Retailers that were already struggling before the coronavirus pandemic started are beginning to crumble.

Fashion chain J. Crew Group and luxury department store retailer Neiman Marcus Group filed for Chapter 11 bankruptcy protection in the first week of May as they faced mounting losses with their stores temporarily closed.

While both companies are planning to remain in business, bankruptcy poses the possibility of permanent store closings or outright liquidation as COVID-19 throttles sales.

J.C. Penney, which was facing declining sales and several years of losses heading into this crisis, is also considering filing for bankruptcy and hoping to avoid liquidation.

Of the 125 restaurant or retail companies tracked by S&P Global Ratings, about 30% now have a credit rating that indicates they have at least a 1-in-2 chance of