A closed Pier 1 Imports store stands in Fairfax, Virginia, on Thursday, May 21, 2020.
Andrew Harrer | Bloomberg | Getty Images
Bankruptcy doesn’t need to mean the end of a company. It can be a shot to shed debt, reorganize and come out stronger.
But during the coronavirus pandemic, bankruptcy filings are increasingly spelling doom for retailers. In turn, it threatens thousands of more workers in an economy that has already suffered tens of millions of lost jobs.
Retailers’ woes could also have an impact on this year’s election campaign as employment will increasingly become a focus for politicians