Your Favorite Store Is Bankrupt With Many More To Follow

Photo by Victor Xok on Unsplash

 

Post pandemic shopping is going to be a different experience than before face-masks were the new “it” accessory of 2020.

In addition to many dressing rooms being off-limits, you may find your favorite retailer has vanished- with your favorite go-to wardrobe picks with it.

So now we have the disappointment of the bell sleeve not looking as good on as it did in your head, and retail therapy becoming a lot more difficult.

The coronavirus has struck the lives of many Americans, leaving devastation after loved ones try to reconcile with the aftermath.

But it has also disrupted the lives of citizens who have not had COVID-19 by destroying businesses with forced closures.

Retail data firm Coresight Research has presented data showing 20,000-25,000 stores will permanently close their doors in 2020, with more than half being in malls.

This does not include the businesses that have had to furlough employees, downsize, or move as a result of the pandemic protocols.

Brick and mortar stores have been on the verge of collapse ever since game-changers like Amazon and big box stores came on the market.

Toys R’ Us was America’s most popular toy store until they were pushed off the scene a couple years ago, as Mommy Underground has previously reported.

It seems that every time you enter a mall there is another store closed, probably because loading up children to endure a day of shopping is not the ideal family outing.

Some of retails most popular names, such as J.C. Penny and J. Crew have already filed for bankruptcy protection, according to Yahoo, but some companies, such as Modell, closed shop with no hope of coming back from the losses.

The upside of select store closings is that many plan on increasing their online presence, making it easier to get the products and apparel you love delivered right to your doorstep – which beats dragging multiple apprehensive children into a dressing room where they constantly try to crawl under the door.

Wondering if a store near you is closing down? Check out this list of shut-downs that will make you cry…or at least have you searching their competitor’s website.

Bath and Body Works announced in May of 2020 they will be closing shop on 50 locations throughout the United States and one in Canada, mainly in malls.

Gap said in March they are shuttering 230 stores over the course of two years because of decreased sales.

If you are like me, this doesn’t personally affect you because the price (and sizes) of the outfits were impractical, but you get used to checking out what’s new on the mannequins when you pass the store in the mall.

Victoria’s Secret, the popular lingerie retailer, announced in May they plan on shutting down a staggering 25% of their stores- adding up to 250 locations- in the US and Canada in the upcoming months.

So pretty soon you may not need to cover your son’s eyes when you try to sneak by the scantly dressed women on the way to the food court.

J.C. Penney filed for bankruptcy in May and has set out to close 30% of their 846 stores.

The closing of this retail staple will leave large vacancies in malls, possibly prompting failure for all businesses surrounding their once bustling locations.

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Macy’s is another store families have become accustomed to relying on for prom dresses, holiday picture outfits or name-brand shoes.

In February, they let the public know 125 stores will go dark over the next three years.

Customer service centers will also be consolidated, leaving the New York location the only corporate headquarters.

This is only the beginning of a long list of closures among retail giants that had previously seemed timeless and invincible.

Sadly, if large companies like this are not able to keep their heads above water in a post-pandemic nation, you can only imagine what that means for small businesses.

Thousands more people are going to lose their jobs in the coming months, leaving the workforce in turmoil.

Hopefully, the consumer industry will work with their communities to create jobs through creative and efficient means, giving citizens a chance to survive the new normal.