Since the coronavirus pandemic hit, numerous retailers, restaurants, and iconic department stores have closed their doors.
According to NBC News, the companies that have filed for bankruptcy include Dean & Deluca, Apex Parks, FoodFirst, Bravo and Brio Restaurant Parent, True Religion Apparel, CMX Cinemas, Rubie’s Costume Company, J. Crew, Gold’s Gym, Neiman Marcus, Stage Stores, (Bealls, Goody’s, Palais Royal, Peebles, Gordman’s, and Stage Parent), JCPenney, Pier 1 Imports, Hertz, Tuesday Morning, and Le Pain Quotidien.
Demonstrators break into a 7-Eleven store during a protest over the death of George Floyd in New York, the United States, May 31, 2020 (Credit: Instar/WENN)
Other businesses reportedly struggling to stay open include Bed Bath & Beyond, Gap, Kohl’s, and Macy’s. According to Business Insider, retailers have confirmed at least 3,600 store closings for 2020. Nordstrom is planning to close 16 locations.
NYC stores are left shattered on June 1, 2020, in the aftermath of the protest against George Floyd’s murder at the hands of police (Credit: Instar/WENN)
Last year, over 9,300 store closings were announced in the United States, including Barneys New York that filed for Chapter 11 bankruptcy in August 2019.
Citizens help to clean up graffiti and debris in downtown Philadelphia on May 31, 2020, after riots the night before in protest of the killing of George Floyd (Credit: Hugh Dillon/WENN)
While vandalism can be covered under a commercial policy, many retailers will struggle to stay open following the recent lootings sparked by the death of George Floyd. According to Forbes, Target has closed 175 of its locations across the U.S. after a video of its Minneapolis store getting looted went viral.
Forever 21, which filed for bankruptcy protection last year, also experienced looting this past weekend. We hope you enjoy shopping online, as that may end up being your only option.
Groups of protesters looted stores in Center City Philadelphia (Credit: Hugh Dillon/WENN)