Retailers are filing for bankruptcy at a staggering rate — and these 17 companies could be the next to default

• Moody's Investors Service has identified 17 retailers that have the highest risk of defaulting or filing for bankruptcy. 
• The list includes PetSmart, Neiman Marcus, and J.Crew.
• Just two months into 2019, four retailers have already filed for bankruptcy: Payless ShoeSource, Charlotte Russe, Gymboree, and FullBeauty Brands.

The fallout from the retail apocalypse is far from over. 

Just two months into 2019, four retailers have already filed for bankruptcy, including Payless ShoeSource, Charlotte Russe, Gymboree, and FullBeauty Brands.

Ratings agencies are expecting more defaults in the coming months. 

"As the US retail industry emerges from one of its worst multi-year default cycles yet, companies are getting ready for a second, though less virulent round among smaller, weaker names," analysts for Moody's Investors Service wrote in a February 21 report. 

The report identified 17 retailers that have the highest risk of defaulting or filing for bankruptcy:

SEE ALSO: Inside the infamous dead mall that Amazon is reportedly redeveloping

DON'T MISS: The number of retail stores closing this year just doubled to more than 4,000 — here's the full list

PetSmart

PetSmart is the largest US pet retailer with more than 1,600 pet stores in the US, Canada, and Puerto Rico. In 2017, PetSmart purchased Chewy.com for $3.4 billion in what was the largest e-commerce acquisition at the time. Since then, the company has been struggling to pay down roughly $8 billion in debt amid growing competition online from Walmart, Amazon, Target, and others.

Neiman Marcus Group

The luxury department-store chain Neiman Marcus has returned to positive sales growth after years of losses, but it's still grappling with nearly $5 billion in debt.

Academy

The sporting goods retailer Academy Sports & Outdoors, which has more than 240 locations, is struggling to compete against larger rivals like Amazon, Walmart, and Dick's Sporting Goods.

"Academy faces a challenging turnaround amid the highly competitive sporting goods environment," Moody's analyst Raya Sokolyanska wrote in a note in January. "In the near term, the company's good liquidity, with ample revolver availability and lack of debt maturities until 2022, provides key support to an otherwise weakening credit profile."