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For the retail sector, it’s been the best of times and it’s been the worst of times this year.
The year 2017 will go down as one of the most brutal in the industry’s history in terms of bankruptcy filings and store closings (8,000 across various national chains.) Major retailers such as Toys R Us, The Limited and Hhgregg filed for Chapter 11 bankruptcy, their financials unable to withstand declining sales and heavy debt loads. (Some, like Hhgregg liquidated, while others hope to re-emerge as leaner companies.)
And many other chains closed enormous numbers of stores, including J.C. Penney(jcp, +2.14%), Macy’s(m, -2.51%), Sears Holdings(shld, +1.06%) and even Michael Kors. (kors, +0.39%) to "rightsize” their fleets in reaction to weaker sales and the shift of much of their business online. Read Full Article
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