In the first six months of 2020, 18 retailers filed for protection.  Majority of these retailers were a part of the apparel and footwear, home furnishing, and grocery and department stores.  From July to August another 11 retailers filed.  This could be the worst year for retailers to file for bankruptcies since 2010 when there were 48 retailers who filed.  Since the government mandated a stay at home order, many of these stores were out of operations for months.  Without business for months, retailers had to announce they might close around 25,000 stores in the U.S like Macy’s and Bed Bath & Beyond.  Nobody knew what we were in for which is why a lot of companies are waiting for file for bankruptcy too, but some could end up waiting too long and burning through their cash before they’re able to be helped.

-Michael Koniar, Domestic Analyst