U.S. President Joe Biden's Inflation Is Destroying The Retail Industry In America With Companies Filing For Bankruptcy

June 24. 2022

Joe Biden

The terrible Joe Biden economy continues to destroy America's finances under his insane inflation. Biden thought driving up fuel costs in America to force people off fossil fuel usage was a brilliant idea. Time has shown it is not so at all. Biden has created historic levels of inflation that is bankrupting Americans and American corporations.

A report today by MSNBC reveals the retail industry in America is going into bankruptcy due to inflation. Legendary company Revlon has filed for bankruptcy. MSNBC stated, "The retail industry is up against a potential wave of bankruptcies following a monthslong slowdown in restructuring activity. There could be an increase in distressed retailers beginning later this year, experts say, as ballooning prices dent demand for certain goods, stores contend with bloated inventory levels and a potential recession looms"

America is falling behind in the world because of Joe Biden. He doesn't know what he is doing, due to dementia and having a gross lack of business acuity. he should not be president. Precious time is going by on a number of serious issues facing the country, such as inflation/the economy, pending foreclosure increases due to rate hikes, climate change accelerating and war. America is in danger of a civil war and a international war. Biden is too feeble and lost to help America. He's causing problems rather than solving them. His inflation is crippling the country. People can't afford this.

I bought a loaf of wheat/brown bread and it was $5. It wasn't gourmet and topped with gold leaf. It was a simple loaf of brown bread and it came to $5. Filling up a gas tank in America now costs $100 per week and rising. Mortgages and rents are rising by several hundred dollars. However, Biden thinks this madness is all okay. Where exactly does he expect people to find the extra money every month.

I remember when I was a preteen in Florida people would say poor elderly people who couldn't afford much were eating tins of cat food (which is inadvisable). Is that what Biden wants to happen again. The elderly are going to take a worse hit than many from this outrageous inflation, as a number of them are too feeble to get back into the work place and their bills/cost of living continues to rise.

STORY SOURCE

The retail industry is facing a potential wave of bankruptcies – here’s why

Published Thu, Jun 23 20227:00 AM EDT Updated 3 Hours Ago - The retail industry is up against a potential wave of bankruptcies following a monthslong slowdown in restructuring activity. There could be an increase in distressed retailers beginning later this year, experts say, as ballooning prices dent demand for certain goods, stores contend with bloated inventory levels and a potential recession looms.

Last week, 90-year-old cosmetics giant Revlon filed for Chapter 11 bankruptcy protection, making it the first household consumer-facing name to do so in months. “Retail is in flux,” said Perry Mandarino, co-head of investment banking and head of corporate restructuring at B. Riley Securities. “And within the next five years, the landscape will be much different than it is today.”

The industry had seen a dramatic pullback in restructurings in 2021 and early 2022 as companies — including those that had been on so-called bankruptcy watch lists — received relief from fiscal stimulus that offered cash infusions to businesses and stimulus dollars to consumers. The pause followed a flood of distress in 2020, near the onset of the pandemic, as dozens of retailers including J.C. Penney, Brooks Brothers, J. Crew and Neiman Marcus headed to bankruptcy court...

https://www.cnbc.com

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