Back in 2019, about 17 major retailers filed for brankruptcy, which resulted in over 9,500 store closures. While that may seem like a lot, 2020 is shaping up to be even more of a challenge for retailers, as 27 major retailers have already filed for bankruptcy, and we still have a few more months of the year left.
Though many of the retailers on the list below were already facing financial hardship, the ongoing coronavirus pandemic has made matters even worse.
Baring a last-minute acquistion, Stein Mart plans to liquidate all 280+ locations nationwide.
Pier 1 entered their Chapter 11 bankruptcy with the plans of closing nearly every one of its 450 stores. Fear not though, the retailer is now accepting online orders via their website.
Back in March, Modell's filed for Chapter 11 bankruptcy with the plans of liquidating its entire 134 store fleet, as well as sell its IP.
JCPenney filed for bankruptcy with the support of key lenders with a plan that could lead to multiple outcomes. Whether that plan leads to reorganization, sale, or possible liquidation, only time will tell.