The looming death of the mall and e-commerce taking flight (literally) had retailers floundering in 2015 to the tune of 11 defaults, the most in six years. S&P credit analyst Robert Schulz says to expect even more defaults in 2016.

Gordon Brothers Finance CEO Patrick Dalton says this is different than the Great Recession—it’s come down to “an industry issue, not an economy issue.”

Shoppers are changing their habits. They’re saving the cash they would’ve spent on name-brand goods to put into experiences rather than products.

Companies' bonds are sinking along with their profits—J. Crew’s bonds hit a record low 25 cents on the dollar in December, Bloomberg reports. As these bonds drop, retailers are thinking about restructuring their debt.

RW Pressprich credit analyst Steven Ruggiero says “it’s going to be a busy year of restructuring for retailers” as hedge funds and investors are ready to pounce after waiting to see December sales numbers. [Bloomberg]