Sears Canada revealed Tuesday that it’s exploring a sale or a possible restructuring as it draws nearer to bankruptcy.
There is simply no let off at the retail front. It's just not the online retailers which are hurting them (anyways they themselves are losing tons of money). People simply can't afford to buy stuffs. I have lost count of the number of retail chains which filed for bankruptcy in recent past. With every chain going down a lot of people is suddenly unemployed, which will in turn hit the purchasing power and could take other ones down.
Probably has something to do with the fact that Sears mostly sells big ticket items that they mark up. There are plenty of other stores that beat Sears' prices in electronics and home items, and of course offer a wider range of products.
Specialty retail will definitely be the first to go bankrupt.
could be but others are also looking to be in the line.
No doubt about it. Plenty of retail stores are in line for bankruptcy because they have such high overhead costs. Online retail only costs a fraction of a physical location, yet they see just as many sales.
People are tired of the costs being passes on to them. Why go out and buy something when you pay more and have to deal with a crowd, unless you needed it immediately?
More are coming - http://theeconomiccollapseblog.com/archives/2017-is-going-to-be-the-worst-retail-apocalypse-in-u-s-history-more-than-300-retailers-have-already-filed-for-bankruptcy