In 2020, many bankruptcies were recorded in the retail market,he most since the big financial crisis of 2009!
S&P Global Market Intelligence counted 49 bankruptcies, with the most notable being Ann Taylor's mother company, Ascena Retail Group, Neiman Marcus, Sur La Table, Brooks Brothers Group!
Coronavirus was just the final reason for these bankruptcies. The real reason is that they did not have e-commerce, their corporate structure was based on old models and weren't quick enough to adapt to the rapid change.
For me, anyway, things were going to e-commerce anyway, the coronavirus was just speeding it up !!!
Those who were prepared or fast to react saw their profits skyrocketing, those who did not, went bankrupt faster than they would.
They would go bankrupt either way in the end. The sad truth is that corona made bankruptcies easier for the companies in terms of procedures and compensations and many took advantage of it.