Fourteen retailers are on the brink of bankruptcy, according to a recent report from Moody’s Investor Service, putting thousands at risk of losing their jobs.
As more people turn to online shopping, traditional brick-and-mortar retailers are at risk of having to close their doors. While 1.5 million jobs have been created in retail since 2010, most of these are on the web, according to the National Retail Federation.
"We believe the kind of competitive challenges that have weighed on the recent earnings performance of the bigger retailers such as Amazon, Walmart, Best Buy, and Target will have potentially devastating ripple effects for the smaller, more challenged retailers the next several quarters," the Moody's report stated. "That doesn't mean all of retail is under siege, however. Distressed issuers make up around 15 percent of the 148 rated issuers in our industry group. In other words, the majority of the industry remains fundamentally healthy."
Take a look at these stores that could be on the brink of bankruptcy.
Thousands could be at risk of losing their jobs as 14 California retailers face bankruptcy, according to a recent report. Gordon Tokumatsu reports for the NBC4 News at 5 p.m. on Monday, June 19, 2017.