The retail sector is currently facing one of its most challenging periods in history as stores and restaurants stay closed and the future of retail remains uncertain.
Many brick and mortar retailers and restaurants that were experiencing troubles heading into the crisis are now being forced to shutter locations or lay off workers in order to stay afloat as their business almost entirely dries up.
Others are left with no choice but to file for bankruptcy, and experts say we can expect to see many more follow in their lead as the pandemic continues to decimate the industry.
Here’s who has filed for bankruptcy so far:
The parent company behind upscale menswear brand John Varvatos, which has been worn by some of the world’s most famous rock stars, filed for bankruptcy on May 6 after the pandemic shattered its comeback plans.
The 27-store chain was lumbered with over $100 million of debt that it couldn’t pay. All of its stores remain closed during the crisis.