Why Has Bankruptcy Become So Lethal?

When retailers head to bankruptcy court, they tend to project a sense of magical thinking. Barneys New York’s lawyer told the judge back in August that the goal was “making sure this company lands in the hands of someone that can operate it as a going concern.” But, as the nearly century-old luxury retailer discovered in November, the court lately has been a grim destination for retailers — a place to wind up before liquidation, and at best be revived as a marketable idea sold to the only bidder. For Barneys, where executives, advisers and even top creditors spent months working to secure a buyer who would preserve its stores, that meant a sale to Authentic Brands Group, a licensing company that plans to rent out the name to Saks Fifth Avenue. In just the last two years, roughly three dozen major retailers — including Sears Holdings Co., Forever 21, Charlotte Russe, Payless ShoeSource and Gymboree Group Inc. — have filed for bankruptcy protection, some for the second time, according to data tracked by research firm Coresight Research. The insolvencies have led to liquidation sales and record store closures. More than 9,000 store closures were announced in 2019, according to a Nov.

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