News

25,000 U.S Stores Are Expected To Permanently Close In 2020 Due To COVID-19

Due to the coronavirus pandemic, 25.000 mall-based retail stores are expected to permanently close especially those which were financially at risk before the pandemic began.

Coresight Chief Executive Officer Deborah Weinswig told reporters, “If the anchor tenants close stores in the mall, other tenants are likely to follow suit,” creating a “ripple effect” with other apparel-chain stores leaving malls at serious risk.

The U.S. has the most retail-selling space per capita of any nation in the world and the least deals per square feet, a study by Cushman and Wakefield found.

Since mid-March, stores have been closed due to COVID-19. Although quarantine restrictions are being slowly lifted, stores remain closed or have limited services. As of June 5, an estimated 4,000 stores are expected to shut down completely including Victoria’s Secret and J.C Penny.

Subscribe to our free weekly newsletter!

A week of political news in your in-box.
We find the news you need to know, so you don't have to.

With these closures, 15 major retailers have filed for bankruptcies as they are losing revenue from the pandemic.

Leslie Ortiz

Recent Posts

After Biden Commutes Sentences Of 1,500 People, GOP Critics Call It A Ploy To Deflect From Pardon Of Son Hunter

Last week, President Joe Biden announced that he would pardon 39 people and commute the prison sentences…

1 day ago

GOP Rep. Chip Roy Rants Against His Own Party For Backing Debt-Raising Bill, Trump Calls For A Primary Opponent Against Him

Rep. Chip Roy (R-Texas) condemned his fellow Republican lawmakers during a rant on the House floor after…

2 days ago

VIDEO: Rep Mike Waltz Does 44 Pushups After Army’s 31-13 Loss Against Navy in Annual Football Match

https://www.youtube.com/shorts/_kYWlyzuiMk Rep. Mike Waltz did 44 pushups to honor a bet after the Army football…

3 days ago

‘President’ Elon Musk Slammed By Democrats After He Tanks Bipartisan Spending Bill To Avert Shutdown

In a series of X posts on Wednesday, the platform's CEO Elon Musk criticized a bipartisan spending…

3 days ago

Biden Doubts His Legacy As He Hands Over Power To The Man He Called ‘A Threat To Democracy’

"You can't love your country only when you win." President Joe Biden has repeated this phrase to…

4 days ago

Top Democrat On House Ethics Committee, Rep. Susan Wild, Misses Meeting After Report On Matt Gaetz Leaks

Rep. Susan Wild (D-Pennsylvania), the top Democrat on the House Ethics Committee, missed a committee meeting after…

5 days ago