Almost a dozen retailers – including department stores and forest brands – have filed for bankruptcy protection so far this year, shutting down many of their stores – if not all.
The tempo is slower than last year when more than 20 dealers including Toys R Us, Hhgregg and Gymboree filed for bankruptcy. But it is no less painful for employees and landlords who are stuck in the middle, as the retail landscape continues to evolve.
On Friday, Mattress Firm became the latest company to go down this road, as the largest food retailer in the US is resorting to trimming its footprint at more than 3,000 stores. It initially plans to close as many as 700 sites, with about 200 stores that are expected to become dark as soon as "the next few days". The company, owned by Steinhoff International Holdings, said it expects to complete a prepackaged restructuring within 45 to 60 days.
The closures of Mattress Firm, Toys R Us and other bankruptcy marks only add to the merger of real estate properties available across the United States
A recent report from the property research firm Reis, released earlier this week, said that the US template vacancies rose to 9.1
Toys R Us, meanwhile, could see another day. Its bankruptcy auction was recently discontinued, as a group of hedge funds is considering reviving the business, inviting the toys R Us and Babies R Us brands.
According to a list compiled by Moody's, retailers are at risk of failing payments – and may therefore be required to file bankruptcy – include 99 Cent Only Stores, Charlotte Russe, Guitar Center and Payless ShoeSource, once applied for bankruptcy protection but later emerged after closure of more than 600 stores. Below is the list of resellers who have filed for bankruptcy protection so far this year, some of which have already been successful.