Already this year, 14 retailers have declared bankruptcy, including the companies behind Payless, The Limited, and BCBG. That’s not far from 18, the total number of retailers that declared bankruptcy in 2016, according to insights from S&P Global Market Intelligence released last week.
And there may be more to come. The S&P report shows several more retailers likely to file bankruptcy soon. Sears Holding Corp., which last month said it had “substantial doubt” it would continue, comes in at the top of the list with a 23.84% chance of going bankrupt in the next year.
Brick-and-mortar retailers are suffering due to an increase in e-commerce and online shopping—despite an overall increase in consumer spending in the U.S.