![]() The coming months will also reveal which of the bankrupt companies will find a way to survive through new ownership or restructuring - and which ones will be forced to permanently close stores and liquidate inventory. Families' shopping lists could be shorter or have different kinds of items, such as laptops and headphones, as school districts plan for staggered schedules or remote learning. ![]() The pandemic could also weaken a typically busy shopping season for apparel retailers: back-to-school. Americans' spending habits changed, as people coped with pay cuts and job losses or had less of an appetite for new clothing because of working from home and attending few social gatherings. Shelter-in-place orders temporarily shuttered stores for weeks. Yet the coronavirus pandemic quickly pushed them over the edge. Jan Kniffen, a retail consultant and former executive at The May Department Stores, which was eventually folded into Macy's, said for many of the retailers, the pandemic only sped up their likely appearance in bankruptcy court. Others, like Neiman Marcus, were saddled with debt. Penney, were having trouble reaching new customers as e-commerce brands won more of young shoppers' attention and dollars. The pandemic has compounded challenges that some retailers faced even before Covid-19 began to spread across the country. In 2008, 441 retailers filed for bankruptcy, according to S&P Global. There were 48 filings by retailers in 2010, according to S&P Global, following tremendous tumult and financial strain across the industry during the Great Recession. With five months left in the year, there have already been more retail bankruptcies this year than in the past eight years, according to S&P Global. The additions bring the total retail bankruptcy filings so far this year to 43, according to tracking by S&P Global Market Intelligence. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower ![]() Best Debt Consolidation Loans for Bad Credit ![]()
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