Holiday season is what retail is all about. If they swing and miss, the rest of the year is a scramble to regain momentum. Unemployment is high. People are not fashion conscious during a great recession. Women need one blue suit for the first interview, if they can get it. ANN's "restructuring" is really an ever expanding downsizing--that's the word for it. Even if they emerge stronger, they are significantly smaller than they were. Finally, it is unlikely that they can downsize so much without alienating their employees. Based on earnings estimates for FY 2010 and 2011, ANN is very overpriced. Yup, I'm short. (Of course, I watched the stock go up past 17 while short--no fun.)