By  on April 5, 2017

The wave of bankruptcies sweeping through retail, and most recently washing out Payless Shoesource, is expected to keep rolling over the next year.

While the default rate of Fitch Ratings’ U.S. retail portfolio had dropped to zero last month, the Chapter 11 bankruptcy filing of Payless, under a debt load of about $665 million, bumped that number up to 1 percent. And the ratings agency said the default rate is likely to hit 9 percent over the next 12 months.

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