2020 saw a record number of retailers go bankrupt as the pandemic destroyed their business.
2021 is off to a better start, but there are still some retailers that are vulnerable to bankruptcy.
S&P says these 15 retailers have anywhere from an 11.7%-32.8% chance of credit defaults in a year.
2020 was a banner year for US retail bankruptcies.
Back in March 2020, as the pandemic set in and governors across the country asked non-essential businesses to close, retailers found themselves between a rock and a hard place.
On one hand was a sudden and dramatic decline in sales as standalone stores shuttered and foot traffic dried up at malls. On the other hand was a quick pivot in consumer spending people cared a lot less about dressing well when they were stuck at home, and cared a lot more about stocking up on essentials like food and paper goods.
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Six trends shaping the industries and sectors we cover in 2021
19 Jan, 2021 Author Tayyeba IrumChris Hudgins
U.S. retail sales recorded a third straight month of declines in December 2020 as a surge in coronavirus cases and renewed COVID-19 restrictions continued to weigh on consumers throughout the holiday season.
The dismal results underscored the need to accelerate vaccine rollout in the U.S. and reopen large swaths of the economy that were restricted or closed by the virus, experts said.
Retail and restaurant sales in December 2020 dropped by 0.7% compared to the prior month, following a revised 1.4% decline in November 2020. The forecast by economists polled by Econoday called for a 0.1% decrease in December sales.