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Summary:After announcing the closure of two-thirds of its retail locations, Wet Seal declared bankruptcy in January 2015. Theranos | 2 p.m. But are these digital spaces just billboards for brands, or can they have tangible benefits? At least one analyst thinks bankruptcy could be on the table for the second time in five years. 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. After declaring Chapter 11 bankruptcy in January 2017, private equity firm Sycamore Partners, which specializes in retail investments, bought The Limiteds IP and e-commerce assets. With an increase in plus-size offerings from a range of clothing companies, Avenue struggled to hold onto its market share. The companyrecently rebranded as Gander Outdoors and has noted plans to relaunch in 2018 with a revamped customer experience for outdoors enthusiasts. 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. The company cited supply chain and ingredient availability issues as contributing factors towards its decline. In addition, the company has had difficulties keeping up with rent. 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. US Realty Acquisitions, the real estate investment arm of private equity firm US Assets, acquired the inventory and assets for approximately $6.9M and reopened stores under a new name, Loves Furniture. 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. Bank regained in-store market share since the early impact of COVID-19 in 2020. In 2020, the Trump administration tapped Kodak to produce pharmaceutical ingredients, securing a $765 million government loan to create Kodak Pharmaceuticals, which is intended to produce up to 25% of the active ingredients for generic medications in the country. Theysold the company a year later to Shiekh Shoes. The decision was made despite Amazons efforts to oppose the move. In this report, we dig into 148 recent bankruptcies starting in 2015 and the reasons behind them. 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. 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, 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, wasn't initially invited to board meetings about the company's financing needs though the trustee was required to observe. 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. Summary: Popular womens apparel retailer Charlotte Russe struggled for years as online shopping disrupted the retail sector. Crew in recent years. 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. 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. 21. Vine was purchased by Twitter in 2012 for $30 million as an easy way for users to shoot and share videos on the social media platform. Category/Product(s): Fast-fashion apparel & accessories. Or you do, but it's not from a cow. Unable to find a buyer, Hancock sold its branding rights and IP to arts and crafts retailer Michaels, allowing the company to leverage Hancocks customer data to get into the sewing business. 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. The demise of Sears has been playing out for many years; they have continuously closed stores since it filed for bankruptcy in Oct. 2018. Summary: Sunglasses retailer Solstice filed for Chapter 11 bankruptcy in February, with plans to restructure. Summary: New York-based grocery chain Fairway declared bankruptcy in January and will close up to 5 of its 14 locations. 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. Summary: Tailored Brands, which owns Mens Wearhouse and Jos. It saw declining sales due to pandemic-related store closures as well as a drop in demand for stationary as weddings and other events were canceled. All Rights reserved. > Type of business: Home goods. 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. Or you do, and it's just a splash in your coffee. 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. Cosmetics giant Revlon filed for Chapter 11 bankruptcy halfway through June 2022. With this economic crunch, many struggling companies were forced to seek bankruptcy protection or cease operations altogether. Keep up with the story. 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. 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: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. The brand was not able to innovate fast enough as it faced competitive pressure fromfast fashion brands like H&M and Zara. Its affordable pricing and product variety helped it gain popularity among consumers, and it used partnerships with influencers like James Charles and Jeffree Star to create a robust social media presence. > Founded in: 1998 3. Bestlifeonline.com is part of the Dotdash Meredith Publishing Family. Covid-induced supply chain disruption proved to further compound the issue, making it more difficult for the company to manage its debt load. Claires is currently negotiating with its lenders to reduce its debt as it continues to operate its retail locations. Summary: Following Hertz, Advantage Rent A Car filed its Chapter 11 in late May, as the pandemic continued to stall travel. if( 'moc.enilnoefiltseb' !== location.hostname.split('').reverse().join('') ) { While there were 52 retail bankruptcies in 2020, 2021 saw just 21 a 60% drop year-over-year, according to Axios. > Type of business: Retail, entertainment. > Type of business: Retail, tea. If we sold food at those prices we'd soon go out of business. Sadly, this year may be your final chance to stock up on items from some of your favorite shops (at least in person). 2 views, 0 likes, 0 loves, 0 comments, 0 shares, Facebook Watch Videos from Women's Wrestling Talk: https://twitter.com/al__yeah. > Founded in: 1826 The company continued operating through its bankruptcy, which it emerged from in September. The company said that it will continue operating throughout the bankruptcy, but it expects to close about 30% of its 800+ US stores. The company registered for an IPO in 2010 but withdrew the application in 2013 as sales have been declining. The retailer received about$22M in financing from Salus Capital Partners to maintain operationsduring the process. In 2018, the brand operated at a $45 million loss. HP announced in 2011 it would no longer make Palm hardware and retired the brand. 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 2021, Francescas sold to TerraMar Capital and Tiger Capital Group for $18M. 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. On July 8, Brooks Brothers filed for bankruptcy in a year that's been financially brutal for many businesses. Category/Product(s): Apparel & Accessories. According to the National Restaurant Association, these closures will affect around one out of every six restaurants in the country. The company had previously tried to prevent bankruptcy by taking on Citigroup as its loan agent. Unfortunately, Made.com is the next brand to feel the wrath of post-pandemic life. Rockport agreed to sell itself to private equity firm Charlesbank Capital Partners for $150M in July. Its parent company, Lubys Inc., said in December it would sell off all Fuddruckers locations to a franchisee before dissolving the company altogether. In conjunction with its prepackaged restructuring plan, Mattress Firm received commitments for about $250M to help support ongoing operations during the process. John Harrington, Grant Suneson. The circus act performed for the final time in 2017. > Type of business: Entertainment. > Type of business: Tech, solar panels. No. > Type of business: Tech, computers. 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. Its first Chapter 11 filing came in December 2017, during which it announced the closure of 100 stores. The restaurant business is a tough one. According to the National Restaurant Association, these closures will affect around one out of every six restaurants in the country. The rental car industry saw demand plummet as travel halted amid nationwide shutdowns. 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. Its US arm filed for a Chapter 7 bankruptcy in April, but Roots plans to keep its long-standing stores in Michigan and Utah open. SmartAssets free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. 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. It went public in 2017, raising $140M in the process, and watched its net profit surge that year. If your original installer has gone out of business, the first thing to do is to check your original contract and look for the section on warranty coverage. HP retired the Compaq name in 2013. as it pertains to all aspects of your daily life. The company. Brookstone hired liquidators to help close about 100 stores across the country. In August, a court approved the sale of FTD North America for roughly $110M to Nexus Capital Management. It's no surprise that Party City had a huge lull in sales during the pandemic when we were social distancing rather than gathering. The chain. The chain, which originated in Belgium, was rescued from liquidation when it subsequently sold all of its 98 locations to food brand Aurify, allowing at least 35 stores to continue operations. Another nine former employees said in interviews that he raped them, inappropriately touched them or proposed sex. 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. 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. Category/Product(s): Retail chain operator. > Type of business: Entertainment. 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. RadioShack exited bankruptcy earlier in November 2017 with hopes of operating as an online retailer with a limited physical footprint. and looked to sell its remaining assets under court supervision. At the time of the filing, Yogasmoga had roughly 50 to 99 creditors,with assets valuedbetween $1M and $10M. } ); 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. Lubys The COVID-19 pandemic caused major disruptions to the American economy, with the unemployment rate peaking at 14.7% in April. Following these revelations, the company bearing Weinsteins name was in a public relations crisis. This created issues for customers who had previously purchased products as theyno longerhad a parent company through which to claim warranties. Covid-induced supply chain disruption proved to further compound the issue, making it more difficult for the company to manage its debt load. The company also obtainedanother $525M in lines of credit tofinance its exit frombankruptcy. 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. 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. Outdoor and camping retailer Camping World won the bankruptcy auction for Gander Mountain for approximately $37M. While 25 stores will be closing, the remaining 33 are expected to remain open as the beauty retailer reorganizes. xhr.send(payload); Despite experiencing a surge in e-commerce revenue amid the pandemic, the retailers brick and mortar sales dropped 56% in 2020, leaving it unable to meet its lease obligations. In late November 2017, Vitamin World won court approval to close over 100 stores and put the rest up for sale over the 2017 holiday season. The company, which owns brands such as Jessica Simpson, Joes Jeans, Avia, and AND1, ended 2020 with a debt load upwards of $450M, which it, in the lead up to its filing. Kisses From Italy, a casual dining chain whose. Offers for the company are due on July 7, and an auction will be held on July 9. A Car filed its Chapter 11 in late May, as the pandemic continued to stall.. Of credit tofinance its exit frombankruptcy in conjunction with its lenders to reduce its debt load Gander Mountain is tanjay going out of business $. 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