Summary:Sporting goods retailer Sports Authority declared bankruptcy in March 2016 with intentions of finding a buyer and closing 140 of 450 stores. The troubled company is taking an axe to another one of its chains. Discount, fast-fashion retailer Forever 21 filed for bankruptcy on September 29, 2019. Summary: Denim fashion brand Diesel filed for bankruptcy in March 2019, citing mounting losses at its 28 brick-and-mortar locations in the US. The bankruptcy protection case for Forever 21, the fast-fashion retailer that tumbled ever faster because of overexpansion, converted to a Chapter 7 liquidation in July after the companys plan to reorganize failed to gain enough support from creditors. Summary: Discount home goods chain Tuesday Morning filed for Chapter 11 bankruptcy in May, citing Covid-19-induced store closures. Increased competition, high retail costs, andconsumer shifts to experiential spending had created a tough climate for the sporting goods and apparel industry. Many of the businesses on this list may seem to be doing fine on the surface, but bankruptcy filings and closing procedures are well underway behind the scenes. Sedans like the 6 have waned in popularity recently as drivers are now more interested in SUVs and crossovers. The declining popularity of malls has been cited as one of the main reasons for the decline. The company also secured a $50 million loan that can be increased, if necessary. Summary: Department store chain JCPenney was another early victim of the Covid-19 crisis, declaring bankruptcy in mid-May. ", This did not come as a shock to Elisa Bender, a retail expert and co-founder of Revenue Geeks. In this report, we dig into 154 recent bankruptcies starting in 2015 and the reasons behind them. any of you into chi fi? At the time of the filing, the company said it would potentially shutter all of its standalone retail stores, including 27across the United States. The i3 was BMWs foray into the electric car market. 2023 Galvanized Media. Running a company is never easy, and 2020 was even more challenging, presenting business owners with an unprecedented set of circumstances. Charlotte Russe stores have almost always been housed in malls. Bebe has now moved to a fully e-commerce business, paying $65 million to close all the companys physical retail stores. The furniture retailer was once one of the largest in the Midwest, with nearly 170 locations. go bump. Brands That Disappeared in the Last Decade - 24/7 Wall St. These businesses failed to provide power to homeowners in an emergency or knowingly helped fuel Americas opioid crisis and are now being held to account. Beyond competition from other big-box retailers and Amazon, major sports leagues such as the NBA and NFL that sell team merchandise also chipped away at Sports Authoritys market share. A special committee is investigating dividend payments made by Shopko to some of its equity owners, including Sun Capital. As of July 22, 2022, JOANN had a debt of $1.1 million dollars with "cash and cash equivalents of $21.5 million.". The company has asked the court to exit 30 stores but plans to stay open as it looks to restructure debt, rationalize its retail footprint, and fulfill other financial obligations. Many companies are ditching white-collar dress requirements for employees, while others are letting employees work remote indefinitely. Texans suffered through a severe ice storm in February 2021 that cut power off to millions of state residents. The company restructured approximately $800M in debt and became private under the new management of private equity owner Oaktree Capital. The Vitamin Shoppe has plans to implement category expansion, delivery services, subscriptions and events to boost sales. San Francisco-based private equity firm Golden Gate Capital acquired PacSun, which exited from bankruptcy just 5 months later, having decreased its store count as well as a great deal of its debt in adebt-for-equity swap. Chinese made hifi portable gear? The newly refocused Bon-Ton is sleeker and streamlined for e-commerce. Summary: Los Angeles-based home decor brand Z Gallerie announced a Chapter 11 filing in March 2019. Davids Bridal has been a staple in the bridal industry for years, but current trends have brides opting for more casual, less expensive weddings. In September, it sold to China-based Harbin Pharmaceutical Group for $770M. The company recently reported that top-line sales fell 4.3% for a net loss of $139.3 million. The company also carried $233M in debt. Running a company is never easy, and 2020 was even more challenging, presenting business owners with an unprecedented set of circumstances. You must log in or register to reply here. We constantly strive to provide you with the best information possible. This favorite of former First Lady Michelle Obama has already closed its bridal store. For more retail advice delivered straight to your inbox, sign up for our daily newsletter. The German luxury automaker decided to discontinue the model for 2022, investing in its next line of electric cars, like the i4 and iX. Ultimately, it turned to store closures and layoffs. Struggling with the challenging retail environment and significant debt from its first foray into Chapter 11 (while managing a massive footprint of about 3,400 stores in 40 countries), Payless announced it would be closing all 2,100 of its remaining stores in the US and Puerto Rico. Summary: After emerging from its first bankruptcy in late 2017, Payless filed for bankruptcy once more on February 18, 2019.
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