At least 35 major retailers have filed for bankruptcy in the U.S. in 2017, the toughest year for.
The latest entry into the list of struggling retailers is Toys ‘R’ Us, which filed for protection from creditors ahead of the busiest shopping season of the year as it is struggling with $5 billion in debt.
The company intends to use these court-supervised proceedings to restructure its outstanding debt and said it would keep its 1,600 Toys ‘R’ Us and Babies ‘R’ Us stores open as normal heading into the holiday season.
There are troubled companies,, that have been forced to seek bankruptcy protection a second time after their initial turnaround plans fail.
Among the retailers that have sought bankruptcy protection this year are:
- The Limited
- Wet Seal
- Eastern Outfitters
- BCBG Max Azria
- Gander Mountain
- Payless ShoeSource
- Cornerstone Apparel, owner of Papaya Clothing
- True Religion Apparel
- Vitamin World
The is the second bankruptcy protection filing by Wet Seal and RadioShack.
Payless ShoeSource emerged from bankruptcy protection in August, while Rue21 received court approval to emerge from bankruptcy last week.
Investors in J.C. Penney saw their share prices shrink in value dramatically when the stock traded at an all-time low in August, but the company has demonstrated its resolve in adopting technology in the fight against Amazon.
Macy’s, Ralph Lauren, J. Crew, Abercrombie & Fitch, J.C. Penney, CVS, GameStop, and many others are cutting back on locations.
The retail apocalypse has resulted in the closing of aver 4,000 physical retail stores are affected as American consumers shift their purchasing habits and as part of an economic trend some are calling the “Trump Slump” as it relates to the taxation, spending and monetary policies of the Republican-dominated government.
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