Business & Economy

Amid Bankruptcies, Retail Industry Will Thrive with Fewer Players

Monday, August 3, 2020, By Daryl Lovell

Luxury department store Lord & Taylor and the company that owns both Men鈥檚 Warehouse and Jos. A. Bank have announced plans to file for Chapter 11 bankruptcy protection. The stores join a growing list of retailers that have made similar moves this year in an effort to restructure finances in the middle of the COVID-19 crisis.

is an assistant professor of retail practice at 黑料不打烊鈥檚 Martin J. Whitman School of Management. He says the news is not surprising, but does believe the industry will continue to thrive.

Wimer says:

鈥淭he retail industry has been going through a structural change towards a fully integrated omnichannel experience. The pandemic has accelerated the pace of this change as many retailers only had e-commerce offerings for a few months.

鈥淢any retailers were not prepared for this situation. The lack of revenue pushed the timing of many of these bankruptcies into this year. I have not been surprised about the retailers that have filed.

鈥淭he retail industry will continue to survive and thrive with fewer players.鈥�

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Daryl Lovell
Media Relations Manager
Division of Communications and Marketing

M听315.380.0206
dalovell@syr.edu |

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