Seven major retailers are at high risk of going bankrupt within the next two years, according to a Fitch Ratings report.
The at-risk companies include: Sears Holdings, Claire's Stores, True Religion Apparel, Nine West Holdings, Rue21, 99 Cents Only Stores, and Nebraska Book Company.
If and when the companies named default, it's likely that they will be liquidated, the 114-page report said.
Retailers are almost three times as likely to be liquidated after filing for bankruptcy than companies in other industries, according to the study
For the report, Fitch Ratings analyzed 30 retail bankruptcies — half of which ended in liquidation.
See the major department stores struggling in 2016:
Struggling department stores
Struggling department stores
TORONTO, ONTARIO, CANADA - 2016/03/08: Sears store entrance, is an American chain of department stores. Known for selling high quality clothing article from shoes to shirts. (Photo by Roberto Machado Noa/LightRocket via Getty Images)
Macy's Inc. signage is displayed at a department store in New York, U.S., on Monday, Feb. 22, 2016. Macy's Inc., the largest U.S. department-store company, is scheduled to report fourth-quarter 2015 earnings before the opening of U.S. financial markets on February 23. Photographer: Michael Nagle/Bloomberg via Getty Images
J.C. Penney Co. signage is displayed outside of a store at the Gateway Shopping Center in the Brooklyn borough of New York, U.S., on Saturday, Aug. 8, 2015. J.C. Penney Co. is scheduled to release earnings figures on Aug. 14. Photographer: Michael Nagle/Bloomberg via Getty Images
UNITED STATES - JUNE 09: Customers enter the Dillards department store at Parkdale Mall, in Beaumont, Texas, Wednesday morning, June 9, 2004. A judge declared a mistrial in a lawsuit brought against Dillard's Inc. by 17 black shoppers in Texas who claimed that security guards at the department store chain harassed them because of their race. (Photo by Scott Eslinger/Bloomberg via Getty Images)
MIAMI, FL - APRIL 19: A Nordstrom sign is seen outside a store on April 19, 2016 in Miami, Florida. Nordstrom on Monday said in a cost-cutting measure they are expecting to lay off 350 to 400 people. (Photo by Joe Raedle/Getty Images)
The sign outside the Kmart store is seen in Broomfield, Colorado November 19, 2009. Sears Holdings Corp posted a narrower-than-expected quarterly loss November 19, 2009, helped by the first increase in same-store sales at its Kmart unit in four years. REUTERS/Rick Wilking (UNITED STATES BUSINESS)
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In each case, researchers determined that the same key pressures were weighing on business: declining shopper traffic to malls; the rise of ecommerce; shifts in consumer spending away from apparel and accessories and more toward experiences like dining out and entertainment; and the rise of pricing competition from discount chains like dollar stores and Walmart.
"Most of the retailers at high risk of default are challenged by declining mall traffic, competition from online and other types of retailers, and/or a lack of a compelling product line," researchers wrote. "Highly leveraged capital structures may become unsustainable in the face of these challenges."
Here's a list of the high-yield bonds and loans "of concern" to Fitch Ratings: