These cases illustrate how the nation's weakest companies are desperately trying to avoid outright liquidation.
Regardless of their path to bankruptcy, companies that find themselves there in the midst of the pandemic face the double-barreled challenge of not being able to confidently project their future and grasping to secure fresh financing from lenders who may be extra hesitant to help out.
Like Pier 1, Tuesday Morning was struggling when the coronavirus pandemic began. The off-price retailer – which sells a wide variety of merchandise including home decor, bath and body goods, crafts, food, and toys – hopes to stay in business while using the bankruptcy process to close about 230 of its 687 stores this summer.
The store closings are expected to lead to a spike in vacancies. In the 54 largest markets, retail vacancies are expected to rise from 4.5% at the end of 2019 to 5.6% at the end of 2020, according to real estate tracker CoStar.
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