The year 2017 was just not a healthy time for struggling retail stores. Fifty major chains went bankrupt, including iconic brands Toys “R” Us and Payless Shoes. That’s up from 47 filings in 2016 and just 30 in 2014. Department stores and other longtime retailers have been crippled by competition from Amazon and Walmart.
What’s in store for 2018? The retail apocalypse likely isn’t letting up. Here we’ll look at retailers that have already filed for bankruptcy in 2018 and others in grave danger of following suit.
Historically, Bon-Ton department stores were in smaller towns where there wasn’t much competition — but once Amazon entered the fray, this changed. The company, which operates Carson’s, Elder-Beerman, Herberger’s, and Younkers, filed for Chapter 11 bankruptcy Feb. 4. It’s the largest retailer to go bankrupt so far in 2018. The chain is $1 billion in debt and will shutter more than 40 stores nationwide.
Next: See which grocery chain buckled under heavy debt.