Ten retailers have already filed Chapter 11 this year, setting a record pace for the industry.
But the pain is far from over.
With AlixPartners predicting 2017 will mark the highest number of retail bankruptcy filings since 2009, a new report from S&P Market Intelligence has named the 10 public companies it finds most at risk over the next year.
It includes Sears Holdings, which said Friday that it would shutter 92 Kmart pharmacies and 50 Sears Auto locations this year. The department store also named a new chief financial officer — its second in about six months — and said it aims to save $250 million through its latest maneuvers. If achieved, these savings would be on top of the $1 billion Sears has targeted in part by shuttering 150 locations.
S&P's list also includes Bebe Stores, the specialty apparel brand that said last week that it would close all 175 of its shops by the end of May.
"Retail's troubles are manifold, and the diagnosis is different in each struggling company's case," Jim Elder, director of risk services at S&P Global Market Intelligence, wrote in his report. "But it is widely agreed that the U.S. is overstored and that the solution for flat or declining in-store sales resides to a significant degree online, where the most sales growth is now taking place."
Most of the chains that have already filed Chapter 11 this year belong to the specialty or apparel categories. They include Payless, BCBG, The Wet Seal and Limited Stores.