New data from Coresight Research reveals American retailers have announced 8,400 closures this year. Ascena Retail closed the most locations, at nearly 1,200. Coresight anticipates closures will snowball and set a new record this year, breaking the 2019 record of 9,302 closures tracked by the firm.
Business is equally bleak for the US restaurant industry. About 17% of the country’s restaurants roughly 110,000 have permanently closed this year, with thousands more on the brink according to a recent National Restaurant Association report.
With lockdowns devastating retail and restaurants — many of which that were already in deep trouble, dozens declared bankruptcy this year.
Papyrus: The mall staple best known for selling stationery and …
Read the full article at: https://www.cnn.com/2020/12/12/business/retailers-restaurants-bankrupt-2020/index.html