Financial experts are claiming that recession is right around the corner. Many of us still remember what 2008 was like, but few remember better than those who were forced to leave their jobs because the company they worked for went bankrupt. Whether or not there’s going to be another huge recession, one thing is clear: retail isn’t doing so great.
Specifically, brick-and-mortar retail stores are struggling. Anyone that’s paid attention to headlines may have noticed many stores making the news due to falling sales, plummeting stock, and store closures. Macy’s is a big one. Despite closing stores and changing their strategies, it’s still having a hard time paying down debt while making profits. It’s just hard for the business to remain operational when sales plummet.
That isn’t to say people don’t shop in-store anymore. There will always be people that go to the store to purchase their clothing, appliances, and other such items. Unfortunately, brick-and-mortar stores can’t keep up with the amount of variety and sizing offered by shops that focus on online sales.
Macy’s isn’t the only one struggling, of course. There are a lot of major brands that are right on the brink of declaring bankruptcy. If something doesn’t change for these 35 companies, then we may not see them much longer!