It’s been a remarkably tough year for the retail sector. So far, retailers set a record pace for bankruptcies and store closings. Household names are faring no better than small shops: J.C. Penney said it would shutter 138 locations in July; and Sears Holdings will turn off the lights at over 170 Kmart and Sears stores.
Credit ratings agency Moody’s added to an already-grim outlook when, earlier this month, its list of U.S. retailers at risk of bankruptcy rose to 22.
By Kennett Werner