Then markets got even testier in the first quarter of 2016, which saw the fewest IPOs since 2009. While equity capital markets picked up in the second and third quarters, many private companies held off on going public for the year.
"There's no question that our core customer is visiting us a little less frequently," Katz told analysts on an earnings call at the time. "Customers in general are less loyal to any one retailer and I think a lot of that is because of the price transparency of online. I think that's here to stay. I don't think that's going to change."
Neiman Marcus in December reported its fifth straight quarter of declining sales at stores open at least a year. Its total sales dropped to $1.08 billion from $1.16 billion one year earlier and net losses widened to $23.5 million from $10.5 million in the period.
A decade after it was founded by then 22-year-old Sophia Amoruso in 2006, Nasty Gal filed for bankruptcy in November.
"Filing for bankruptcy is actually the most responsible decision for the business," Amoruso said at an event in Sydney, Australia when the news broke, the Independent reported.
The trendy fashion retailer had been through some tumultuous times in recent years. Amoruso stepped down as CEO in 2015. In her absence, the retailer laid off employees and former workers complained of a toxic environment.
After declaring bankruptcy, the retailer announced it would close 154 stores in the US and Canada.
"Back in the day, all of the cool kids had trendy brand names plastered across the front (or back) of their clothing. The trend has changed, and style today, perhaps encouraged by social media, embraces individualism and uniqueness," wrote Nicholas Rossolillo in finance publication The Motley Fool. "Online ordering and heavy discounting have also taken a toll on the industry, especially mall-based retailers. Aeropostale simply hasn't been able to adapt."
Kate Spade's sales have suffered in 2016 as tourists' visits declined and discounting grew more popular, making it harder to sell items at full-price.