NEW YORK ( TheStreet) -- Black Friday has historically been regarded as the day when retailers move from a loss (red) into profit (black) for the year. While the explanation no longer holds much relevance, this year the day after Thanksgiving could be critical for several major retailers. Following several quarters, and in some instances, years of mishaps getting back on track during the holiday season is critical for those with fading brands, merchandise misses, internal blunders and large store fleets.
Specifically, in the apparel space, many will be working to reduce inventory levels, which have ballooned in recent months, said Dana Telsey of Telsey Advisory Group. For a few retailers, the holiday season could be a true turning point. For others, it could solidify their position at the bottom of the barrel. The November and December selling period account for a big chunk of sales for retailers, making up anywhere from 25% to 40% of total holiday sales, according to the National Retail Federation. Here's a look at the retailers heading into the holiday season with challenges that are relying on Black Friday madness to revive their business.