The Coronavirus Could Push Retail Bankruptcies to a Ten-Year High

By Sheridan Fifer

In 2010, in the wake of the Great Recession, 48 retailers filed for bankruptcy. In 2020, with five months still left in the year, 43 retailers have filed for bankruptcy.

The big shake-up of retail was taking place long before the pandemic. Many retailers were heading for bankruptcy; the coronavirus hastened their demise. For them, the question now is whether they will emerge from bankruptcy or disappear forever from the troubled retail scene.

And one thing seems certain: the trouble is far from over. According to Jan Kniffen, a retail consultant, for retailers who are based in malls, heavily in debt, considered non-essential, or selling products that consumers have cut out of their budgets because of the pandemic, the writing is on the wall. 

Le Tote, owner of Lord & Taylor, and Tailored Brands, parent company of Men’s Wearhouse, filed for bankruptcy Sunday. They’re the latest retailers pushed to the brink by the pandemic.

Read the full story at CNBC.