The settlement the company reached with Meghji on behalf of the share-owning trust's beneficiaries, offering $3.3 million for the group's stake, didn't offer much more. At the time of the filing, the company announcedits intent to restructure and reduce its debt by $500M, all while continuing to operate more than 580 stores. TanJay Purple Satin Button Front Shirt Jacket Size 12P. Payless represents one of the one of the largest retailer liquidations to date, according to the Wall Street Journal. However, new leadership has recently claimed that HHGregg will make a comeback with a revamped website and smaller physical footprint. or Best Offer. In June, Hertz stock rallied by as much as 10x, which led to Hertz attempting to sell new shares of its stock a move soon revoked when the SEC began looking into the sale. JCPenney has been beleaguered with problems for the past decade, many of them self-inflicted due to poor executive decisions. With restrictions on indoor dining and supply chain issues, as well as having to temporarily close due to local health measures, more than 100,000 eateries have closed their doors for good. Summary: Centric Brands designs and manufactures clothing for brands such as Calvin Klein, Tommy Hilfiger, and Under Armour. Even though it had $140 million in revenue, the influx of cheaper solar panels put Solyndra out of business in 2011. Holly Etlin, a managing director with AlixPartners working with Tailored Brands as chief restructuring officer, said in court papers at the time the company filed that Tailored Brands had suffered deeply during the pandemic. It was sold for $102M in August to Bedding Acquisition LLC. It is expected to close some of its stores in the southeastern US. G-Stars CEO said that it plans to close approximately 24 stores in the US. The company, renamed to Gymboree Group Inc., exited bankruptcy in October 2017 with plans to close and liquidate 330 under-performing stores and shed $900M in debt. At the same time, the banners gained in online spending on professional and dress attire in February, taking share from competitors including Bonobos, Brooks Brothers, Indochino, and Charles Tyrwhitt, according to Earnest Research. > Founded in: 1859 Tailored Brands emerged from bankruptcy in early December and, by several accounts, immediately ran into liquidity and financial problems. 20. In 1998, Palm had more than two-thirds of the worlds PDA market. Summary: Minneapolis-based Christopher & Banks said it would close most, if not all, of its 450 physical stores at the time of its Chapter 11 filing in January. > Founded in: 1826 UK-based retailer Joules entered into administration in mid-November. Gawker The transaction is expected to close by the end of January 2022. Davids Bridal emerged from bankruptcy in January 2019, yet still faces considerable challenges as the marriage rate continues to decline and millennials in particular delay their trips to the altar. But even now, as people are back on the party circuit, the largest retailer of party supplies is still having trouble. But this doesnt mean that retail is out of the woods just yet. Although the original holding company of Onkyo is no more, following bankruptcy filing, the brand has been rescued by Premium Audio Company and Sharp who bought Onkyo's manufacturing, brands . Feld Entertainments CEO also noted that audiences seemed to be abandoning the circus due to their shortening attention spans and expanding entertainment options. Changes are slated to take effect July 9. At the time of filing, the company said sales at its 66 stores were down more than 50% from 2019 due to pandemic lockdowns. Summary: Furniture Factory Outlet, which is owned by private equity firm Sun Capital Partners, filed for Chapter 11 bankruptcy in November. > Founded in: 1962 Lubys 8. It's not looking good for the retailer, but we do hope the party isn't over in 2023. Increased expenses, supply chain inefficiencies, and the need to enhance operating results contributed to the perfume retailers bankruptcy, which was court-approved in October. Summary: Beauty Brands filed for bankruptcy in January 2019, entering into an asset purchase agreement with Hilco Merchant Resources for the sale of its operating assets. Hollander Sleep Products reportedly had just $523,000 in cash on hand at the time of its Chapter 11 filing, attributing its liquidity issues at least in part to rising materials costs. Despite reducing assets and selling real estate over the years, the company was unable to pay off $134M worth of debt. Summary: Another outdoor retailer, Minnesota-based Gander Mountain filed for Chapter 11 bankruptcy in March 2017 and announced plans to close 30+ under-performing stores. Modern-day retail is at an inflection point as retailers face struggling physical storefronts, massive debt, and inefficient operations, among other issues. Summary: Amidst closing over 400 stores in efforts to downsize, teen specialty apparel retailer Rue21 filed for Chapter 11 bankruptcy in May 2017 and agreed to reduce debt and reorganize internally thanks to an injection of new capital from investors. Amazon announced plans to shutter all 68 of its brick-and-mortar bookstores, 4-star stores and pop-up shops throughout the United States and United Kingdom. Even having secured new financing, Tailored Brands faces plenty of uncertainty ahead. $7.75 shipping. Summary:Tamara Mellon, founder of Jimmy Choo, filed for chapter 11 bankruptcy for her namesake ready-to-wear and footwear label in December 2015. Revenue fell 40% in 2020, giving way to Junes bankruptcy. Forma Brands originally launched as Morphe in 2008. Blockbuster now has just one location in Bend, Oregon. The North American arm of apparel maker and brand owner Global Brands (GBG USA) filed for Chapter 11 bankruptcy at the end of July. The brand was mid-reorganization when the pandemic forced it to close stores and lay off 76% of its workforce. Covid-induced supply chain disruption proved to further compound the issue, making it more difficult for the company to manage its debt load. Silver Point's new debt investment converts into equity, diluting to almost nothing the value of the minority stake given to bondholders in the reorganization. > Type of business: Home goods. 12. At the end of July, an Indian court accepted the Bank of Indias petition to admit debt-ridden retail chain operator Future Retail (FR) into the bankruptcy resolution process. Summary:After announcing the closure of two-thirds of its retail locations, Wet Seal declared bankruptcy in January 2015. TanJay Womens Shirt Top Size 12P Button Up Multicolor Vintage NWT. Acquisition Corp. announced that it would be acquiring the bankrupt company and reopening its stores under new ownership. Summary: The vitamin and nutrition chain GNC has been struggling to garner sales and pay off nearly $1B in debt, even pre-pandemic. While the company took steps to mitigate its losses, like closing underperforming stores and searching for a buyer, they proved insufficient for bankruptcy prevention. The company was acquired by Authentic Brands Group for $22.5M, and relaunched as an online-only business. At the time of the filing, the company said it would potentially shutter all of its standalone retail stores, including 27across the United States. After filing, Vanitys website (which no longer exists) advertised a going-out-of-business sale. As August came to a close, consumer brand-owner Sequential Brands filed for Chapter 11 bankruptcy protection. Despite hopes of a turnaround amidst its Chapter 11 filing, in March 2018, the company ultimately decided to close all of its stores, after a disappointing holiday sales period. We constantly strive to provide you with the best information possible. The company filed forChapter 11 protection on December 11, citing declining sales due to issues with inventory, merchandising, and vendors. With COVID-19 vaccines rolling out, sellers of suits are hoping for a return to offices, weddings, proms, funerals and all the other events canceled and postponed during the pandemic. Elie Tahari, including its licensed products that include footwear and eyewear, reached its projected $1 billion in sales volume in 2019, according to the company. Summary: Francescas said it would close roughly half of its 551 locations in malls across the US after filing for bankruptcy protection in December. While unemployment dropped to 6.7% in November, it is still more than 3 percentage points higher than it was prior to the escalation of the pandemic. Having secured a $150M bankruptcy loan, the company is planning to keep operations running while it restructures its debt load as of the end of September 2022, Party City had $1.7B in debt and $122M in available liquidity. reported that this lull could be due to people opting for destination celebrations rather than in-home parties now that lockdown is a thing of the past, and this is reflected in Party City's dismal numbers. A mounting debt, due to a leveraged buyout by a few private equity firms in 2005, along with competition from Amazon and other online merchants, caused Toys R Us ongoing crisis, which culminated in a Chapter 11 filing in September 2017. Coquitlam Center, Coquitlam 604-464-4121: 2 Tan Jay. The chain has announced the permanent closure of 47 Chuck E. Cheese stores, which have been hit especially hard by pandemic-related shutdowns. Vertu was founded in 1998 by Nokia as a high-end luxury phone maker. > Type of business: Tech, phones. Summary: Struggling to keep up with online competitors and burdened with hundreds of millions of dollars in debt from a prior private-equity buyout, Davids Bridal filed for bankruptcy on November 19, 2018. Lord & Taylor was sold to an investment firm in 2006 for $1.2 billion. 25. 26. The company was struggling over the next few years, posting losses of more than $60 million in 2014. The reusable containers have been a home cooking staple since 1946 and swept the nation . John Harrington, Grant Suneson. Summary: New York discount retailer Century 21 will close all 13 of its stores after filing for bankruptcy in September. The news was not particularly surprising, as the chain had been visibly struggling earlier in the year. Sears will now operate 223 Sears and 202 Kmart stores, down from 687 stores in 2018 and 1,672 stores in 2016. Summary: Storied menswear brand Brooks Brothers has grappled with evolving its brand in recent years, as more casual dress styles have become the norm. Pebble The North American arm of apparel maker and brand owner Global Brands (GBG USA) filed for Chapter 11 bankruptcy at the end of July. The decision to abandon online service helped doom the company, which filed for bankruptcy in 2010. At the time of filing, BH Cosmetics stated that it planned to sell its intellectual property for $4.3M. > Founded in: 1895 Holmes now faces up to 20 years in prison on nine counts of wire fraud and two conspiracy counts related to defrauding investors, doctors, and patients. Businesses had been unable to pay rent under the weight of pandemic pressures, resulting in the companys rental income, . At the time Revlon filed for bankruptcy, more than half of that sum had still not been returned. The company has temporarily closed all stores amid the crisis and laid off more than 90% of its employees in the meantime. Catalog retailer AmeriMark Interactive files for bankruptcy, With suppliers still wary, Bed Bath & Beyond banks on $120M consignment deal. Summary: Affordable footwear retailer Aerosoles struggled to compete in an tough apparel market as it looked to balance affordability and comfort withchanging fashion trends, while competing with even cheaper fast fashion chains. Summary: Toys R Us was the third largest bankruptcy in the US (after KMart in 2002 and Federated Department Stores, now Macys, in 1990). The Weinstein Company Charlotte Olympia closed all four stores in the US after securing $410,000 in debtor-in-possession financing to support its operations and liquidation costs. > Founded in: 2012 Henri Bendel The company filed for Chapter 11 on February 3, 2019 and emerged with court approval for its reorganization plan in less than 24 hours. Lathi came on as a board member in 2016 when the company tapped him for his financial expertise and background in the digital space. Lord & Taylor Summary: New York & Company parent company RTW Retailwinds is closing almost all of its nearly 400 stores across 32 states as part of its Chapter 11 bankruptcy. In 2019, fashion rental company Le Tote bought it for around $71 million. Summary: After emerging from its first bankruptcy in late 2017, Payless filed for bankruptcy once more on February 18, 2019. Wet Seal was subsequently bought by private equity firm Versa and its struggles ushered in a wave of bankruptcies for other mall-based teen apparel chains. In February 2021, Francescas sold to TerraMar Capital and Tiger Capital Group for $18M. Eventually, it could not manage the debt it incurred and filed for bankruptcy in February 2019. The retailer went into bankruptcy in August, even though, as Fitch analysts noted in a report this year, it didn't have any looming maturities and may have survived the pandemic without needing a Chapter 11. As part of its Chapter 11 filing, the brand collective entered into a restructuring support agreement with its lenders and will emerge as a private company. > Type of business: Retail, clothing, Dressbarn was one of many companies that have suffered with the decline of the American mall. Summary: Teen apparel chain Styles For Less filed for Chapter 11 bankruptcy protection in November 2017. Jewelry brand Alex and Ani filed a restructuring support agreement in June 2021, requiring the company to file Chapter 11 proceedings in Delawares bankruptcy court. The company had nearly $1.3 billion in debt, exceeding the total value of its assets. The company said it will close up to 1,200 stores across the nation. Summary: Following Hertz, Advantage Rent A Car filed its Chapter 11 in late May, as the pandemic continued to stall travel. > Type of business: Department store. Summary:Womens clothing retailer Cache filed for chapter 11 bankruptcy protection in February 2015, citing a lack of time and money to reorganize. Summary: Papaya Clothing joined many of its mall-based peers earlier in June after facing financial difficulties from e-commerce and fast fashion competition, along with a badly timed expansion plan. In February, Men's Wearhouse lost 3% of market share year over year and Jos. Quiksilver ultimately declared bankruptcy in September 2015. On Dec. 13 of last year, Sears Hometown, a subsidiary branch of the department store giant, also filed for bankruptcy and closed 115 stores. Scholar's Choice The educational materials retailer announced on July 10 that it is closing 13 stores across the country and has filed for creditor protection. 22. It says it expects to exit bankruptcy in October. After failing to find a buyer to keep the business alive, the company liquidated and sold all its assets in May 2016, signaling continued difficulties for brick-and-mortar sportswear apparel. Summary:Florida-basedSoutheastern Grocers, operator of supermarket chains Winn-Dixie and Bi-Lo, filed for Chapter 11 bankruptcy in March 2018. Number of locations closing: 51. The chain had initially found a buyer in January 2020, but canceled the merger as the pandemic forced it to close its locations. Exacerbated by a declining popularity in surfwear apparel during the recession, the company opened too many stores that relied too heavily on its surfwear products. Its US business has reportedly been operating at a loss for the past 3 years, due to high rents and cheaper alternatives. The company emerged from bankruptcy in February 2016 under the ownership of hedge fundMonarch Alternative Capital LP. $34.95. 24. Morphe Cosmetics, a cosmetics and beauty manufacturer founded in 2008 most known for its partnerships with beauty YouTubers like James Charles, Jeffree Star, and Jaclyn Hill, is closing its doors. in order to maintain business operations as it looked to deleverage its balance sheet by $950M. A large majority of its sales (around 85%) come from wholesaling to major retailers like Macys, Nordstrom, Bloomingdales, and Costco, which left it vulnerable to the decline of retail store foot traffic and consumer spending brought on by the pandemic. Christopher & Banks sold its online business, which had seen growth, to an affiliate of Hilco Merchant Resources in early March. Facing a cash crunch and another potential bankruptcy, the company negotiated $75 million in emergency financing just months after bankruptcy, and immediately came under firefrom some former bondholders who feared losing their investment. Category/Product(s):Apparel & accessories. It said it would close all 254 stores in North America. Its CEO blamed the chains demise on its insurers for failing to pay the chain $175M. Mall owner Washington Prime Group filed for Chapter 11 bankruptcy protection after temporarily closing around 100 shopping centers. In September, mall owners Simon Property Group and Brookfield Property Group announced an agreement to acquire the chain for $1.75B. > Founded in: 2010 Pier 1 Imports In 2018, Sugarfinareportedly took nearly $18M in losses, and, as of its bankruptcy, carried $26M in debt. . The Covid-19 pandemic initially compounded these issues and accelerated the fall of several retailers, which had faced dwindling sales and growing debt in the years prior as consumer preferences changed. Summary: Milwaukee-based Bon-Ton filed for Chapter 11 bankruptcy protection in February 2018 due to ongoing struggles with declining sales as well as difficulties in adapting to e-commerce. Exacerbated by a legacy Wall Street development from 2010 that accelerated the companys cash depletion, Gordmans filed for bankruptcy in March 2017 and announced severe job cuts. Customers are commenting on the company's social media posts asking when . | 3 p.m. The company arranged to pay off victims and to sign non-disclosure agreements in some cases. The bankruptcy, the companys second in four years, was a result of declining foot traffic in malls and mismanagement that impacted sales. DEFINITIONS 1. Formerly known as Big R Stores, Stock+Field filed for Chapter 11 bankruptcy at the start of the year. The company said it would shutter 200 underperforming locations right away, and look to potentially close 700 stores altogether over the next few months. Summary: Charming Charlie filed for bankruptcy for the second time in July 2019. It initially planned to keep most of its stores open, but eventually decided to shutter all locations. The company said in September that it expects to exit bankruptcy by the end of October. It also shuttered nearly 100 stores in the process, and plans to remodel 100 stores in 2018. Category/Product(s):Shoes, fashion, accessories. Another nine former employees said in interviews that he raped them, inappropriately touched them or proposed sex. For nearly 150 years, Ringling Bros. and Barnum & Bailey Circus traveled around the country to entertain the masses. Following this initial bankruptcy, RadioShack emerged as a private companyafter being bought byGeneral Wireless, an affiliate of hedge fund Standard General LP. Dean & Deluca was acquired by Thailand-based real estate developer Pace Development in 2014. Pebble was unable to compete and was sold to FitBit for less than $40 million. In addition to macro pressures, Revlon had also been finding it increasingly difficult to capture younger consumers amid the growing popularity of beauty startups like, After 124 years in business, the high-end home goods retailer filed for Chapter 11 protection with around, in secured debt. A&P first went bankrupt in 2010, declaring $2.5 billion in assets and $3.2 billion in debt, before re-establishing itself as a private company two years later. The company was then hit with a $3.7M fine in July 2021 after falsely advertising that its clothing was capable of eliminating and providing protection from Covid-19. Chief Customer Officer Carrie Ask, who also filled the function of chief merchant, followed Lathi out of the door, Women's Wear Daily reported. This small Ohio-based pizza chain seems to have gone out of business overnight. JPMorgans asset management arm and other creditors will instead take control. Foot traffic had remained 30% or more down year over year since last July (which represented an improvement over the dire months of Spring 2020), according to analytics firm Placer.ai. Or you do, but it's not from a cow. Summary: Another victim to financial woes and a leveraged buyout (by Bain Capital in 2010), Gymboree filed for Chapter 11 protection in June 2017. Crew and Madewell was the first national store brand in the US to file for bankruptcy since the Covid-19 pandemic began. The app let users make six second videos that looped over and over, often to hilarious effect. The company recently announced a new strategy that will shift its focus to Hispanic markets, establish a new pricing strategy, and streamline corporate headquarters. The next year, the company announced plans to close all of its 800 or so remaining stores. At its peak in 2000, Compaq was worth $40 billion. The company was previously under Mehul Choksi, who has been under fire for alleged bank fraud along with his nephew Nirav Modi. The troubled company is taking an axe to another one of its chains. Bank regained in-store market share since the early impact of COVID-19 in 2020. The question for Tailored Brands, which has already gone through one emergency since exiting Chapter 11, is whether the return will be fast enough and large enough to stabilize its business before another financial crisis hits. The company has agreed to close 5 of its 10 US locations as part of the bankruptcy process, and it plans to reorganize and repay its creditors. Freds closed hundreds of locations prior to its Chapter 11 filing in an effort to save the company. The company has emerged from bankruptcy in August with plans to move forward by decreasing its brick-and-mortar footprint and foraying into new categories, all while still keeping a mid-price range. Summary: Popular womens apparel retailer Charlotte Russe struggled for years as online shopping disrupted the retail sector. Summary: Facing steep competition from online retailers and shouldering a $144M debt load, Things Remembered filed for bankruptcy on February 6, 2019. var xhr = new XMLHttpRequest(); According to Reuters, only one other venture capital-supported startup, solar panel maker Solyndra, raised more capital than Jawbone, and it also went out of business. These are the saddest restaurant closings of 2020. } Summary: After filing for Chapter 11 bankruptcy in August, luxury department store Barneys New York announced in early November that it would launch liquidation sales in several locations. Join 840,000+ CB Insights newsletter readers. Summary: The US arm of French beauty retailer LOccitane filed for bankruptcy in January. The company Zimmer started and left years ago, which ultimately became Tailored Brands,is still borrowing money, and in much larger amounts, now just to stay alive as the pandemic continues to depress spending on apparel. The company again declared bankruptcy in 2015, this time shuttering or selling all of its locations. The retailer liquidated its assets and sold off its intellectual property, retail store leases, and the lease of its corporate office and distribution center to help pay down debts. Topics covered: e-commerce, payment technology, IT, in-store tech, cyber security, and more. Summary: Chuck E. Cheeses parent company CEC Entertainment declared bankruptcy in late June. The demise of Sears has been playing out for many years; they have continuously closed stores since it filed for bankruptcy in Oct. 2018. By 2015, Pebble was valued at $740 million but it would be out of business the following year as Apple released its own smartwatch. A. 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