Accessories retailer Charming Charlie was the last among a slew of retailers, more than half of which sell clothing and accessories online, that filed for Chapter 11 bankruptcy protection in 2017.
While five retail chains are no longer selling on the web, the majority of the remaining 13 merchants experienced a significant decline in traffic to their primary e-commerce sites year over year as of the end of December, according to SimilarWeb data. What’s more, seven of the 18 retailers grew web sales slower than the median growth rate of 15.5% of all Internet Retailer Top 1000 merchants in 2016.
For the remaining merchants that are doing OK on the web, this could mean that their bricks-and-mortar operation was the main cause seeking bankruptcy protection. Though plenty of retailers operate during Chapter 11 and emerge from it, bankruptcy filings often lead to many empty retail storefronts. Among the retailers here, 3,726 store closings are planned globally.Favorite