In the span of just 2 weeks, some of the best-known brands in America said they were entering Chapter 11 Bankruptcy and closing locations across the country.
Those are some well-known names, but in some ways their bankruptcies may not be shocking. Gyms and clothing stores are exactly the kinds of businesses that the coronavirus lockdown seems designed to damage. Raising one’s heart rate and sweating are at-home activities these days and apparel shopping is done with a few clicks of a mouse.
In other words, even before the COVID-19 pandemic hit the United States, there were signs that 2020 might not be shaping up to be a great year for merchants with real-world physical locations. Part of that may have been economic exhaustion. The post-Great Recession expansion had been unfolding for more than 10 years when 2020 arrived. Some retrenching may have been inevitable.
. In 2019, the figure was even higher, 9,300 locations were shuttered. And, of course, all of those closures had nothing to do with the coronavirus pandemic. But even before the virus, the nation and its economy were going through major changes. Keep in mind all those closures in 2018 and 2019 came as the economy was booming.
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