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20 Retailers Are Melting Down Right In Front Of Our Eyes
The retail death march persists. Retail businesses of all sizes in America have been facing an unprecedented crisis for more than a decade. The past couple of years have accelerated the demise of many companies, pushing them into bankruptcy, while others, with no hope for rehabilitation, just went out of business abruptly. But the storm that is brewing all across the sector right now may be unlike anything we've ever seen. A flood of bankruptcies is expected within six months. And according to data provided by the U.S. Chamber of Commerce, almost half, or 47%, of U.S. retailers may not be able to survive another recession.
At this point, thousands of celebrated American brands are saddled with massive debt loads, depressed profit margins, falling sales and declining foot traffic, and before we notice, many of them can close their doors forever. Dollar-store chain 99 Cents Only is slowly dying before our eyes. It still operated about 350 stores across four states, but it’s been accumulating distressed loans since 2017. The pile of troubled debt outstanding expanded by about $12.6 billion as record inflation takes a toll on the chain. According to Bloomberg, the discount retailer’s presence in the industry is endangered by a competitive disadvantage compared to larger chains as well as a series of operational and execution issues. Given that net profits plunged by 88%, don’t be surprised if the company starts announcing layoffs and store closures in the near future.
New-York based cosmetics retailer Revlon is one of many in the industry that has faced reduced demand even before the pandemic kept most Americans confined to their homes. Revlon has been struggling with declining revenue and a $575 million debt that ultimately led the company to file for bankruptcy in July. With sales falling 21%, supply chain disruptions, and rising operational costs, as well as the rise of influencer cosmetic brands, Revlon is facing major challenges to adapt to today’s market. And while rising interest rates continue to tighten borrowing conditions, the future of the company is remains uncertain, with lenders still evaluating whether the 89-year-old company deserves more than half a billion dollars to restructure itself.
A potentially lackluster holiday shopping season can wreak havoc on the balance sheets of many struggling retailers and push them off a financial cliff. “I think many of these companies will file for bankruptcy, and it’s not going to be a handful. It’s will be a scary number,” said Stifel managing director Michael Kollender, who leads the consumer and retail investment banking group, Stifel. “It’s far more than we have seen over the last several years combined,” he predicts.
Given the fact that many of these businesses are reporting worsening financial problems for many years, we are likely to see major chains and big household names go away and not come back. Consumers are being squeezed on each and every front, and right now, there aren’t many reasons to be optimistic about the state of our economy.
The death of retail represents the death of our middle-class and the collapse of our purchasing power. These downward trends will continue to gain force as our financial conditions keep getting weaker. This winter is going to bring unprecedented challenges for all of us. And by 2023, our economic landscape may be much emptier than anyone could’ve imagined. That’s why today, we compiled a list of 20 companies that may vanish during the downturn that is intensifying all over the country.
For more info, find us on: https://www.epiceconomist.com/