With more than 20 big-name retailers filing for bankruptcy in 2017, walking through a mall sure can feel like being in a graveyard. Most of these ailing brick-and-mortar retailers cited the strong online shopping trend as their downfall, proving the Amazon effect is stronger now than ever. Are we at the height of the retail apocalypse, or will 2018 prove to be worse yet for struggling retailers?
Many of these suffering retailers survived – for now. It remains to be seen whether those that emerged from 2017 Chapter 11 bankruptcies can thrive in an Amazon-centric market. In addition, history doesn’t favor successful retail bankruptcies, with around half of them ending in liquidation. In this day and age, retailers need to be nimbler than ever to keep up with the ever-changing landscape. Here we’ll take a look at 15 big-name retailers that filed bankruptcy in 2017 and where they stand now.
1. Charming Charlie
In December 2017, women’s accessories store Charming Charlie filed for Chapter 11 bankruptcy. The retailer, known for selling jewelry, purses, and scarves sorted in sections by color, planned to close 97 of its 375 locations. The struggling retailer said it intends to move forward with a “back-to-basics” strategy.
Next: A popular toy chain is suffering.