Pop Goes the Retail Bubble
schiffgold.com / BY SCHIFFGOLD / APRIL 4, 2017
That hissing sound you hear is the air coming out of the retail bubble. According to a recent CNBC report, nine retailers have already filed for bankruptcy in 2017. That equals the total number of retail bankruptcies in 2016 and puts the industry on pace for the largest number since 2009, when 18 retailers went belly-up in the wake of the 2008 financial meltdown.
The number of retailers on Moody’s distressed list is also at its highest level since the Great Recession:
“After years of low rates fueled a private equity ‘feasting’ on retail firms, the number of troubled chains has tripled over the past six years, and is now at its highest level since the Great Recession. Moody’s Investors Service says that 19 of these companies have ‘well over’ $3.7 billion in debt that matures over the next five years. Roughly 30 percent of that total is due by the end of next year.”
CNBC blames retail sector malaise on a shift to online shopping, and increased spending on travel and “other experiences,” but pins most of the blame on private equity firms and leveraged buyouts.
In a Facebook post, Peter Schiff pointed to an equally important contributing factor, which the CNBC article missed, or simply ignored:
The post Pop Goes the Retail Bubble appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/04/05/pop-goes-the-retail-bubble/
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