Here are the 16 biggest bankruptcies of the 'retail apocalypse' of 2017
2017 hasn't been an easy year for the retail industry.
More than 6,400 store closures have been announced so far this year. Mall traffic has dropped, and retailers such as Payless, Rue21, and Toys R Us have struggled to compete with ecommerce rivals.
For some companies, the pressure became too much. A growing list of retailers have declared bankruptcy.
Here are the most notable retail bankruptcies to happen so far in 2017:
Toys R Us
The toy retailer filed for Chapter 11 bankruptcy protection in mid-September.
Since it was taken private in 2005, Toys R Us has struggled to compete with both its ecommerce and its brick-and-mortar competitors, like Target and Walmart, that have built up their online business.
Aerosoles
Aerosoles Group filed for Chapter 11 bankruptcy protection in mid-September.
The women's shoe retailer said that it planned to significantly reduce the number of its stores in an effort to better compete with ecommerce rivals. Aerosoles had 300 stores around the world at the time it declared bankruptcy.
Vitamin World
The vitamins and nutritional supplements chain announced plans to file for bankruptcy in September. The 345-location chain said it hoped to end certain expensive lease agreements in restructuring.
See the rest of the story at Business Insider
No comments: