Retailers reportedly are filing for bankruptcy protection at a disturbing rate that’s flirting with recessionary levels.
Meanwhile, a steady stream of store closures continues to haunt the battered American retail industry.
“It’s only April, and nine retailers have already filed for bankruptcy since the start of the year — as many as all of last year,” Business Insider explained.
“2017 will be the year of retail bankruptcies,” Corali Lopez-Castro, a bankruptcy lawyer, told Business Insider. “Retailers are running out of cash, and the dominoes are starting to fall.”
More than 3,500 stores are expected to close over the next several months, BI reported.
Annual retail bankruptcies peaked at a total of 20 in 2008. The U.S. could hit that dismal milestone by September if the rate is sustained, CNBC has reported.
The pace of store closings this year is already ahead of 2008, that measurement’s most recent peak, according to