U.S. Retail Store Closures Hit Record in First Half

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Through June, 18 retailers have filed for chapter 11, mostly those selling apparel, footwear and home furnishings

CORAL GABLES, FL – NOVEMBER 21: People walk past a closing sign outside an electronic store holding a going-out-of-business November 21, 2008 in Coral Gables, Florida. With the economy continuing to sputter, some large chain stores are being forced into bankruptcy or even liquidating. (Photo by Joe Raedle/Getty Images)

By Aisha Al-Muslim

Retail store closings in the U.S. reached a record in the first half of 2020 and the year is on pace for record bankruptcies and liquidations as the Covid-19 pandemic accelerates industry changes, particularly the shift to online shopping, according to a report on the downturn’s severity.

This year’s collapse in American retail could overtake that of 2010, when 48 retailers filed for bankruptcy in the wake of the 2007-09 recession, according to the report by professional-services firm BDO USA LLP. Including filings through…TO READ THE FULL STORY

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