Report: Major retail bankruptcies jumped in 2016 — and more likely

The number of bankruptcy filings by U.S. retailers nearly doubled in 2016, and 2017 looks bleak for the industry.



That is according to a report by The Deal,a business unit of TheStreet.



The number of large-liability retail Chapter 11 filings (at least $250 million in liabilities) nearly doubled in 2016, and the trend shows no signs of slowing down, according to the report. Teen clothing retailers especially struggling as teenagers turn towards experiences as a method of conspicuous consumption and away from fashion labels, the report said.