The Retail Apocalypse Picks Up Speed As Sears, JCPenney, Brookstone And Mattress Firm Spiral Toward Bankruptcy
By Michael Snyder
TheEconomicCollapseBlog.com
10/2/2018
Over 20 major retailers have filed for bankruptcy since the beginning of last year, and in 2018 we may break the all-time record for annual store closings that was established just last year. We are in the midst of the worst retail apocalypse in American history, and it appears to be picking up speed as retail giants such as Sears, JCPenney, Brookstone and Mattress Firm spiral toward bankruptcy. We live at a time when the middle class is being systematically destroyed, and so the truth is that U.S. consumers simply do not have as much discretionary income as they once did. Many large retailers believed that things would eventually turn around, and they have been fighting very hard to survive, but now time has run out for quite a few of them.
Mattress Firm
Everyone knew that Mattress Firm was in deep trouble, but it still surprised many of us when it was announced that they are officially planning to file for bankruptcy. The following comes from Reuters…
Mattress Firm Inc, the largest U.S. mattress retailer, is preparing to file for bankruptcy protection as soon as this week, as it seeks to exit costly store leases and shore up its business, people familiar with the matter said on Tuesday.
At this moment Mattress Firm has approximately 3,000 brick-and-mortar locations, and as those stores close down those abandoned buildings are going to be giant eyesores on street corners all over America.
Brookstone
When I was a kid back in the 1980s, it seemed like Brookstone had an outlet in every mall I visited. But now Brookstone has filed for bankruptcy, and all remaining mall stores will be shut down…
Brookstone filed for bankruptcy and will close its remaining 101 mall stores.
The mall and airport seller, best known for massage chairs, quirky gadgets, and travel luggage, filed for Chapter 11 bankruptcy in federal court on Thursday. It was Brookstone’s second bankruptcy round in four years.
Sears
Sears has been shutting down stores for years, but up until now they have never admitted that bankruptcy was on the horizon.
But now time has run out and emergency measures are required if Sears is to survive. The following comes from CNN…
Sears is running out of time to fix its problems, the CEO says.
Eddie Lampert, who controls most of the company’s shares through his hedge fund, told the board on Monday that it must address “significant near-term constraints” in its cash position.
The Rest…HERE
