Well, pretty soon, I’ll be making a choice on Social Security. Yes, I’m getting “old”. I will be 60 soon. I’m ok with it. I have an adopted sibling that calls me “Uncle Tony”. Sometimes, I walk around elementary school, since I’m also a teacher, and I’ll hear whisperings of “Grandpa”.

Yes, I have many good memories – the things, the people my age group can remember. Our fondest memories, I am sure, are the 80s and 90s, the latter parts of the 20th century.

Hertz, you might remember, like brands such as Dollar, Thrifty and Firefly, was a company that rented cars. I remember in the 80s and 90s, thinking I was a “bad dude”, and then renting from one of their Manhattan branches during my “Go Go” Wall Street days.

Wearing JCrew clothing was a fashion statement and you would look for their shirts while you were shopping, depending on what money was left. You might even sneak into JC Penney to see what kind of shoes or sneakers they had. Yep – memories. As a Bronxite in the 80s and 90s, all you had to do was spend at that time a wonderful day on Fordham Road.

I say that because of many other reasons. Coronavirus has now put the final nail in the coffin. These businesses are, for the time being, gone bankrupt!

Now because they filed Chapter 11, instead of Chapter 7, their bankruptcy allows them to come back, in some fashion, if their debt is restructured.

Can Hertz come back? Many do not think so. They’ve been around since 1918. Recent records show that their management team just paid out $16 million in bonuses.

Can JCrew come back? Since 2011, JCrew has grown rapidly through its private equity partners but so has its debt – from $50 million to $2 billion dollars. They own over 500 stores and have made announcements about restructuring.

JC Penney might be the heartbreaker for me though. It has been around for 118 years, has 846 stores, but management just announced the closing of 200 of them. Its current net losses are $4.5 billion, and their management team also wants to restructure. My best, cheap but “semi-comfy” shoes came from there.

Today, big-box discounters like Walmart, Target, and Costco have proved to be big-time competition, offering shoppers lower prices and a selection of items not found in department stores.

Couple this with the “online shopping” phenomenon where many are doing their retail shopping in places like Amazon or eBay, and we can see many of the old “20th century” companies are either shrinking or, if 21st century trends are real indicators, are subscribing to the current, stay-at-home economy model.

But alas, I was born and bred in the 20th century. I see parts of my childhood leaving us daily and this is heartbreaking. Yes, our economy will get better but these brands were, for many decades, the “must-go-to” stores, goods and services.

Is the coronavirus totally to blame? Not really, but it will, in my opinion, start to show that this new stay-at-home economy model is here to stay.

Professor Anthony Rivieccio, MBA PFA, is the founder and CEO of The Financial Advisors Group, celebrating its 24th year as a fee-only financial planning firm specializing in solving one’s financial problems. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Co-Op City News, The Bronx News, thisisthebronX.info and The Bronx Chronicle. Mr.  Rivieccio also pens a financial article called “Money Talk”. Anthony is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. You can reach Anthony at 347.575.5045.