Summary: Gumps, one of the oldest gifts, jewelry, and luxury home furnishing retailers in the United States, filed for bankruptcy on August 3, 2018. Get the free daily newsletter read by industry experts. > Type of business: Retail, luxury. Number of locations closing: 51. The company announced in September 2020 that all of its Lubys Cafeteria locations would close. Summary: Amidst declining sales and piling debt, Perfumania filed for Chapter 11 protection in August. Unfortunately, Made.com is the next brand to feel the wrath of post-pandemic life. "This company is likely to go completely out of business this year.". In addition, the company has had difficulties keeping up with rent. Summary: Milwaukee-based Bon-Ton filed for Chapter 11 bankruptcy protection in February 2018 due to ongoing struggles with declining sales as well as difficulties in adapting to e-commerce. The financing. 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. 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. Today, according to CNN, the company has just 121 stores remaining across the U.S. (it had more than 700 in its heyday), while its parent company, Sears, has only 21 left (it had over 3,5oo at its peak when it merged with KMart). However, new leadership has recently claimed that HHGregg will make a comeback with a revamped website and smaller physical footprint. Blockbuster now has just one location in Bend, Oregon. After filing for Chapter 11 protection in July, the company exited in October with plansto establish a smaller footprint and increase digital growth. 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. Blockbuster The good news: Foot traffic to its Men's Wearhouse and Jos. This reportedly marks the third bankruptcy filing for the rental car company, having previously filed in 2008 and 2013. Summary: The owner of J. Outdoor and camping retailer Camping World won the bankruptcy auction for Gander Mountain for approximately $37M. Cosmetics giant Revlon filed for Chapter 11 bankruptcy halfway through June 2022. It came in the form of $75 million new debt financing from Silver Point Capital, the largest shareholder in the reorganized Tailored Brands and also a secured lender. Jack Sinclair replaced Geoffrey Covert as CEO in 2015. At the time it entered insolvency, it was reported that its website and 170 stores would continue to operate and nearly 2,000 employees were at risk of redundancy. > Founded in: 2012 After initiating a liquidation process earlier in the year, Olympia Sports filed for Chapter 11 bankruptcy in mid-September. The latest in a string of apparel store closures, the company sold its e-commerce business and intellectual property to Saadia Group. Summary: Art Van Furniture sold a fifth of its stores in its Chapter 11 bankruptcy filing, which was later converted to a Chapter 7. Chief Customer Officer Carrie Ask, who also filled the function of chief merchant. Ultimately, Nasty Gal sold its brand name and other intellectual property for $20M to a rival fashion site, UK-based Boohoo.com. Summary:Within a year of its first bankruptcy, American Apparel declared bankruptcy for the second time in November 2016. 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, 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. > Founded in: 1962 Summary: Eastern Outfitters, which was formed out of Vestis Retails bankrupty wasperhaps not surprising afterleading sporting goods brand Sports Authoritys bankruptcy in 2016. Its CEO blamed the chains demise on its insurers for failing to pay the chain $175M. Bankruptcy was a. on the retailers part, which hoped to use it as grounds to cancel its 21 US store leases while continuing to sell to US consumers online. The chain had initially found a buyer in January 2020, but canceled the merger as the pandemic forced it to close its locations. Summary: Francescas said it would close roughly half of its 551 locations in malls across the US after filing for bankruptcy protection in December. By early this year, in-store spending at the banners has decelerated. > Type of business: Retail, tea. While Apple was still focused on iPhones and iPods, Pebbles campaign proved people would be interested in wearable tech. Summary: Discount home goods chain Tuesday Morning filed for Chapter 11 bankruptcy in May, citing Covid-19-induced store closures. Kisses From Italy, a casual dining chain whose. Retailers that were once successful saw online shopping cut into their sales, even before the pandemic required social distancing. > Type of business: Tech, solar panels. 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. Despite hopes of a turnaround amidst its Chapter 11 filing, in March 2018, the company ultimately decided to close all of its stores, after a disappointing holiday sales period. The restaurant business is a tough one. It initially planned to keep most of its stores open, but eventually decided to shutter all locations. 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. 22. Innovative Mattress Solutions has secured $14M in debtor-in-possession financing from strategic partner Tempur Sealy as it seeks a buyer. Summary: Mall-based specialty apparel retailer Vanity was one casualty of the retail apocalypse that did not have a future post-bankruptcy. 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. 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. 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. In May 2015,Comvest Capital and CapX Partners bought Karmaloop out of bankruptcy for $13M. Summary: Mall-based womens apparel brand The Limited was 2017s first retail apocalypse victim thanks to declining mall traffic, lower-than-anticipated sales, and competition from fast fashion brands like H&M and Zara. 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. Find 6 ways to say OUT OF BUSINESS, along with antonyms, related words, and example sentences at Thesaurus.com, the world's most trusted free thesaurus. Moving forward, the company plans to revampits brand, decrease its store footprint, and increase omnichannel initiatives. Category/Product(s): Health & wellness goods. Things continue to look dire for company: They recently announced it will be closing several stores on Jan. 22. The company began imposing restrictions, blacking out certain films, and gained a reputation for poor customer service, driving away users. This Made.com decline is a fast turnaround for a company that flourished during the pandemic and was valued at . Known for its minimalist, unbranded goods, the retailer plans to close some of its 18 US-based locations but will continue to run its e-commerce store. It was able to eliminate about $900M of debt by turning over company ownership to its creditors. Department store chains like Stage Stores have been especially at risk amid the pandemic, as the shift to online shopping has accelerated. 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. In conjunction with its prepackaged restructuring plan, Mattress Firm received commitments for about $250M to help support ongoing operations during the process. The once-mighty Sears launched the chain in 2012, and TransformCo acquired it after buying Sears out of bankruptcy in 2019. This represents the latest retailer to be brought down by a combination of private equity debt, and e-commerce competition. In 2022, only a handful of companies went under. In mid-January 2023, party supply store chain Party City filed for bankruptcy protection. Bank. Summary: Manufactured-in-America brand American Apparel faced declining sales, massive debt, and internal issues with controversial founder Dov Charney, ultimately leading to its first Chapter 11 bankruptcy in October 2015. As part of its bankruptcy deal, which was approved in December, YouFit sold itself to a group of former lenders in exchange for debt forgiveness. All five of their locations appear to be shut down, but there has been no official press release announcing the closures, spurring questions about the chain's fate among the local community. 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. Party City could emerge from bankruptcy with a much smaller brick-and-mortar footprint while it aims to keep some of its stores open, it is exploring store closures amid bankruptcy proceedings. 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. By 2017, Jawbone was facing lawsuits from vendors, who said the company owed them money, and the company entered liquidation. Gawker declared bankruptcy, and the company was put up for auction. Dressbarns CFO said the company was not operating at an acceptable level of profitability in todays retail environment., 11. Brookstone hired liquidators to help close about 100 stores across the country. } else { The company has made plans to restructure which includes the closure of nearly all of its remaining domestic stores. Current plans to turn the company around, which include investments from shareholders and a bankruptcy loan, will be dependent upon the companys ability to renegotiate leases with its current landlords. Businesses had been unable to pay rent under the weight of pandemic pressures, resulting in the companys rental income dropping $127M in 2020. Summary: Struggling to keep up with online competitors and burdened with hundreds of millions of dollars in debt from a prior private-equity buyout, Davids Bridal filed for bankruptcy on November 19, 2018. > Founded in: 1999 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. Summary: Avenue, a plus-size clothing brand for women, pursued Chapter 11 bankruptcy in August. Bank regained in-store market share since the early impact of COVID-19 in 2020. Pebble struggled with supply chain issues, while Apple Watches took up more and more of the smartwatch market share. Several private equity firms combined to take Toys R Us private in a $6.6 billion leveraged buyout deal in 2005. Holmes now faces up to 20 years in prison on nine counts of wire fraud and two conspiracy counts related to defrauding investors, doctors, and patients. Charlotte Olympia closed all four stores in the US after securing $410,000 in debtor-in-possession financing to support its operations and liquidation costs. With customers returning to in-store shopping, retailers are testing out new store concepts, exiting others and otherwise refining their brick-and-mortar touchpoints. While the pandemic gave rise to new complications, it also exacerbated existing issues for the company, such as flagship store, on par with its in-store experience. In early June, Collected received new funding from private equity firm KKR, emerging from bankruptcy to continue its e-commerce business. It also announced the closure of up to 17 stores as part of its strategy. Most popular Tan Jay locations: Map: Show Map: 1 Tan Jay. Summary: Facing steep competition from online retailers and shouldering a $144M debt load, Things Remembered filed for bankruptcy on February 6, 2019. The pandemic had an outsized impact on apparel sellers in general with spending and foot traffic falling in tandem. Changes are slated to take effect July 9. Published April 11, 2023 12:36 p.m. PDT. Summary:Florida-basedSoutheastern Grocers, operator of supermarket chains Winn-Dixie and Bi-Lo, filed for Chapter 11 bankruptcy in March 2018. . The next year, the company announced plans to close all of its 800 or so remaining stores. Freds closed hundreds of locations prior to its Chapter 11 filing in an effort to save the company. 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. . `` to take Toys R Us private in a $ 6.6 billion leveraged deal! 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