It’s a strange time in the retail world. J. Crew and Neiman Marcus both have filed for bankruptcy within the last week, and more stores are expected to follow, fast. One analyst working on Wall Street predicts that the COVID-19 closures are just the nail in the coffin for thousands of retailers that were already struggling to compete with online prices and seeing decreased foot traffic.
They say that by 2025, over 100,000 retail stores could close, changing the landscape of retail shopping entirely. What are the best big stores expected to make restructuring or bankruptcy announcements?
Sears and J.C. Penny have both closed numerous locations over the past few years, and these coronavirus closures are putting just more pressure on the classic mall anchors of our childhood. Experts say they will be surprised if the chains come out on the other side of this.
Bridal empire David’s Bridal is also struggling, and with so many weddings being postponed, this is a hit they cannot afford to take right now.
Rite Aid, GNC, and the Ascena Group – a partnership who owns Loft, Ann Taylor, Lane Bryant, and Justice – are all expected to be filing for bankruptcy or restructuring stores within the next few weeks.