And private equity is all over it.
The brick-and-mortar retail meltdown – despite protestations to the contrary – continues with a mechanistic air of inevitability. This started in 2015, took off in 2016, and picked up pace and magnitude in 2017, a progression I documented along the way. Now in 2018, there has been a brutal January and here’s the even more brutal February.
Bon-Ton Stores filed for Chapter 11 bankruptcy on February 4. The filing by the regional department store chain based in Pennsylvania was the largest bankruptcy filing by a retailer in 2018. It had been discussing with its creditors a restructuring of its debts, but that had turned out to be fruitless.