As the New Year unfolds, watch out for the following retailers who may be filing for Chapter 11 bankruptcy in 2020.
- Pier 1 Imports
The company plans to close 450 of its 936 stores, cut 40% of its headquarters staff, and close many of its distribution centers. - Bed, Bath & Beyond
This big-box retailer plans to close 60 stores in 2020. Fundamentally, this company has been unsuccessful in battling online retailers. - GameStop
Will GameStop be the next blockbuster? After closing 200 of its 5,000 stores in late 2019, the city cited decreased sales & possible adjustments in 2020. - JC Penney
Is it too late for JC Penney? This 117- year old company is more than $4 billion in debt. - Rite Aid
This company continues to fight for survival in the competitive pharmacy environment. We’ll see what 2020 has in store for Rite Aid
If you are a business owner, it’s important to know and understand how these changes will affect you and your customers.