Some of your favorite stores may be closing their doors for good. A number of popular retail chains are struggling to stay afloat amid the economic downturn.
As if the current economic downturn isn't bad enough, reports say J.C. Penney is considering filing for bankruptcy protection. This as the coronavirus pandemic continues to hammer retailers across the country.
The Plano, Texas based J.C. Penny is just one of many U.S. companies struggling to stay afloat. Neiman Marcus and Forever 21 are losing cash rapidly while they wait to reopen stores. Other chains like GNC, J. Crew, and Rite Aid may not survive. Adam Hartung is a business consultant, retail analyst, and founder of Spark Partners.
“The retailers that will survive are the ones that have figured out a way to keep their business flowing online,” Hartung said. “When we look at J.C. Penney, when we look at Neiman Marcus, when we look at Macy’s, the immediate disruption here just wiped them out because of a trend that was long emerging.”
Grocery chains like Walmart, Target, Kroger and Costco are not in danger. They and local stores like HEB have flourished amid the health emergency.