More than 15,000 stores could permanently close this year, according to one estimate. That’s approaching double the number of stores that big chains announced they would shutter in 2019. ldarmiento reports:
, a Denver-based marketing company that does sales promotions and liquidations, said he’s gotten “frantic” calls from some retailers about how to handle reopenings given that the shutdown is a “blow to retailers that they’ve never seen before.”
“They have spent two or three months not being able to sell inventory on the floor. Manufacturers may have continued to ship to them. They are not going to have enough cash and they are going to be overstocked — that’s a problem we are really good at solving,” said Wright, who expects to handle more promotions than liquidations once the coronavirus outbreak is over.
“If retailers are focused on that, I think we do see less bankruptcies and less permanent store closures. If they are just focusing on the immediate, we are in hell, which is what this is,” she said.in Washington, D.C., who handles bankruptcy and restructurings, expects a wave of bankruptcies across multiple industries. “COVID-19 is going to change the world and many different companies and industries in terms of how they do business. It’s just inevitable,” she said.
, filed for bankruptcy on March 3 with plans to sell itself, but then fired most of its 18,000 workers last week after having to shut restaurant doors. “Normally we would see them flood T.J. Maxx or Ross or have this product end up in a landfill or barter it for advertising,” she said. “There are all kinds of things that happen to old inventory.”
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