JCPenney is reportedly eyeing bankruptcy and experts say other department stores and mall brands may soon follow as coronavirus decimates the retail industry
at its stores, supply chain facilities, and logistics center in late March and early April — confirmed on Thursday it missed a $12 million debt payment.
Like JCPenney, Macy's has also faced a difficult past few years. In February, right before the coronavirus outbreak hit the US, the company announceddesigned to cut costs by focusing away from malls and instead investing in concept stores and its off-price companies like Macy's Backstage. The plan came after several quarters of decreasing sales performance.
Adding to retailers' woes, consumer spending is on the decline, as many as discretionary income takes a nosedive thanks to rising unemployment rates. More than 22 million Americans have filed for unemployment in the last four weeks, bringing the national jobless rate to 13.5%, according to the most recent data from the US Department of Labor.
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