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.
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.