bankruptcies run rampant in July

[Demovictory9]

https://www.cnn.com/2020/07/25/business/july-bankruptcies-coronavirus/index.html

Big chains filed for bankruptcy and closed stores every week in July. Here are 9 of them

New York (CNN Business)Coronavirus, massive amounts of debt and a shift in shopping habits created a lethal cocktail of bankruptcies and store closures in July.

So far this year, 21 private and public retailers have filed for Chapter 11 according to BankruptcyData.com. That's more than double the number that filed for the same time period last year. In total, 20 retailers filed for bankruptcy protection in 2019.

"A retail sector already in upheaval in the face of changing consumer habits in 2019 is now additionally faced with a massive demand shock for which there is no cure," said James Hammond, the CEO of New Generation Research.

"Storied names in the industry, some operating for over 100 years, like Brooks Brothers, have fallen," he added. "Even the strong can't survive. This is far from over." (New Generation Research runs BankruptcyData.com.)

[underpants]

1. Only 5 months until Christmas

Karen better wear a helmet because the elbows are going to be flying around.

[Sherman A1]

2. Covid 19 accelerated loss to what was an already shaky Retail Sector

This is just the very beginning and it is going to get very ugly.

[LuckyLib]

3. Folks are also realizing that consuming is a pastime that has been sold to them,

and they don't need to do that for entertainment. Some sectors of the US are reporting people with increased savings because they aren't out purchasing. May be a change to our culture.