RETAILER REASON
Bon-Ton Stores Declining same-store sales and operating margins hurt ability to invest in technology and real estate.
Claire’s Stores High-yield bonds; difficult mall traffic trends, and economic headwinds in Europe.
J. Crew Leveraged debt structure; increased competition from fast fashion
Sears Holdings High-yield bonds; institutional term loans; cash-burn rate; lack of clear catalyst for profit improvement
Nine West High-yield bonds; institutional term loans; fashion miscues, and poor trends in women’s denim.
99 Cents High-yield bonds; institutional term loans
Rue 21 High-yield bonds; institutional term loans
True Religion Institutional term loans; adverse denim trends
** Data from Fitch Ratings and Moody’s Investors Service
