Summary: Eastern Outfitters, which was formed out of Vestis Retails bankrupty wasperhaps not surprising afterleading sporting goods brand Sports Authoritys bankruptcy in 2016. In late February 2019, the footwear brand received court approval to proceed with its plan to restructure its debts. That included supply chain disruptions, reduced store traffic, temporary store closures, employee disruptions and, on the demand side of its business, cancellations of events like weddings and proms. 24. Summary: Nebraska-based Gordmans struggled to adapt to e-commerce (it launched an online site in 2015) and experienced declining sales since 2012. Increased expenses, supply chain inefficiencies, and the need to enhance operating results contributed to the perfume retailers bankruptcy, which was court-approved in October. 26. That was noted in a hearing last week by an attorney for beneficiaries to a trust holding a minority stake in Tailored Brands, and who have been fighting the retailer's emergency loan that came in the following months. 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. The eatery was particularly ill-suited to survive its cafeteria-style serving made social distancing harder, and the restaurant chain had already been struggling financially for years. The company struggled with $200M in debt related to its acquisition of a rival company in 2014. Forma Brands originally launched as Morphe in 2008. Our team of editors strives to be objective, unbiased, and honest. Summary: Chuck E. Cheeses parent company CEC Entertainment declared bankruptcy in late June. It's possible that warranty service may be provided by a third party or a parent company. In initiating bankruptcy proceedings, WPG entered into a restructuring agreement with its creditors. Summary: Shopko filed for bankruptcy on January 16, 2019 after being hit with a lawsuit from pharmaceutical drug supplier McKesson Corporation alleging that it owed the firm $67M. 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. > Founded in: 2010 Well before smartphones, PDAs personal digital assistants were a must-have device. > Type of business: Department store. Bank lost 6% compared to select competitors. Univision acquired all the brands under the Gawker Media umbrella but shut down Gawker.com itself as the brand could have been a target of further lawsuits. and initiate a bidding process for interested buyers. Summary: Wet Seal struggled to differentiate its apparel from struggling rivals such as Abercrombie & Fitch and Aeropostale, and struggled to succeed even after its first bankruptcy (2015). TanJay Purple Satin Button Front Shirt Jacket Size 12P. The next year, the company announced plans to close all of its 800 or so remaining stores. This week came news that an intellectual property firm will be auctioning off the brands that made him rich, including the labels Nygard, Alia and TanJay, the last of which refers to Jacob. At its peak in 2000, Palms valuation was more than $53 billion, making it one of the most valuable companies in the world. Summary: The vitamin and nutrition chain GNC has been struggling to garner sales and pay off nearly $1B in debt, even pre-pandemic. In early June, Collected received new funding from private equity firm KKR, emerging from bankruptcy to continue its e-commerce business. Businesses had been unable to pay rent under the weight of pandemic pressures, resulting in the companys rental income, . 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 . In 2019, fashion rental company Le Tote bought it for around $71 million. Summary: Brookstone, the mall chain retailer that sells a variety of products, filed for Chapter 11 bankruptcy in August 2018. , now just to stay alive as the pandemic continues to depress spending on apparel. George Zimmer opened the first Men's Wearhouse with $7,000 of his own money and $30,000 borrowed from his father, a raincoat manufacturer. The U.S. economy is in the midst of one of its most turbulent periods in history. In fact, this voluntary filing helps protect our business. Summary: Agacis Chapter 11 filing in August was its second in two years, signaling the brands ongoing financial struggles. However, the company emerged from thiscarefully planned bankruptcy in less than four months from the initial filing with intentions to maintain high performing stores and to continue growing its e-commerce business. Summary:Within a year of its first bankruptcy, American Apparel declared bankruptcy for the second time in November 2016. Share Heres a list of 148 bankruptcies in the retail apocalypse and why they failed on Facebook, Share Heres a list of 148 bankruptcies in the retail apocalypse and why they failed on Twitter, Share Heres a list of 148 bankruptcies in the retail apocalypse and why they failed on LinkedIn, Share Heres a list of 148 bankruptcies in the retail apocalypse and why they failed via Email. The Illinois-based lumber company stated that it planned to retain the Stock+Field name and offer the same products and services. Even having secured new financing, Tailored Brands faces plenty of uncertainty ahead. While there were 52 retail bankruptcies in 2020, 2021 saw just 21 a 60% drop year-over-year, according to Axios. Chief Customer Officer Carrie Ask, who also filled the function of chief merchant. The Authentic Brand buyout was completed in June 2015. > Founded in: 2005 Summary: FullBeauty Brands entered and exited bankruptcy in record time. In February, however, a judge granted the founder approval to buy Beauty Brands for a minimum of $4.65M. Keep up with the story. The company also carried $233M in debt. It previously filed for bankruptcy in 2009, during which it reportedly closed 17 stores. In February, Men's Wearhouse lost 3% of market share year over year and Jos. Once an iconic department store, Henri Bendel shuttered all of its remaining locations in 2019. G-Stars CEO said that it plans to close approximately 24 stores in the US. However, the company ultimately announced Chapter 7 bankruptcy in July 2015 and that it would be dissolving its entire business due to massive debt. At the time of filing, BH Cosmetics stated that it planned to sell its intellectual property for $4.3M. HP announced in 2011 it would no longer make Palm hardware and retired the brand. > Type of business: Tech, wearables. 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. Fry's Electronics announced on its . After becoming successful in founding Miramax Films, Harvey Weinstein and his brother Bob founded film studio The Weinstein Company in 2005. > Founded in: 1859 AUSTIN, Texas (AP) The Justice Department said Thursday that it will again go to the Supreme Court over abortion after a lower court ruling allowed the abortion pill mifepristone to remain available in the U.S. but reimposed past restrictions on getting and using the drug. GNC Despite top-line revenue of roughly $2.5 billion for the year, widely recognized supplement supplier GNC lost 3.4% of its revenue and has $1.3 billion in debt. "The company decided to sell off parts of itself to help generate income and diversify its revenue stream, but to little avail, as the company wasn't able to make profits," Peter Varadi, retail expert and CEO of Market Gap Pro tells Best Life. Compaq The business had not turned a profit since 2007, listing $36.5M in assets and roughly $106M in liabilities. This promising idea earned Theranos a $9 billion valuation. $9.85 shipping. The company arranged to pay off victims and to sign non-disclosure agreements in some cases. Solar panel manufacturing company Solyndra was a Silicon Valley darling, raising about $1 billion in venture capital funds and getting a $535 million loan thanks to a U.S. Department of Energy green power initiative. The company said it would shutter 200 underperforming locations right away, and look to potentially close 700 stores altogether over the next few months. Sport Chalet began closing all of its locations that month, while EMS and Bobs closed only 9 locations in total. Following these revelations, the company bearing Weinsteins name was in a public relations crisis. Rhoads also noted general retail challenges, including the pressure to offer steep discounts (thus reducing profit margins) as contributing factors to Avenues woes. The company has already brought in Gordon Brothers Retail Partners and Hilco Merchant Resourcesto help sell off inventory and assets in order to pay off debt worth over $100M. 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. > Founded in: 1997 The companyexited bankruptcy after sheddinga large chunk of its physical retail presence and kept 230 stores open after a buy out by mall operators Simon Property Groupand General Growth. After closing over 330 stores, Wet Seal was then bought by investment and advisory firm Gordon Brothers for $3M in March 2017. In 2002, Compaq was acquired by HP for $24 billion in a controversial and contentious merger. Ultimately, Nasty Gal sold its brand name and other intellectual property for $20M to a rival fashion site, UK-based Boohoo.com. Summary: Charming Charlie filed for bankruptcy for the second time in July 2019. In addition, the company has had difficulties keeping up with rent. The company plans to restructure and close approximately 230 locations, leaving 450 stores remaining across the US, and is currently seeking buyers. It now operates as an online-only retailer. After filing for Chapter 11 protection in July, the company exited in October with plansto establish a smaller footprint and increase digital growth. Summary: Ascena Retail Group, which owns Ann Taylor and Lane Bryant, will close more than half of its stores 1,600 out of 2,800 locations according to its Chapter 11 bankruptcy filing. > Type of business: Entertainment. After initially planning to shut down just 24 of its stores, the company filed for bankruptcy in February, before the pandemic, and announced plans to close all stores. No. The company said in September that it expects to exit bankruptcy by the end of October. Vertu It struggled in the time that followed, with most of its brands failing to hit revenue projections, and it eventually shuttered its brick-and-mortar operations. As August came to a close, consumer brand-owner Sequential Brands filed for Chapter 11 bankruptcy protection. The following year, the Colorado-based sporting goods retailer became a private company after a buyout by a private equity firm. > Type of business: Retail, toys. Escada America the US face of Germany-based luxury womens apparel brand Escada filed for Chapter 11 bankruptcy in mid-January 2022. The pandemic had an outsized impact on apparel sellers in general with spending and foot traffic falling in tandem. 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. Category/Product(s): Luxury department store. Kodak is an American photography product and service company founded in 1892 by George Eastman and Henry A. Summary: After emerging from its first bankruptcy in late 2017, Payless filed for bankruptcy once more on February 18, 2019. An additional 36 women have been added to a lawsuit. The company also obtainedanother $525M in lines of credit tofinance its exit frombankruptcy. Category/Product(s): Flower delivery company. It may be the last hurrah for these beloved retailers. In October 2018, Nine West filed an amended bankruptcy plan to reduce its pre-bankruptcy debt obligations by more than $1B. . The bankrupt company announced Thursday that all. JPMorgans asset management arm and other creditors will instead take control. Toys R Us was once a corporate juggernaut, controlling a quarter of the worlds toy market with nearly 1,500 stores in the 1990s. Summary: Mattress Firm filed for Chapter 11 bankruptcy protection in October 2018. As August came to a close, consumer brand-owner Sequential Brands filed for Chapter 11 bankruptcy protection. (Representatives of Tailored Brands said they told Meghji that its board was meeting on an interim basis in the weeks after Chapter 11 emergence and had not intended to exclude him.). $28.99. 6. GBG USA entered into purchase agreements for its Aquatalia brand and others and looked to sell its remaining assets under court supervision. in order to maintain business operations as it looked to deleverage its balance sheet by $950M. Despite reducing assets and selling real estate over the years, the company was unable to pay off $134M worth of debt. By 2017, Jawbone was facing lawsuits from vendors, who said the company owed them money, and the company entered liquidation. A. Finding a qualified financial advisor doesnt have to be hard. While the company initially made moves to improve its financial standing by selling off large assets like, those efforts proved futile, and Sequential filed for bankruptcy just 3 weeks later. In June 2018, the company sold off its namesake brand, along with its handbag brand Bandolino, for $340M. The announcement follows months of salacious headlines and troubling accusations for Nygard, who stepped down from his company in February after the Federal Bureau of Investigations raided his Manhattan quarters over sexual assault allegations. After its buy out by Versa, the company had trouble meetingthe private equity firms demands and filed yet again for bankruptcy protection in February 2017. Category/Product(s):Discount retailer for apparel, shoes, houseware, etc. The latest in a string of apparel store closures, the company sold its e-commerce business and intellectual property to Saadia Group. The retailer received about$22M in financing from Salus Capital Partners to maintain operationsduring the process. 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. Yet competitors like Dell were able to eat up much of Compaqs market share by selling directly to customers and allowing customization, while Compaq had distribution deals with retailers like Best Buy and Circuit City. Since then, customer traffic to the retailer has picked up but remains well below pre-pandemic levels, as does spending with Tailored Brands' biggest banners. Mid-tier gym chains have faced increasing competition from boutique classes, such as OrangeTheory and Barrys Bootcamp, and cheaper facilities, like Planet Fitness. At the time, the company expressed its intent to close its remaining stores by the end of the month. Unable to compete with Best Buy and Amazon, Indiana-based HHGregg filed for bankruptcy. 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. Summary:The American subsidiary of an Italian makeup retailer filed for Chapter 11 bankruptcy in January 2018. UK-based fashion brand M&Co fell into administration (the equivalent of Chapter 11 in the US) in the middle of December. > Founded in: 1962 Blockbuster > Founded in: 2011 Sadly, this year may be your final chance to stock up on items from some of your favorite shops (at least in person). 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. 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. Summary: Destination Maternity filed for Chapter 11 bankruptcy in October, reportedly attributing its financial struggles to a confluence of factors, including declining birth rates, retail trends, and leadership turnover. His family claims he had a secret second life. However, a difficult retail environment amidst competition from Jo-Ann Fabric and Crafts forced the company to declare a second bankruptcy in February 2016. In addition to its Chapter 7 filing and the closure of stores in New York, the company also underwent similar proceedings in France. Category/Product(s): Farming and agriculture. 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. Although its flagship New York City store will reportedly remain open for the next year, the brand is moving swiftly to sell off inventory as licensing company Authentic Brands takes over ownership. Starbucks is the nations leading coffee seller, and in 2012, the company decided to venture into tea, acquiring Teavana for about $620 million. Jack Sinclair replaced Geoffrey Covert as CEO in 2015. Summary:American firearms manufacturer holding companyRemington Outdoor filed for bankruptcy protection in March 2018. The company will have to compete with direct-to-consumer perfume brands like Scentbird, Sniph, and others. Once Pebble watches hit the market, sales were solid and reviews were mostly positive. The San Antonio brand was unable to recover following that filing, and it announced that it will close all of its retail stores in light of its second bankruptcy. After dominating the photographic film industry for decades, the company filed for bankruptcy in 2012. 23. The company stated that it had secured $100M in debtor-in-possession financing in order to maintain business operations as it looked to deleverage its balance sheet by $950M. The retailer will close 70+ of its 112 stores and will sell its assets to Fortress Investment Group. Aeropostale had been owned by private equity firm Palladin Consumer Retail Partners since 2014. This small Ohio-based pizza chain seems to have gone out of business overnight. Already struggling against $1.3B in debt and online competition before the pandemic, Guitar Center was unable to overcome the loss in revenue related to Covid-19-related store closures. Even before the advent and surging popularity of streaming services like Netflix, Hulu, and Amazon Prime, Blockbuster was struggling. 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. Summary:Texas-based jewelry chain Samuels Jewelers Inc. filed for Chapter 11 bankruptcy in August 2018, mostly due to a drop in sales and profitsfrom increasing online retail competition. The companys 2013 filing resulted in its sale to Toronto-based PE firm Catalyst Capital Group. Sports Authority But as the world has slowly returned to normal (or the new normal), JOANN has had a difficult time keeping their numbers up. For their third quarter summary in November 2022, there was a decline of 1.6 percent compared to the third quarter in the previous year; comparable sales also decreased by 3.2 percent. A&P Supermarket The company announced that it would maintain regular operations and seek out a buyer via auction by the end of October. Number of locations closing: 51. Summary: Discount home goods chain Tuesday Morning filed for Chapter 11 bankruptcy in May, citing Covid-19-induced store closures. 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. Jawbone is a classic case of a unique Silicon Valley phenomenon: death by overfunding. The wearable tech company, known for making Bluetooth headsets and speakers, was once worth billions of dollars, but only because of all the capital it raised and not necessarily because of its earning potential. Theranos once appeared to be on the verge of revolutionizing the health care industry, but the entire operation turned out to be a sham. In 2018, Sugarfinareportedly took nearly $18M in losses, and, as of its bankruptcy, carried $26M in debt. Summary: After filing for bankruptcy in February, home goods retailer Pier 1 Imports shuttered all of its retail stores as Covid-19 battered the already-vulnerable company. Bank. Learn 5 lessons from major direct-to-consumer brands like Peloton and Casper that faced disaster. As of July, the company was reportedly court-mandated to close its stores and liquidate. Compounded by supply chain disruption, liquidity issues, and pressing royalty obligations, Covid-induced shifts led to sales dropping, in the fiscal year ended March 2021. The troubled company is taking an axe to another one of its chains. That included $200 million via retail channels. Retail Ecommerce Ventures purchased Pier 1s e-commerce assets for $31Min July. However, it converted its case to Chapter 7 in November. Summary: Toronto-based clothing retailer Roots is shuttering the majority of its 9 US stores, which have represented only losses for the brand. Summary: The owner of J. Chief Customer Officer Carrie Ask, who also filled the function of chief merchant, followed Lathi out of the door, Women's Wear Daily reported. Category/Product(s): Apparel & Accessories. Get access to the only platform that combines expert-led research with in-depth data on the tech industry. Luxury e-commerce platform Secoo filed for bankruptcy in August 2022. Plus, everyone loves the product. But Meghji determined after doing due diligence on the company's financial position that the settlement was better than the alternative: a bankruptcy scenario where the beneficiaries would get nothing, Meghji said in testimony. While the company successfully emerged from its first bankruptcy, it was unable to stay afloat after one of its major suppliers cut ties. The furniture chain, which was created to take over Art Van Furniture, closed over 20 stores and planned to reorganize as part of its bankruptcy proceedings. The company began imposing restrictions, blacking out certain films, and gained a reputation for poor customer service, driving away users. 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. While the San Francisco-based retailer did enjoy some success launching e-commerce sales, it incurred net losses of $5M in 2016 and $5.7M in 2017. Pressure from larger competitors like Whole Foods and Trader Joes have squeezed smaller chains in recent years, with A&P, Winn-Dixie, and Bi-Lo all filing for bankruptcy in recent years. Category/Product(s):Department Store Chain. National off-price retail chains like TJ Maxx and Ross, which boast much larger retail footprints, have reportedly seen growth amid the pandemic, despite the industry reliance on brick-and-mortar sales. It was also one of the most divisive sites on the internet, publishing revealing pieces, frequently outing public figures as gay including tech billionaire Peter Thiel. West Coast chain Fry's Electronics is going out of business after 36 years. Like many other department stores, Gumps has grappled with an extraordinarily challenging retail environment as it battled high operating costs and a heavy debt load. If youre ready to be matched with local advisors that can help you achieve your financial goals, get started now. In 1998, Palm had more than two-thirds of the worlds PDA market. Christopher & Banks sold its online business, which had seen growth, to an affiliate of Hilco Merchant Resources in early March. Lord & Taylor Innovative Mattress Solutions has secured $14M in debtor-in-possession financing from strategic partner Tempur Sealy as it seeks a buyer. > Founded in: 1962 In a business update, the company stated: "For the third quarter of fiscal 2022 (endedNovember 26, 2022), the Company expects to reportNet Sales of approximately $1.259 billion compared to $1.878 billion in the year ago period, reflecting lower customer traffic and reduced levels of inventory availability, among other factors. Running a company is never easy, and 2020 was even more challenging, presenting business owners with an unprecedented set of circumstances. Inventory is also available. New York, NY 10018. Sears will now operate 223 Sears and 202 Kmart stores, down from 687 stores in 2018 and 1,672 stores in 2016. > Founded in: 2012 With Tailored in severe financial distress already, the company started looking for a lifeline. The company was bought by Dubai-based real estate developer Hussain Sajwani in November. Summary: Amidst declining sales and piling debt, Perfumania filed for Chapter 11 protection in August. Pebble was unable to compete and was sold to FitBit for less than $40 million. in the years leading up to the COVID-19 crisis, but the company had also been in the black since 2015, posting regular though fluctuating profits. With users seeing millions of dollars worth of movies each month on the companys dime, the model became unsustainable and Helios and Matheson was bleeding cash. According to Business Wire, "Revenues for the quarter were $6.08 billion compared to revenues of $6.23 billion in the prior year's quarter, largely due to a reduction in revenue from COVID vaccines and testing, store closures, and a planned loss of covered lives at [insurance company] Elixir.". At the time of the filing, the company said it would potentially shutter all of its standalone retail stores, including 27across the United States. Summary: Gym chain YouFit declared bankruptcy in November following a difficult year for gyms amid capacity limits and closures due to the pandemic 24 Hour Fitness and Golds Gym also filed for bankruptcy earlier in the year. Summary: Los Angeles-based home decor brand Z Gallerie announced a Chapter 11 filing in March 2019. 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. In the first quarter of 2020, which included the temporary closure of its stores, Tailored Brands racked up a $258.7 million operating losses as sales fell by nearly 60%. Category/Product(s): Womens apparel & accessories. Summary: Department store chain JCPenney was another early victim of the Covid-19 crisis, declaring bankruptcy in mid-May. 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. The high cost of moving the show from city to city eventually made the business model untenable. 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. Summary: FTD, a flower and gift delivery brand, declared bankruptcy in June 2019. Summary: Forever 21 filed for Chapter 11 bankruptcy in September and plans to close hundreds of stores as it restructures. The chain had initially found a buyer in January 2020, but canceled the merger as the pandemic forced it to close its locations. It also announced the closure of up to 17 stores as part of its strategy. But on Jan. 5, the company warned the public that they may be in trouble. Kisses From Italy, a casual dining chain whose. The once-ubiquitous video rental store has been in decline since 2004, when it had 9,000 stores worldwide. From there Zimmer worked to build a company based on a solid corporate reputation, donating a portion of pre-tax profits, keeping vendors in good stead and pegging marketing to Zimmer's famous word of guarantee. However, the company said it does not plan to go out of business and is instead using the bankruptcy filing to restrategize and shore up its future. Business Casual. Secoo had initially experienced resounding success, growing from a second-hand handbag marketplace to China's largest luxury e-commerce platform. The brand was mid-reorganization when the pandemic forced it to close stores and lay off 76% of its workforce. Summary: Another mall-based womens clothing store known for special occasion dresses, BCBG had a distinct and widely loved brand but still failed to differentiate its apparel from other department and specialty stores. 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