Escada America the US face of Germany-based luxury womens apparel brand Escada filed for Chapter 11 bankruptcy in mid-January 2022. It was bought out of bankruptcy by UK-based Revolution Beauty the following month. Summary:After announcing the closure of two-thirds of its retail locations, Wet Seal declared bankruptcy in January 2015. Pebble struggled with supply chain issues, while Apple Watches took up more and more of the smartwatch market share. Thiel eventually funded a violation of privacy lawsuit filed by pro wrestler Hulk Hogan after Gawker published a sex tape of Hogan without his or his partners permission. After becoming successful in founding Miramax Films, Harvey Weinstein and his brother Bob founded film studio The Weinstein Company in 2005. 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. It was later revealed that Theranos was simply testing customers blood using standard testing devices from other companies. 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. 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 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. 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: FullBeauty Brands entered and exited bankruptcy in record time. The retailer was founded almost 50 years ago and operated around 230 stores at its peak. If youre ready to be matched with local advisors that can help you achieve your financial goals, get started now. In the first quarter of 2020, which included the temporary closure of its stores, Tailored Brands racked up a, Holly Etlin, a managing director with AlixPartners working with Tailored Brands as chief restructuring officer, said in, 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. 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. Palm Plus, everyone loves the product. Summary: Mall-based specialty apparel retailer Vanity was one casualty of the retail apocalypse that did not have a future post-bankruptcy. In mid-January 2023, party supply store chain Party City filed for bankruptcy protection. The company plans to restructure and close approximately 230 locations, leaving 450 stores remaining across the US, and is currently seeking buyers. Learn 5 lessons from major direct-to-consumer brands like Peloton and Casper that faced disaster. Tupperware's share price plummeted by almost 50% since 3 April and the company might soon delist from the New York Stock Exchange . 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. Category/Product(s): Bedding and accessories. Its US business has reportedly been operating at a loss for the past 3 years, due to high rents and cheaper alternatives. 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. Sears will now operate 223 Sears and 202 Kmart stores, down from 687 stores in 2018 and 1,672 stores in 2016. While analysts have predicted a potential resurgence in apparel and fashion sales this year, the company still has a ways to go. > Founded in: 2012 Summary: Discount home goods chain Tuesday Morning filed for Chapter 11 bankruptcy in May, citing Covid-19-induced store closures. Hilco Streambank is seeking a buyer for one or more of the brands. > Founded in: 1884 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. Even though it had $140 million in revenue, the influx of cheaper solar panels put Solyndra out of business in 2011. Ringling Bros. and Barnum & Bailey Circus With Tailored in severe financial distress already, the company started looking for a lifeline. HP retired the Compaq name in 2013. Meghji found out weeks later about the company's financial woes shortfalls triggered by lower-than-projected sales that threatened to trigger covenant defaults on its debt. This caused a frenzy for bridal parties who had pre-ordered dresses. Eventually, it could not manage the debt it incurred and filed for bankruptcy in February 2019. Summary: Charming Charlie filed for bankruptcy for the second time in July 2019. We constantly strive to provide you with the best information possible. As of July, the company was reportedly court-mandated to close its stores and liquidate. Upon filing, it looked to sell most if not all of its assets and initiate a bidding process for interested buyers. The company filed for bankruptcy in mid-March in both the U.S. and Canada. With this economic crunch, many struggling companies were forced to seek bankruptcy protection or cease operations altogether. Summary:Boston-based sports apparel retailer City Sportsfiled for bankruptcy in October 2015, after facing competition from athletic apparel retailers. Revenue fell 40% in 2020, giving way to Junes bankruptcy. The brand shuttered its stores and sold its intellectual property sold for more than $1Mat auction to the chains founder in September. On July 8, Brooks Brothers filed for bankruptcy in a year that's been financially brutal for many businesses. 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. Catalog retailer AmeriMark Interactive files for bankruptcy, With suppliers still wary, Bed Bath & Beyond banks on $120M consignment deal. A few months later, Pier 1 decided to cease all operations and liquidate its assets. Summary: Nebraska-based Gordmans struggled to adapt to e-commerce (it launched an online site in 2015) and experienced declining sales since 2012. The company was acquired by Authentic Brands Group for $22.5M, and relaunched as an online-only business. However, it converted its case to Chapter 7 in November. Summary: Centric Brands designs and manufactures clothing for brands such as Calvin Klein, Tommy Hilfiger, and Under Armour. As stay-at-home orders were enacted across the US, retailers like New York & Company saw sales plunge, forcing them to furlough workers and temporarily close stores. After its 1982 founding, the company had experienced tremendous growth, and by 1994, it controlled over 10% of the global computer marketplace. Unable to compete with Best Buy and Amazon, Indiana-based HHGregg filed for bankruptcy. 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 nearly 200-year-old retailer was acquired by Hudsons Bay Company in 2012 and then sold to clothing rental subscription service Le Tote for a paltry $75M in 2019. $28.99. January 5, 2022 11:00 am. Lubys 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%. 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. 21. Dressbarn Avaya execs have "substantial doubt" that it can continue as a viable business. The company stated that it had secured. American Apparel laid off employees and auctioned off its brand and equipment for just $88 million. Bank regained in-store market share since the early impact of COVID-19 in 2020. as it pertains to all aspects of your daily life. Rite Aid may no longer be able to compete with its chain drugstore counterparts CVS and Walgreens. Crew in recent years. Due to operational and financial challenges, the company decided to shut down its Sport Chalet business andplace a long-term strategic focus on Bobs Stores and Eastern Mountain Sports. Bestlifeonline.com is part of the Dotdash Meredith Publishing Family. Modells executives blamed competition from big box stores and Amazon as well as warmer winters that cut into jacket sales for hurting sales and ultimately causing the stores to close. A special committee is investigating dividend payments made by Shopko to some of its equity owners, including Sun Capital. Category/Product(s): Retail chain operator. But are these digital spaces just billboards for brands, or can they have tangible benefits? Innovative Mattress Solutions has secured $14M in debtor-in-possession financing from strategic partner Tempur Sealy as it seeks a buyer. It finally filed for bankruptcy in June as the Covid-19 crisis forced it to close 40% of its locations. After filing for Chapter 11 protectiion in March 2017, the company decided to close all of its 140 stores across the US, effectively eliminatingjobs for approximately 1,400 employees. However, while the bank originally intended to send $8M in interest payments to Revlons lenders, it accidentally wired $900M. 6 Stores That May Completely Go Out of Business This Year, Experts Say, Popular Discount Stores, Including Marshalls, Are Closing Starting Jan. 14, people opting for destination celebrations, This Beloved Home Store Is Closing 150 Locations, Starting Now, $6.08 billion compared to revenues of $6.23 billion. > Founded in:1889 Department stores proved to be the most vulnerable, with the pandemic felling iconic names such as Neiman Marcus and JCPenney. Though the companys website has a section for store information, HHGregg currently has no physical footprint. After closing a number of unprofitable stores between 2013 and 2019, it was acquired by private equity firm CriticalPoint Capital and held with the investors other sporting goods assets under the Running Specialty Group (RSG). The company filed in order to reorganize and emerge from bankruptcy to form a new company. It has since closed all of its brick-and-mortar locations. Tech startup Pebble appeared poised for success after raising over $10 million on Kickstarter then the most successful campaign of all time to fund its early venture into smartwatches. 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. While there were 52 retail bankruptcies in 2020, 2021 saw just 21 a 60% drop year-over-year, according to Axios. At the time, the company expressed its intent to close its remaining stores by the end of the month. The COO of DirectBuy reportedly said the company will continue to operate at least 32 Z Gallerie stores and use it as a complement to the parent companys brand. At the time of the filing, Yogasmoga had roughly 50 to 99 creditors,with assets valuedbetween $1M and $10M. However, new leadership has recently claimed that HHGregg will make a comeback with a revamped website and smaller physical footprint. 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. While Apple was still focused on iPhones and iPods, Pebbles campaign proved people would be interested in wearable tech. In February 2021, Francescas sold to TerraMar Capital and Tiger Capital Group for $18M. In February, 10 women filed a civil class-action lawsuit accusing the Canadian millionaire of raping them at his estate in the Bahamas and operating what they refer to as a "sex trafficking ring" between 2008 and 2015. It's no surprise that Party City had a huge lull in sales during the pandemic when we were social distancing rather than gathering. 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. While the company successfully emerged from its first bankruptcy, it was unable to stay afloat after one of its major suppliers cut ties. Alta Motors had expanded to more than 70 dealerships by 2018, but it failed to maintain a firm financial footing, even though sales had increased 50% in 2018 and reviewers and journalists seemed to be impressed with the product. Two of what were once ubiquitous home decor chains in Canada are reportedly moving into liquidation mode after their Brampton-based parent company filed for creditor protection. Summary: Gourmet grocery chain Dean & DeLuca had already ceased all operations when it filed for bankruptcy in March. 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. Well before smartphones, PDAs personal digital assistants were a must-have device. Secoo had initially experienced resounding success, growing from a second-hand handbag marketplace to Chinas largest luxury e-commerce platform. West Coast chain Fry's Electronics is going out of business after 36 years. Even as electric cars like Tesla have been taking off, one of the major players in electric motorbikes shut down operations in 2018. Despite its filings and the surrounding controversy, Secoo announced it had entered into agreements with 2 new investors at the end of August. 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. Summary: Bakery and cafe chain Le Pain Quotidien filed for bankruptcy in May, but its filings revealed that the company had planned to do so pre-pandemic. Summary: New York-based grocery chain Fairway declared bankruptcy in January and will close up to 5 of its 14 locations. In June 2018, the company said it decreased overall debt by $600M. TJX forecast earnings per share to be in the range of 58 cents to 61 cents in the current quarter, largely below analysts' expectations of 60 cents, according to Refinitiv IBES data. Not only did shoppers avoid stores, but they were avoiding the occasions that call for new apparel not least of all white-collar work. ET. The company announced that it would maintain regular operations and seek out a buyer via auction by the, The Australia-based activewear retailer filed for Chapter 11 protection in Californias bankruptcy court. Next stated it would operate around 80% of Joules store locations and others would be closed by administrators. xhr.setRequestHeader('Content-Type', 'text/plain;charset=UTF-8'); 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. New York, NY 10018. 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 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: 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. In conjunction with its prepackaged restructuring plan, Mattress Firm received commitments for about $250M to help support ongoing operations during the process. How Does Your Omnichannel Fulfillment Truly Stack Up? 11. > Founded in: 2005 The settlement between Tailored Brands and the trustee was defended by the company and Meghji. Bank and down 28% at Men's Wearhouse, according to Placer.ai. But this doesnt mean that retail is out of the woods just yet. Summary:2018s first retail apocalypse victim, Texas-based fashion retailer Agaci, filed for Chapter 11 bankruptcy protection in January 2018 due to poor financial performance, which stemmed froma badly planned physical retailexpansion, hurricane damages, and other internal issues. However, after some of its influencers became embroiled in personal scandal, Morphe moved away from leveraging influencer partnerships and rebranded as Forma Brands in 2020. Payless represents one of the one of the largest retailer liquidations to date, according to the Wall Street Journal. Holding company Valor LLC, which outbid Sears and Best Buy, bought the companys rights and HHGregg emerged from bankruptcy in October 2017 as a purely online brand. Summary: After a disappointing co-branded partnership with Sprint, which was launched to help RadioShack better compete and Sprint to scaleits own business, the company declared bankruptcy for the second time in March 2017 (after previously doing so in 2015). Its first Chapter 11 filing came in December 2017, during which it announced the closure of 100 stores. After 124 years in business, the high-end home goods retailer filed for Chapter 11 protection with around $80M in unsecured debt and $8M in secured debt. According to MoviePass co-founder Stacy Spikes, its $9.95 price point was simply too low for the business model, which aimed to gain more revenue from the data it could glean from its customers. > Type of business: Department store. Source: Scott Wintrow / Getty Images Entertainment via Getty Images, Source: Joe Raedle / Getty Images News via Getty Images, Source: Max Morse, TechCrunch / Wikimedia Commons, Source: Pool / Getty Images Entertainment via Getty Images, Source: Pool / Getty Images News via Getty Images, Source: Chris Hondros / Getty Images News via Getty Images, Source: Joe Scarnici / Getty Images Entertainment via Getty Images, Source: Kevin Lee / Getty Images Entertainment via Getty Images, Source: Eric Broder Van Dyke / Shutterstock.com, Source: Justin Sullivan / Getty Images News via Getty Images, Source: Peter Kramer / Getty Images News via Getty Images, Source: Andrew H. Walker / Getty Images Entertainment via Getty Images, Source: Drew Angerer / Getty Images News via Getty Images, ALSO READ: Companies With the Best and Worst Reputations, ALSO READ: The Most Popular Beer Brands in America. 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. 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. Under its restructuring agreement, Belk said it had reduced its debt by $450M and received $225M in fresh capital to keep its 291 stores in operation. 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. $7.75 shipping. After filing, Vanitys website (which no longer exists) advertised a going-out-of-business sale. 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. At the time of filing in 2021, sales were down 50% from 2018, reaching just $25M. The companys 2013 filing resulted in its sale to Toronto-based PE firm Catalyst Capital Group. 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. In 2022, only a handful of companies went under. 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