Retailers sprinted for bankruptcy at a torrid pace so far in 2020, already reaching a level not seen since the Great Recession. Now, as pressures mount for retailers, some are eyeing the exit altogether, according to a new report.
S&P Global Market Intelligence analysts Alexander Bitter and Chris Hudgins write that 44 of the retailers they track have filed for bankruptcy this year. Full-year totals in 2010 and 2011, as recovery from the final crisis began, hit 48 and 45, respectively. For another comparison, 2019 saw 32 total bankruptcy filings.
The S&P Global analysts say bankruptcy alone might not be enough to save some retailers, sending them toward liquidation. One prominent example is Stein Mart. The discount retailer is closing most or all of its nearly 300 stores and could axe its e-commerce operation too, according to USA Today.
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Thomas Phillips
Thomas Phillips is part of the social media team at ALM Media.
