Some of the biggest and most storied names in retail — including Neiman Marcus, Brooks Brothers, Lord & Taylor, J.Crew and Ascena Retail Group — sought bankruptcy protection during the worst months of the COVID-19 pandemic. In total, 14 major retailers had entered Chapter 11 by Sept. 10, 2020. Retailers comprised the second-largest group on a list of 50 companies that were forced into similar situations, second only to the 17 energy, oil and gas companies.
It should be noted that declaring bankruptcy is by no means a “death sentence” for any company; often it’s a tool that provides time to reorganize and, potentially, emerge on a firmer financial footing.
Learn more about the 50 companies in this infographic from CocoSign.