by Wolf Richter, Wolf Street:
Store liquidations in 2019 have blown past the full-year record set in 2018.
The phenomenon of the Brick-and-Mortar Meltdown is proceeding with relentless momentum, trailing in its wake store closings, job losses, bankruptcies, and liquidations. Just this week:
A’Gaci, a young women’s fashion retailer based in Texas, filed for Chapter 11bankruptcy protection on Thursday, for the second time, after having filed for the first time in January 2018. This time, it will liquidate. All its remaining 54 stores in seven states and Puerto Rico will be closed – the “bulk” of them by the end of this month. Bankrupt retailers are notoriously difficult to restructure and turn into success stories.