Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

J.C. Penney, 1957. Photo: The Denver Post via Getty Images

We've chronicled the fall of Sears — how its deliberate sluggishness killed the Amazon of the 20th century. But Sears is not alone.

What’s next: The next eight retailers at risk of Sears' fate are J.C. Penney, Neiman Marcus, J. Crew, 99 Cents Only, Hudson's Bay, Pier 1 Imports, Fred's Pharmacy, and Rite Aid, argue Retail Dive's Ben Unglesbee and Cara Salpini.

The big picture: They cite a toxic combination of high debt, weak sales and bloat. The debt of all except Pier 1 and Rite Aid is mostly related to private equity deals.

  • J.C. Penney and Neiman Marcus have $4 billion in debt each, and Penney has cut 1,000 jobs in 2018 alone.
  • Hudson's Bay, the Canadian titan, has $3.8 billion in debt and has been selling off valuable brands, piece by piece — just as Sears did in the years leading up to its demise.
  • J. Crew has $2 billion of debt, sales are tanking and it's operating at a loss.

"These companies are all struggling with how to adapt to a market in which there is no longer a middle," says Louis Hyman, a business historian at Cornell University. "Americans want either cheap or luxury. ... J. Crew is never going to be a luxury brand, and it can't compete with Target."

  • "Private equity has different expectations for these firms than perhaps is possible," Hyman says.

Yes, but: In bankruptcy, any of the eight could re-engineer their financials and stay afloat, says Neil Saunders, managing director of GlobalData Retail. "Most of the brands are well-known and have some value. As such, I don’t think any of them will disappear entirely even if they enter bankruptcy."

Go deeper

14 mins ago - Health

Johnson & Johnson says booster shot increases efficacy of COVID vaccine

Syringes and a vial of the Johnson and Johnson COVID-19 vaccine in French Polynesia on Sept. 8. Photo: Jerome Brouillet/AFP via Getty Images

Johnson & Johnson said in a press release Tuesday a global study showed that the protection offered by its coronavirus vaccine was strengthened by a booster shot.

Why it matters: While J&J has not formally applied for authorization to offer booster shots to the general public, it said it has shared the results of the study with the Food and Drug Administration and plans to share it with the World Health Organization and other health regulators.

1 hour ago - World

U.K. prosecutors charge third person in poisoning of former Russian spy

Emergency services members in biohazard encapsulated suits encasing the poisoning scene in a tent in Salisbury, England, in March 2018. Ben Stansall/AFP via Getty Images

U.K. prosecutors said they had enough evidence to charge Denis Sergeev, a member of the Russian military intelligence service, in the 2018 Salisbury nerve agent attack against a former Russian spy, according to AP.

Why it matters: Sergeev is the third person to face charges for the nerve agent attack against Sergei Skripal and his daughter, Yulia, both of whom survived.

2 hours ago - Technology

Scoop: More boycotts coming for Facebook

Illustration: Sarah Grillo/Axios

Leaders of the Stop Hate For Profit social media boycott group are discussing whether to organize another campaign against Facebook in light of an explosive investigative series from the Wall Street Journal, Common Sense CEO Jim Steyer tells Axios.

The intrigue: Sources tell Axios that another group, separate from the Stop Hate For Profit organization, is expected to launch its own ad boycott campaign this week.