It's a difficult time to be a retailer.

Moody's Investors Service said nearly 14% of retail and apparel companies are distressed debt issuers, the highest since the Great Recession, and they have nearly $4 billion coming due to in the next five years. A bevy of upstarts, from online behemoths like Amazon (AMZN) - Get Report and Walmart's (WMT) - Get Report to fast fashion retailers like Zara, have fundamentally altered the way consumers shop. The United States is "overstored," with lower-tiered shopping malls particularly suffering.

"The real unknown is at what point consumers are going to define the equilibrium between stores and e-commerce," Nordstrom (JWN) - Get Report CFO Mike Koppel said at the UBS Consumer & Retail Conference on Wednesday as he touted the company's e-commerce investments. 

Here's a look at the retail sub-sectors taking a beating.

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Editor's Pick: Originally published March 12.