List of RetailerGiants that have filed for Bankruptcy During the Pandemic!
The retail industry, in turmoil for years, is facing its biggest test yet as the coronavirus crisis pushes some of the worlds most vulnerable brands to the economic brink.
Pandemic-motivated closures and stalling demand left many prominent retailers looking for ways to preserve cash. Some stopped paying rent. Others furloughed workers, cut executive pay and canceled orders for new inventory. But as the economy begins sputtering back to life, bankruptcy attorneys and analysts say a growing number of companies will find they just don’t have enough cash to keep going.
Annual revenue: $2.5 billion in 2019
- Neiman Marcus
Annual revenue: $4.9 billion in 2018
- Stage Stores
Annual revenue: $1.58 billion in 2018
- J.C. Penney
Annual revenue: $12.02 billion in 2019
- Tuesday Morning
Annual revenue: $1 billion in 2019
- GNC Holdings
Annual revenue: $2.07 billion in 2019
As of Monday, more than 4,000 companies have filed for bankruptcy in 2020, according to BankruptcyData.com. By comparison, 6,800 companies sought Chapter 11 protection (the most complicated sort of bankruptcy). It is predicted that things are only going to get worse from here for the retailers.