So far this year, specialty retailers Rue21 and Payless Shoesource are among those contributing to the rising default rate in the sector, Fitch explained.
Taking a look at Fitch's latest list, "a number of these names have been at the forefront of past restructurings," Joshua Friedman, a legal analyst for Debtwire, told CNBC in an interview.
High debt leverage and weak operating trends are what drove Gymboree's filing specifically, Fitch said in a statement Monday.
Among those 22 distressed names are Gymboree — which has now filed for Chapter 11 — Sears, Nine West, Claire's Store, David's Bridal and Charming Charlie.
Moody's lead retail analyst, Charlie O'Shea, has suggested keeping an eye on those 22 names to track which company might file for Bankruptcy sooner rather than later.
- Gymboree Will Close More Than 375 Stores After Filing for BankruptcyFortune
- Retailer Gymboree files for bankruptcy, to close up to 450 storesMilwaukee Journal Sentinel
- Kids' clothing chain Gymboree files for Chapter 11 bankruptcy protectionLos Angeles Times
- Major children's clothing retailer files for Chapter 11, plans to close up to ...Philadelphia Business Journal
- Gymboree files for bankruptcy protection to reduce debtThe Olympian
- Gymboree files bankruptcy protection to reduce debt; fate of 8 south Louisiana ...The Advocate
- Gymboree files for Chapter 11 bankruptcyAOL
- Gymboree Files For Bankruptcy, Plans To Close At Least 375 StoresForbes
- Children's apparel retailer Gymboree files for bankruptcyBusiness Insider