Is Bloomingdale's Struggling Financially?
As the shutdowns and disruptions caused by the COVID-19 pandemic spread around the globe in 2020, more people than ever before turned to online resources for shopping. As a result, many brick-and-mortar retail stores are struggling to keep their (newly reopened) doors open. Several major chains, including JCPenney, Victoria's Secret and Walgreens, have already announced they plan to close thousands of stores before the end of 2020, adding to the already huge retail apocalypse that occurred in 2019 with more than 9,000 stores closing.
With many big-name retailers like Macy's, Nordstrom and Barney's New York shutting down a large number of locations in the last decade, the fear that your favorite stores could end up disappearing for good is justified. However, there’s hope if you’re a Bloomingdale's fan, as the mega-retailer seems to be doing better than many of its competitors. Here’s a more in-depth look at how Bloomingdale's is managing to hold its own financially.