When it comes to retail, more than 6,300 stores will be closing in 2020 as a result of the pandemic-induced consumer downturn. Stein Mart, Lord & Taylor, JC Penney, Neiman Marcus, Nordstrom, Tailored Brands (Men’s Wearhouse), as well as Bed, Bath & Beyond are among the retailers that are planning to close many of their stores this year.
Transform Holdco (Kmart, Sears), Express, Gap, Guess, and L Brands (Victoria’s Secret, Bath & Body Works) are also eliminating many locations; and are undergoing financial restructuring to stay solvent. Macy’s is closing 125 stores–accounting for thousands of corporate positions…and far, far more floor jobs. Even Microsoft is opting to close all 83 of its retail outlets. Now, more than ever, capital infusion is key to keeping commerce alive.