section_path: Retail/Business closures
section_name: Business closures
paragraph_text: Business closures
  
  By April, department store retailers JCPenney, Nordstrom, Macy's and Kohl's had lost $12.3 billion combined in market caps. Neiman Marcus and JCPenney defaulted on bond payments in April, preparing internally for bankruptcy court and bankruptcy protection. J.Crew and Neiman Marcus filed for bankruptcy during the first week of May; they were reportedly the first two major retailers to do so during the pandemic. JCPenney filed for bankruptcy on 15 May.
  
  In May, Pier 1 announced it would close as soon as possible. It had sought court protection in February and had hoped that someone would buy the business, but the subsequent recession made this seem unlikely.
  
  In early 2021, Family Video announced all their remaining stores would be liquidated and closed down.