, HE CAN SAVE UP FOR HIS LIVER TRANSPLANT THAT WAY

Bad economy or not, Marty Stogsdill still likes his scotch. But the 26-year-old computer consultant is more apt to enjoy it at his condo with friends than in a bar these days. Going out, he pays $10 to $18 for a glass of scotch. At home? He can buy a bottle for $35 to $50.

all the news

FACTS ARE SUCH BOTHERSOME THINGS

THAT WAS THEN (A WHOLE WEEK AGO):

Guest hosting Bill Bennett's radio show, the always-good-for-a-laugh Michael Steele concurs with a caller who doubts we're in an economic crisis because "I look around and I don't see people spending any less money."

"I've heard a number of people say that, across the country," says Steele. Chuckling, he adds, "The malls are just as packed on Saturday."

tnr

THIS IS NOW:

General Growth Properties, one of the largest mall operators in the nation, filed for bankruptcy early Thursday morning in one of the biggest commercial real estate collapses in United States history.

Despite bargaining for months with its creditors, General Growth faced dwindling options for handling its more than $25 billion in debt, largely in the form of short-term mortgages that will come due by next year. The company has been severely wounded by the recession, which has wreaked havoc upon the retailers who inhabit its more than 200 malls in 44 states. Many stores have shuttered, depriving mall operators like General Growth of revenue.

nyt