Consumer spending shifts during pandemic

If a business cannot continue to pay it's bills, the owners much savage their savings to keep the business alive.  If an owner is only a few years away from retirement, they may not be willing to risk making the additional investment and risk their own retirement.  They'll simply try to sell the business, but in this market there isn't much hope of that, so they simply close up and walk away.  The decision to close is not a mere financial calculation, but has to factor in the life span of the owner and his/her retirement prospects.