For retailers, facing an apocalypse isn’t anything new. What’s new is the fact that everyone else is too.
and U.S. Airlines filed for bankruptcy in the wake of Sept. 11, they were able to shed onerous debt, restructure labor contracts and reduce capacity. They did, in fact, emerge stronger companies than they were prior to bankruptcy.
"Filing for bankruptcy doesn't create a sudden cure for the virus, it doesn't create a cure to open stores — so why incur the expenses of Chapter 11 when you're not going be able to do anything while business is closed?" said Michael Sirota, co-chair of the bankruptcy and corporate restructuring department at Cole SchotzLuxury retailer Barney'safter its landlord raised the rent that wiped away its earnings.
"There is disruption in the real estate market and a lot of unknown in retail: is the mall going to be there or not? Will I have cash or not?" said Christa Hart, senior managing director at FTI Consulting.
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