All of the “going out of business” signs may have shoppers
thinking a retail apocalypse is upon us, but David Berliner, leader of the
restructuring and turnaround services practice at business consultancy BDO,
says it’s actually a good thing.
“It’s the survival of the fittest,” he said. “It doesn’t mean retail is going away. It’s a repositioning of retail.”
The report “Retail in the Red: BDO Bi-Annual Bankruptcy Update” shows that bankruptcy filings picked up steam in the first half of 2019, with Payless ShoeSource, Charlotte Russe and Gymboree accounting for 3,700 store closures alone.
Since then, Barneys New York, Fred’s Inc., and Avenue are among the names added to the bankruptcy list.
Read more about the many retailers that are closing weak stores and rethinking the role that stores play in their business on the Marketwatch website HERE