Experts say the “Retail Apocalypse” began ten years ago as one of the lasting results of the economic downturn of 2007-2009. Over the course of the last ten years, thousands of brick and mortar stores across the United States have closed annually. In 2019 alone, retailers announced the closing of over 9,300 stores, an increase of over 50% from 2018.

Already overburdened with debt and lease obligations, stressed retailers found little relief in 2020, the first quarter of which saw the COVID-19 pandemic begin to spread in the United States. By the second quarter of 2020, government mandated shutdowns designed to curb the spread of COVID-19 forced many retailers to temporarily close their stores. Though shutdown orders are lifting and retailers are reopening for business, it is anticipated that more retailers will seek bankruptcy protection and/or continue to close brick and mortar stores in 2020.

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