The you know what is about to hit the fan in America's retail sector because of the coronavirus pandemic.
As the coronavirus pandemic keeps America’s retail stores closed, Michael McGrail is gearing up for what is shaping up to be a busy summer of running going out of business sales at some very prominent chains.
Once formidable retailers will either vanish entirely or emerge from bankruptcy with 75% smaller store networks. Those retailers that somehow manage to avoid bankruptcy by way of a creative debt raise or other restructuring will find the road ahead bumpy at best. “You can’t do that now. You can't do that with everyone homebound and you can’t make it to the store. So there is no benefit to bankruptcy,” says David Berliner, lead of BDO’s restructuring and turnaround services practice.
Story continues“We will see some major chains go away and not come back. These are chains that were struggling before the situation. COVID-19 will put them over the ledge,” Kollender adds. Doak thinks there will be numerous creative deals struck by retailers in a bid to stay afloat — for instance a mall owner takes a stake in an anchor tenant.
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