Struggling retailers rush to file for bankruptcy as fears of a second wave of coronavirus linger

In May, J. Crew, Neiman Marcus, and J.C. Penny filed for bankruptcy protection. In July, seven retailers filed including The Paper Store, Brooks Brothers, and Lucky Brand. This month, Lord & Taylor and Stein Mart filed as well. 

According to tracking by S&P Global Market Intelligence, 44 retailers have been in bankruptcy court this year. S&P Global predicts that Blue Apron, Wayfair, J. Jill, Christopher & Banks, and Destination XL Group, are all at risk of defaulting on their debt and filing for bankruptcy.

Andy Graiser, co-CEO of restructuring firm A&G Real Estate Partners said “I think you are going to start seeing mid- and small-size companies filing in the fall. In some cases, they have gotten government money and have been able to buy time. But if their sales aren’t there, you are going to see more bankruptcies.”

#Covid19 #Malls #Retail #SNP #Bankruptcy

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