Retailers have been closing stores and filing for bankruptcy at staggering rates, and there’s still more fallout to come, according to a new report from Moody’s Investors Service.
The share of retailers that Moody’s covers and that have the weakest liquidity scores — meaning they will likely default within the next year — has risen to 10%, up from 6% in December 2016.
“Nobody’s immune,” the analysts wrote in the report.
Moody’s has identified 22 retailers — up from 19 in February — that are “heavily distressed” and in danger of defaulting.
That level of distressed retailers was last achieved during the recession.