JCPenney is reportedly eyeing bankruptcy and experts say other department stores and mall brands may soon follow as coronavirus decimates the retail industry
Department stores, which have long been mired in an uphill battle against declining foot traffic and slumping sales, are finding that the coronavirus outbreak may ultimately serve as their death knell.
US retail sales fell a historic 8.7% from February to March, led largely by drops in clothing and accessories sales, which plummeted by a whopping 50.5%, according to a report released by the Commerce Department on Wednesday. The drop more than doubled the previous record of 3.8% held in November 2008, during the height of the economic recession.
