The Coronavirus Is Crushing Bankrupt Retailers’ Hopes For A Rebound – And Threatening Even More Jobs
Bankruptcy doesn’t need to mean the end of a company. It can be a shot to shed debt, reorganize and come out stronger. But during the coronavirus pandemic, bankruptcy filings are increasingly spelling doom for retailers. In turn, it threatens thousands of more workers in an economy that has already suffered tens of millions of lost jobs. Retailers’ woes could also have an impact on this year’s election campaign as employment will increasingly become a focus for politicians looking to appeal to the working class. The bad news for retailers and their employees keeps piling up. Home goods chain Pier 1 this week announced plans to liquidate its business after failing to find a buyer. Modell’s announced plans to shutter its business in March. Grocer Earth Fare, which filed for bankruptcy in February, only found a buyer for parts of it. Read more at CNBC.
