A tsunami of bankruptcies are about to wash away America's retail sector

[Yo_Mama_Been_Loggin]

As the coronavirus pandemic keeps America’s retail stores closed, Michael McGrail is gearing up for what is shaping up to be a busy summer of running going out of business sales at some very prominent chains.

“Some companies are just not going to survive this,” says McGrail, who is the COO of one of the world’s largest asset disposition and valuation firms, Tiger Capital Group. It will be McGrail’s team — which often includes store associates of a stricken retailer — that hangs the “Everything must go” signs and works to fetch top dollar on fixtures and other inventory.

McGrail declines to say which retailers have been calling him up for asset appraisals, except to note the names wouldn’t be any big shock.

Such is the current life for McGrail and others in the retail bankruptcy and restructuring fields. In talking to a host of experts, one thing is abundantly clear: A thunderstorm of bankruptcies in retail are about to rain down on Wall Street thanks to the aftershock of the coronavirus.

https://news.yahoo.com/a-tsunami-of-bankruptcies-are-about-to-wash-away-americas-retail-sector-142047677.html

[msongs]

1. no bankruptcy unless the outcome benefits employees. beware mitt romney and his

corporate vultures

[Alex4Martinez]

2. I abhor these hyperbolic headlines. n/t

[zipplewrath]

3. Niemen Marcus

They've already announced they'll be closing. Macy's was already in trouble. JC Penny has been on the rocks for some time. Sears is basically toast. And those are probably just the infamous tip of the iceberg. This was a trend that was already happening, and this crisis is just accelerating it. Retail isn't "dead", but it is going to become more highly concentrated in densely populated areas, especially where there isn't as much use of cars.

[KY_EnviroGuy]

4. This will further damage America's communities.....

leaving little more than big box stores many miles from home and on-line outlets like Amazon. I'm sure there will be a rebirth of some small brick and mortar stores but the social damage to communities will have been done.

This is precisely what the right-wing wants: no social and emotional community mean less cohesion of citizen groups to fight their consolidation of power. I've watched this slowly happen now for nearly 60 years.

Wiki:

Human communities may share intent, belief, resources, preferences, needs, and risks in common, affecting the identity of the participants and their degree of cohesiveness.

KY.......

[c-rational]

6. Agreed.

[keithbvadu2]

5. MAGAts, don't be afraid to brag 'the Trump economy'.