JCPenney is reportedly eyeing bankruptcy and experts say other department stores and mall brands may soon follow as coronavirus decimates the retail industry

US retail sales fell a historic 8.7% from February to March, led largely by drops in clothing and accessories sales, which plummeted by a whopping 50.5%, according to a report released by the Commerce Department on Wednesday. The drop more than doubled the previous record of 3.8% held in November 2008, during the height of the economic recession.