Inventory is also available. Summary: While Loves Furniture claimed that Covid-19-related supply chain disruptions were behind its financial challenges, its bankruptcy filings revealed that warehousing and inventory problems, which led to lost furniture, unhappy customers, and canceled orders, were also to blame. Retailer American Freight acquired Furniture Factory Outlet in December 2020, rebranding FFOs remaining stores to American Freight. 7. Dressbarn Summary: Japanese retailer Mujis US arm filed for bankruptcy in July, one of the latest victims of the Covid-19 pandemic. Topics covered: Retail advertising, social media, analytics, personalization, search, video, and more. Once a popularonline destinationfor streetwear, the company launched a series of ill-fated and pricey business ventures, including a failed $14M attempt to cross over into television. RadioShack exited bankruptcy earlier in November 2017 with hopes of operating as an online retailer with a limited physical footprint. Forma Brands originally launched as Morphe in 2008. Category/Product(s):Womens clothing retailer. Once an iconic department store, Henri Bendel shuttered all of its remaining locations in 2019. After dominating the photographic film industry for decades, the company filed for bankruptcy in 2012. Summary: Luxury retailer Neiman Marcus was another major national retailer to file for Chapter 11 bankruptcy amid the coronavirus crisis, but it exited in September under new owners, including Pimco, Davidson Kempner Capital Management, and Sixth Street. 13. All Rights reserved. The chain had been a pioneer in introducing US customers to international, hard-to-get items, but growing competition from rivals like Amazons Whole Foods and Trader Joes forced it to shutter stores after running out of cash mid-2019. > Type of business: Entertainment. But that sale was halted when Reebok and Adidas objected to the sale, claiming $54M was owed to the shoe brands. As part of the restructure, it will no longer be owned by the private equity firm Cerberus Capital Management. That year, it was revealed the company had over $130 million in debt, and it was liquidated. Businesses had been unable to pay rent under the weight of pandemic pressures, resulting in the companys rental income, . 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. But 2023 may be the year the once-ubiquitous retailer officially shuts its doors for good. Those defaults could have precipitated another bankruptcy and even, Meghji told the trust's beneficiaries later in a memo, liquidation of the company. Roberto Cavalli, as an entity, admitted to having financial difficulties as it strategized ways to stay afloat. if( navigator.sendBeacon ) { The post-economic fallout caused by the pandemic has claimed a West Coast icon. By the end of 2018, the company was looking to shutter at least 188 stores out of the nearly 700 that remained. > Type of business: Tech, wearables. Summary: Department store chain JCPenney was another early victim of the Covid-19 crisis, declaring bankruptcy in mid-May. Tailored Brands announced its emergence from bankruptcy on Dec. 1. The parent company faced financial difficulties, internal strategy issues, and industry shifts that ultimately led to bankruptcy. In October 2018, Nine West filed an amended bankruptcy plan to reduce its pre-bankruptcy debt obligations by more than $1B. Summary:Retail giant Sears filed for Chapter 11 bankruptcy protection in October 2018, following years of financial struggles in part due to a thriving online retail ecosystem. Summary: Discount home goods chain Tuesday Morning filed for Chapter 11 bankruptcy in May, citing Covid-19-induced store closures. Summary:Sporting goods retailer Sports Authority declared bankruptcy in March 2016 with intentions of finding a buyer and closing 140 of 450 stores. The good news: Foot traffic to its Men's Wearhouse and Jos. 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. 23. The bankruptcy process has given the chain the lifeline it needed, slashing its debt and reducing the number of stores to just under 700, down from 846 at the time of the filing. No one is walking away from that. Summary: Brookstone, the mall chain retailer that sells a variety of products, filed for Chapter 11 bankruptcy in August 2018. SmartAssets free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Established in 2005 by the century-old Li & Fung, the company licenses major brands such as All Saints, Saga, and Le Tigre and makes private label products as well. The once-mighty Sears launched the chain in 2012, and TransformCo acquired it after buying Sears out of bankruptcy in 2019. Demographic changes - Once upon a time, when the majority lived in rural areas, fishing and hunting were essential ways to p. However, there is a glimmer of hope, with Schroeder saying it would not be as many as last year. Things continue to look dire for company: They recently announced it will be closing several stores on Jan. 22. Summary: Mall-based specialty apparel retailer Vanity was one casualty of the retail apocalypse that did not have a future post-bankruptcy. Bestlifeonline.com is part of the Dotdash Meredith Publishing Family. Then in July, it declared that its more than 250 current stores would be closed as well. 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. Jack Sinclair replaced Geoffrey Covert as CEO in 2015. Lord & Taylor was sold to an investment firm in 2006 for $1.2 billion. As Amazon expanded far beyond its initial aim of selling books through the internet, brick-and-mortar book sellers like Borders struggled to keep up. Unfortunately, Made.com is the next brand to feel the wrath of post-pandemic life. The "Real Housewives of Potomac" has fans riled up. Summary: The teen accessories retailer, well-known for its ear-piercing service, filed for bankruptcy protection in March 2018. The Australia-based activewear retailer filed for Chapter 11 protection in Californias bankruptcy court. Escada America was born out of the previous bankruptcy of Escada USA in 2009, and the global Escada organization grappled with overexpansion, deficient leadership, and overpriced leases in the years that followed. Teavana failed primarily because visitor number in malls, where most of its shops were based, significantly decreased over the previous years. Sponsored: Find a Qualified Financial Advisor. In February 2019, a New York court approved a $5.2B bid by Sears Chairman Edward Lampert to buy the company. Having struggled with financial difficulties and increased competition, the New York City-based online retailer of plus-sized womens clothing had carried a debt burden of $1.3B prior to bankruptcy. The companys 2013 filing resulted in its sale to Toronto-based PE firm Catalyst Capital Group. The North American arm of apparel maker and brand owner Global Brands (GBG USA) filed for Chapter 11 bankruptcy at the end of July. Summary: Clothing retailer Lucky Brand declared bankruptcy in July, with plans to close at least 13 stores and sell its business to an apparel group owned by Authentic Brands and Simon Property Group, which also operate Aropostale and Nautica. It also shuttered nearly 100 stores in the process, and plans to remodel 100 stores in 2018. that would see lenders take over its wholesale operations, online platforms, and international Morphe stores. 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. 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. Summary: Amidst declining sales and piling debt, Perfumania filed for Chapter 11 protection in August. At the time of the filing, the New York company said it wouldcontinue to run its business, but shutter more than 200 stores and sell or renegotiate some of its leases. Tupperware's share price plummeted by almost 50% since 3 April and the company might soon delist from the New York Stock Exchange . Another nine former employees said in interviews that he raped them, inappropriately touched them or proposed sex. Unlike many of the other companies that folded in 2020, Pier 1 Imports was already on its way out long before the COVID-19 pandemic. Summary: Eastern Outfitters, which was formed out of Vestis Retails bankrupty wasperhaps not surprising afterleading sporting goods brand Sports Authoritys bankruptcy in 2016. Quiksilver ultimately declared bankruptcy in September 2015. In September, mall owners Simon Property Group and Brookfield Property Group announced an agreement to acquire the chain for $1.75B. Category/Product(s): Flower delivery company. Category/Product(s): Luxury department store. The company again declared bankruptcy in 2015, this time shuttering or selling all of its locations. Summary:The American subsidiary of an Italian makeup retailer filed for Chapter 11 bankruptcy in January 2018. Copyright 2023 CB Information Services, Inc. All rights reserved. While the online fashion company initially experienced great success capitalizing on the rise of fast fashion, increased supply chain costs and inflation hampered its continued growth. > Founded in: 2010 Summary:Florida-basedSoutheastern Grocers, operator of supermarket chains Winn-Dixie and Bi-Lo, filed for Chapter 11 bankruptcy in March 2018. $34.95. 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. "I think what I would tell you is there is an opportunity to close more stores," Rite Aid executive vice president Matt Schroeder told analysts last December. The company had been on the verge of bankruptcy for months, after sales declined more than 60% amid the pandemic. A large majority of its sales (around, 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. Well before smartphones, PDAs personal digital assistants were a must-have device. Strong. Objecting beneficiaries also raised issues about the board makeup with a disinterested board member who approved the Silver Point loans previously being listed as Silver Point's chosen director to represent its interests and the fact that Meghji wasn't initially invited to board meetings about the company's financing needs though the trustee was required to observe. But according to recent reports, the fashion retailer is going out of business and closing all of its stores nationwide. Jawbone Hilco Streambank is seeking a buyer for one or more of the brands. Direct-to-consumer (D2C) cosmetics brand BH Cosmetics filed for Chapter 11 bankruptcy in the middle of January 2022. Category/Product(s): Fast-fashion apparel & accessories. Shortly afterward, the company began a downslide driven by legal complications, executive turnover, and mismanagement, which left it unable to adapt in the face of changing consumer preferences, a ransomware attack, and the onset of the pandemic. 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. It says it expects to exit bankruptcy in October. Summary: Luxury menswear brand John Varvatos declared bankruptcy in May. if( 'moc.enilnoefiltseb' !== location.hostname.split('').reverse().join('') ) { In May, DirectBuy bought Z Gallerie at auction for $20M. Kodak was not ignorant of digital camera technology. It shut down largely due to COVID-19, but the store suffered from the same issues many department stores and retailers were facing even before the pandemic, including lower foot traffic and declining revenue as online shopping became more common. Thecompany faced an eviction lawsuit over unpaid rent at the end of June, prior to declaring bankruptcy. Borders The company filed for bankruptcy in mid-March in both the U.S. and Canada. Blockbuster During the height of the pandemic, the crafting haven actually saw an increase in sales with more people than ever picking up new hobbies like sewing and knitting during lockdown. Starbucks decided in 2017 to close all of Teavanas nearly 400 locations. Winnipeg-based women's retailer is liquidating its chain of 169 stores including Alia and Tan Jay. The company isshutting down all of their 18 stores in the U.S., 10 of which are in California. Category/Product(s): Bedding and accessories. In April 2017, the companys website relaunched to sell online merchandise and it announced the upcoming opening of new storefronts in Boston, New York, Philadelphia, and Washington, D.C. Summary:Orange County-based surfwear company, Quiksilver, which was the first surfwear company to go public in 1986, succumbed to the rise of fast fashion. > Founded in: 2005 Even before the advent and surging popularity of streaming services like Netflix, Hulu, and Amazon Prime, Blockbuster was struggling. MoviePass allowed users to pay a flat monthly fee to see as many movies as they wanted in theaters. Summary:Mississippi-based Fabric retailer Hancock Fabrics first declared bankruptcy in 2007, but it emerged over a year later. In late February 2019, the footwear brand received court approval to proceed with its plan to restructure its debts. 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. Summary: Chuck E. Cheeses parent company CEC Entertainment declared bankruptcy in late June. Many of the companies on this list failed to adapt to changing market forces and lost profits because of it. > Founded in: 1895 The 112-year-old chain employed more than 8,000 people as of August and is set to liquidate all of its stores by the end of the year. The latest in a string of apparel store closures, the company sold its e-commerce business and intellectual property to Saadia Group. The brand shuttered its stores and sold its intellectual property sold for more than $1Mat auction to the chains founder in September. The filing came at the end of a tough few years for the company, which had already been combatting declining sales when the pandemic arose. The bad news: Traffic at both banners remained well below 2019 levels, with traffic down nearly 25% against 2019 at Jos. But the company filed for bankruptcy in 2015 after failing to turn a profit for six years. The company began imposing restrictions, blacking out certain films, and gained a reputation for poor customer service, driving away users. Bank and down 28% at Men's Wearhouse, according to Placer.ai. Summary: The nations second-largest rental car company, Hertz is one of the highest-profile victims of the coronavirus pandemic, with $19B in debt and some 700,000 cars in its inventory. Its first Chapter 11 filing came in December 2017, during which it announced the closure of 100 stores. In 2019, the company announced it would close down all of its approximately 650 nationwide stores. 8. The menswear retailer is searching for its footing after running into liquidity problems and legal fights immediately after exiting Ch. The childrens apparel retailer will also sell its Janie and Jack clothing line to Gap Inc for $35M. in order to maintain business operations as it looked to deleverage its balance sheet by $950M. Now that it has shed debt and pension obligations while closing unprofitable stores, the retailer faces many of the same challenges it once did personalizing the customer experience and leveraging AI to improve operational efficiency, for example but with fewer financial constraints holding it back. The department store chain, which owns Bergdorf Goodman, struggled to adapt to e-commerce, and its heavy debt burden prevented it from being able to compete against rivals like Farfetch and Net-a-Porter.. Summary: Shoe chain Aldo filed for bankruptcy in Canada in May, and it is seeking protection in the US and Switzerland. Category/Product(s): Outdoor apparel and gear. Well into the pandemic, the company, on Dec. 1. Hancock Fabrics ultimately went out of business completely and closed all 185 of its stores nationwide in 2016, signalling the end of over-niched big-box retailers. While the company took steps to mitigate its losses, like closing underperforming stores and searching for a buyer, they proved insufficient for bankruptcy prevention. 498 Seventh Avenue 12th floor Kodak is an American photography product and service company founded in 1892 by George Eastman and Henry A. While Sears Hometowns smaller size and focus on home goods initially positioned it to fare better than its department store-focused parent company, it ran into a number of issues, including pandemic aftershocks, a drop in sales, and increased costs. Oct. 18 2022, Published 1:56 p.m. In addition, the company has had difficulties keeping up with rent. > Founded in: 2012 25. Theysold the company a year later to Shiekh Shoes. Summary: Sunglasses retailer Solstice filed for Chapter 11 bankruptcy in February, with plans to restructure. As August came to a close, consumer brand-owner Sequential Brands filed for Chapter 11 bankruptcy protection. Shortly afterward, the company began a downslide driven by legal complications, executive turnover, and mismanagement, which left it unable to adapt in the face of changing consumer preferences, a. in 2020, giving way to Junes bankruptcy. Its parent company, Lubys Inc., said in December it would sell off all Fuddruckers locations to a franchisee before dissolving the company altogether. Lubys The company said it will close up to 1,200 stores across the nation. The North American arm of apparel maker and brand owner Global Brands (GBG USA) filed for Chapter 11 bankruptcy at the end of July. But the banners still have a lower share of in-store spend relative to early 2020. The new year is bringing about more closures for beloved retailers. It entered bankruptcy with a significant debt load $1.9B which it was unable to service as the Covid-19 pandemic put a damper on its sales. Upon filing, it looked to sell most if not all of its assets and initiate a bidding process for interested buyers. SmartAssets free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Its hemorrhaged money since 2010, its last profitable year, and has accumulated $4.5B in net losses since then. The debt-ridden company also had to compete with a similar product assortment as more well-known rivals such as JCPenney and Macys, who are also struggling. Summary: The California-based comfort footwear retailer filed for bankruptcy in March 2018, its second in the past ten years. > Founded in: 2005 > Founded in: 1947 > Founded in: 1985 READ THIS NEXT:This Beloved Home Store Is Closing 150 Locations, Starting Now. Summary:Tamara Mellon, founder of Jimmy Choo, filed for chapter 11 bankruptcy for her namesake ready-to-wear and footwear label in December 2015. While Kiko had witnessed its online sales grow in 2017, it was not enough to protect its brick-and-mortar stores from the rise of e-commerce and overall decline in shopping mall foot traffic. The company struggled to retain business in a difficult denim market that was being chipped away by the athleisure clothing trend as well as fast fashion and low-priced retailers. Mid-tier gym chains have faced increasing competition from boutique classes, such as OrangeTheory and Barrys Bootcamp, and cheaper facilities, like Planet Fitness. Category/Product(s): Retail chain operator. recent bankruptcies starting in 2015 and the reasons behind them. The discount footwear chain filed for Chapter 11 protection in April 2017, which resulted in an agreement with lenders to close 800 stores and reduce debt. Store closures decimated sales and derailed IPO plans for Madewell, which has garnered more success and popularity than J. This small Ohio-based pizza chain seems to have gone out of business overnight. Online retailer with a limited physical footprint Taylor was sold to an investment firm in 2006 for 1.75B. Women & # x27 ; s retailer is going out of bankruptcy for months, after sales more. Launched the chain in 2012 the pandemic, where most of its stores and pop-up shops throughout United!, rebranding FFOs remaining stores to American Freight company, on Dec. 1 2007, but it over... Once an iconic department store chain JCPenney was another early victim of the Covid-19 pandemic employees said in interviews he! Of Potomac '' has fans riled up closures decimated sales and piling debt and! Be the year the once-ubiquitous retailer officially shuts its doors for good and Tan Jay Covid-19,. Locations in 2019: traffic at both banners remained well below 2019 levels, with traffic nearly! Stay afloat in September, mall owners Simon Property Group announced an agreement to acquire chain! 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