Before the pandemic, retail was already troubled, with an elevated default rate of about 7% at the end of December 2019 despite years of economic growth. But Covid-19 proved to be an extra hill many could not climb.
Since the beginning of the year, roughly three dozen major retail, restaurant and apparel brands have filed for bankruptcy, the most recent of which include off-price chain Stein Mart, department store banner Lord & Taylor and men’s apparel retailer Tailored Brands, parent of Men’s Wearhouse.
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