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.
- J.Crew
Annual revenue: $2.5 billion in 2019
Founded: 1947
- Neiman Marcus
Annual revenue: $4.9 billion in 2018
Founded: 1907
- Stage Stores
Annual revenue: $1.58 billion in 2018
Founded: 1988
- J.C. Penney
Annual revenue: $12.02 billion in 2019
Founded: 1902
- Tuesday Morning
Annual revenue: $1 billion in 2019
Founded: 1974
- GNC Holdings
Annual revenue: $2.07 billion in 2019
Founded: 1935
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.
