List of Retailer Giants that have filed for Bankruptcy During the Pandemic

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.

Describing bankruptcy

 

  1. J.Crew

Annual revenue: $2.5 billion in 2019

Founded: 1947

 

  1. Neiman Marcus

Annual revenue: $4.9 billion in 2018

Founded: 1907

 

  1. Stage Stores

Annual revenue: $1.58 billion in 2018

Founded: 1988

 

  1. J.C. Penney

Annual revenue: $12.02 billion in 2019

Founded: 1902

 

  1. Tuesday Morning

Annual revenue: $1 billion in 2019

Founded: 1974

 

  1. 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.

 

 

 

 

 

 

 

 

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