Mattress Firm, the largest U.S. mattress retailer, is planning to file for bankruptcy Reuters reports, as the firm struggles to exit costly store leases and shut some of its 3,000 locations that are losing money.
Global markets started the new quarter with very muted trading in Asia as most key markets remain closed for Easter holidays. US stock futures are sliding lower as China officially strikes back to US trade wars.
2017 was a perfect storm for "brick and mortar" retailers wit no less than 30 retail chains filing for bankruptcy in a year in which the CEO of Urban Outfitters said the "retail bubble has now burst." Unfortunately, what is coming may be far worse...
"...add to rising retail unemployment the move to more self-checkout, more AI, and more computerized systems instead of human staff. It’s not too hard to understand why people could soon be dependent on a Universal Basic Income and a return to an almost feudal society..."