The publication tracks filings and one editor says that they expect an increase in filings in early 2021 following rent payment demands from landlords.
Bestseller Canada filed on Tuesday and Comark on Wednesday, both grappling with COVID-19 related store closures as well as a financial crisis due in part to outstanding rents.
The iconic Canadian retailer says that this was “the hardest decision we have had to make as an organization in our almost one hundred years of history.”
Retailers across the country are evaluating operations to determine if they can remain operational. Some retailers such as Army & Navy have already announced that they will close forever.
It’s an inevitable consequence of the devastating economic impact of the coronavirus pandemic, though the future could be promising when retail adapts to a new world.