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Track Retail & CRE Tenant Distress Signals
| Asset / Name | Sector | Risk Level | Signal | 24h Change |
|---|---|---|---|---|
| Saks Global Enterprises | Retail - Department Store | Chapter 11 | Filed Ch. 11 Jan 2026; closing 8 Saks Fifth Avenue stores and ~57 Saks Off 5th locations. Significant NNN lease rejection risk. | New |
| Eddie Bauer | Retail - Outdoor Apparel | Chapter 11 | Filed 2026; on the verge of disappearing from physical retail. All remaining locations at risk. | New |
| Claire's Stores | Retail - Accessories | Chapter 11 | Filed for bankruptcy again in 2026, seven years after its last Ch. 11 restructuring. Repeat filer — high re-default risk. | New |
| QVC Group (HSN/QVC) | Retail - Media/E-commerce | Chapter 11 | Filed Ch. 11 in 2026 to restructure $6.6B in debt. Limited NNN exposure but signals broader retail distress. | New |
| Francesca's Holdings | Retail - Women's Apparel | Liquidating | Closing all ~400 U.S. locations after filing for bankruptcy protection in 2026. Complete NNN lease termination risk. | New |
| Macy's Inc | Retail - Department Store | Downsizing | Closing 150 stores from 2024-2026 as part of strategic restructuring. Not bankrupt, but significant lease non-renewal risk. | Ongoing |
| Rite Aid Corporation | Retail - Pharmacy | Restructured | Emerged from Ch. 11 (filed Oct 2023) as smaller chain. Ongoing store closures; reduced footprint creates re-tenanting risk. | Stable |
| Red Lobster | Restaurant - Casual Dining | Restructured | Filed Ch. 11 May 2024; 100+ locations closed, new ownership. Surviving locations stabilizing but brand weakened. | Stable |
2026 is shaping up as one of the most active years for retail bankruptcies since the pandemic. An estimated 7,900 U.S. stores will close this year, driven by rising labor costs, lease rate inflation, persistent shrinkage, and consumer spending shifts. The filings span department stores (Saks), specialty apparel (Eddie Bauer, Francesca's), and repeat filers (Claire's). NNN landlords should stress-test portfolios for tenant concentration in vulnerable categories — particularly discretionary retail, mid-tier apparel, and department stores. Proactive re-tenanting and monitoring of lease assumption/rejection decisions in bankruptcy proceedings is critical. Geographic diversification and investment-grade tenant weighting remain the strongest risk mitigation strategies.
Watchlist entries are sourced from public Chapter 11 filings (PACER/court records), SEC filings, and verified press reporting. Risk indicators track publicly reported events including bankruptcy filings, store closure announcements, credit rating downgrades, and covenant violations disclosed in 10-K/10-Q filings. This is not a predictive model - it tracks confirmed distress events relevant to NNN investors. For predictive credit analytics, consult providers such as Moody's Analytics, S&P Capital IQ, or CreditRiskMonitor.
The data, risk scores, and analysis on this page are for informational and educational purposes only. They do not constitute investment advice, credit analysis, or a recommendation to buy or sell any security. Risk scores are illustrative estimates based on publicly available information and should not be relied upon as the sole basis for investment decisions. Credit ratings referenced are sourced from public company filings and may not reflect the most current agency ratings. Company names are used for illustrative purposes; their inclusion does not imply any specific investment recommendation or prediction of financial distress. Always consult licensed financial professionals and primary data sources (S&P Global, Moody's, Fitch, SEC EDGAR) before making investment decisions.