Alibaba Founder Jack Ma Predicts a Future of Pain

"Social conflicts in the next three decades will have an impact on all sorts of industries and walks of life," said Jack Ma, founder of Alibaba (BABA) - Get Report . The retail industry may be the perfect example of Ma's somber statement. The rise of Amazon (AMZN) - Get Report  and online shopping has fueled mass brick and mortar bankruptcy and store closures. 

According to Bloomberg, the number of retailers filing for Chapter 11 bankruptcy is approaching its highest level since 2008 and 2009. About 2,880 stores have closed so far this year, compared with 1,153 at the same time last year, according to Credit Suisse.

Read Full Article:Alibaba's Founder Jack Ma Just Depressed Everyone by Predicting a Future of More Pain Than Happiness

This article was written by a staff member of TheStreet.