There’s no doubt about it, retail is in poor shape.
Retail bankruptcies skyrocketed in the first quarter of this year, and are not predicted to slow throughout the rest of the year.
The most recent major retailer to succumb to bankruptcy was shoe discounter Payless ShoeSource, coming on the heels of everyday value price department store operator Gordmans Stores (GMAN) , sporting goods retailer Gander Mountain, RadioShack successor General Wireless Operations, appliances, electronics and furniture retailer HHgregg and ready-to-wear products designer and seller BCBG Max Azria Global Holdings.
Other major retailers, including Macy’s (M) , J.C. Penney (JCP) and the still dying Sears (SHLD) have chosen to close massive amounts of stores due to the downturn in the industry, attributed to the rising cost of rent and labor, slowing mall traffic and heightening pressure from e-commerce giants, mainly Amazon (AMZN) .
By TheStreet‘s count, 20 major retailers have shuttered, or are planning to shutter, large…