The trickle down of major retail store closings is starting to push laid off workers to bankruptcy

The “retail apocalypse”, “amazon demolition”, “the end of retail”. These headlines have been seen throughout the course of this year’s news outlets. Most of the attention has been to the fallout for shopping malls and strip centers but another bad effect of these store closings is for the laid-off worker.

Maryland Bankruptcy lawyer, Thaddeus Holmquist’s consumer chapter 7 and chapter 13 bankruptcy practice in Maryland is starting to have people affected by the retail problems contact his office about filing bankruptcy themselves. Big retail stores such as Sears, Pennys, Macy’s, Gymboree, Radio Shack, The Limited, HHGregg, GameStop, CVS, and and Staples lead the barrage of store closings throughout the country.

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Mr. Holmquist reports, “Even though these are not  high paying jobs, the loss of income or lessening of their income if they are able to get unemployment is causing people not to be able to continue paying their bills”.

Added to this very large problem in retail is the issue that many of American households do not have any monies put aside in savings so there is no cushion to help absorb and navigate the loss of these retail jobs. On the bright side, Amazon continues to add jobs in some locations but not in all. One long-time department store employee was very bitter at what was happening to her job and to her life.

Mr. Holmquist said, “She told me she had put her whole heart and soul into that company and now she would no longer be working for them. What am I going to do she asked? How am I going to pay my bills?”. Mr. Holmquist said he explained to her that Congress had set up the procedure of filing chapter 7 bankruptcy just for situations like she was encountering and for her to look at the possibility of getting a fresh start as a positive outcome considering the circumstances at which point she began to cry out of relief that there was a solution for her and not one that was going to destroy her life.

“I guess I am just going to have to start over at 55, she said “and with the Lord’s help, I will make it”. Mr. Holmquist does not see any relief for the retail sector based on the changing economic picture and the shift to internet buying. “I guess the main point is that people need to know that bankruptcy can be very helpful when faced with economic disasters”. “If it’s good enough for the president’s businesses, it certainly should be good enough for the average citizen Mr. Holmquist mused right before entering the United States Federal Courthouse for his bankruptcy hearings for the day.

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Contact Person: Thaddeus Jay Holmquist
Address:2833 Smith Ave #448
City: Baltimore
State: MD 21209
Country: United States