Big name stores filing for bankruptcy amid COVID-19 pandemic
The pandemic has pushed some big businesses into bankruptcy—JC Penney, Neiman Marcus, Pier One, just to name a few.
Seeing closed signs in windows is almost a common sight now.
Pier One is one of many stores that has filed for bankruptcy.
People we spoke to say even though the deals are great, there are barely any items left on the shelves.
Finance professor Dr. Shelton Weeks with Florida Gulf Coast University says if you’re looking to shop, don’t be in a rush to make a purchase.
Look for the best deals and stick to a budget.
He tells us retailers are hoping to make it out of this okay but if safety concerns amid the coronavirus lingers for shoppers the likelihood of these stores surviving this pandemic is slim.
“When you see a firm declare bankruptcy what they’re doing is they’re seeking protection from their creditors so that they can re-organize their operations get a handle on cash flow situation…and hopefully survive,” said Dr. Weeks.
Dr. Weeks also added that many of these retailers are also struggling to compete with online platforms.
So that could mean better deals in the brick and mortar stores as they try to make money off their merchandise.