Vine was a short-lived but beloved video making app that took the internet by storm in the early 2010s. At the start of 2020, the retailer had 68 stores across the US, but then supply chain disruptions and a drop in revenue due to the Covid-19 pandemic forced it to close 37 stores. The company began imposing restrictions, blacking out certain films, and gained a reputation for poor customer service, driving away users. Category/Product(s): Bedding and accessories. > Type of business: Retail, toys. But in March, foot traffic rocketed ahead, rising 61% year over year. Category/Product(s): Outdoor apparel and gear. > Founded in: 1982 24. Payless represents one of the one of the largest retailer liquidations to date, according to the Wall Street Journal. 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. As August came to a close, consumer brand-owner Sequential Brands filed for Chapter 11 bankruptcy protection. 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. While there were 52 retail bankruptcies in 2020, 2021 saw just 21 a 60% drop year-over-year, according to Axios. 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. Winnipeg-based women's retailer is liquidating its chain of 169 stores including Alia and Tan Jay. With a renewed focus on plus size fashion, The Limited recentlylaunched a new website with plans to bring back The Limited storefronts to malls. Demographic changes - Once upon a time, when the majority lived in rural areas, fishing and hunting were essential ways to p. Many brands were forced to lean on their own sales channels, with retail partners leaving them high and dry. 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. Businesses had been unable to pay rent under the weight of pandemic pressures, resulting in the companys rental income, . Summary: Gymboree filed for its second bankruptcy in January 2019, announcing that it would close about 800 Gymboree and Crazy 8 stores in the US and Canada. Ultimately, British retailer Sports Direct acquired certain assets (including Bobs Stores and Eastern Mountain Sports) of Eastern Outfitters for $101M in cash. The company liquidated its assets, closed over two dozen of its stores nationwide, and was bought by theSonnek-Schmelz brothers, who also owned soccer store chain Soccer Post. Summary:Facing legacy supply issues from 2006, Good Times Convenience Stores, once a major player for gas stops and convenience stores, declared Chapter 11 protection in November 2015. > Type of business: Tech, wearables. } The company first filed for bankruptcy in January 2022 but eventually withdrew its petition. This small Ohio-based pizza chain seems to have gone out of business overnight. 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. The popular retail chain carries everything from sewing patterns and beads to yarn and thread, making it a one-stop shopping . While the company successfully emerged from its first bankruptcy, it was unable to stay afloat after one of its major suppliers cut ties. Blockbuster > Founded in: 2011 Tan Jay Jacket Brown Ivory Zebra Print Open Front 3/4 Sleeve Pockets Lined 12P. At its peak in 2000, Compaq was worth $40 billion. ET, Presented by studioID and Soter Analytics, Webinar With this economic crunch, many struggling companies were forced to seek bankruptcy protection or cease operations altogether. Summary: True Religions April Chapter 11 filing marked the denim retailers second bankruptcy in 3 years. From executive missteps to pandemic-related shutdowns, we look at why some of the biggest retailers, including Sears and JCPenney, have filed for bankruptcy. Category/Product(s): Entertainment centers. Since then, the company has reopened over two-thirds of its closed stores under new leadership and is focused on refreshing its brand. 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. It had a massively successful IPO in 2000 when it was spun off from parent company 3Com, and like many tech companies of that era, Palm was riding the dotcom bubble that was about to burst. The turbulence ultimately led to Olympias total closure. The Montreal-based retailer has failed to gain a foothold in the growing casual footwear market in recent years. Summary: After a leveraged buyout in 2012 by private equity firms Blum Capital and Golden Gate, Payless continued struggling with a large debt and weak sales amidst a challenging retail environment. 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. Summary:Apparel chain Charming Charlie was the final casualty in 2017s retail apocalypse. In December 2020, Guitar Center emerged from bankruptcy following an infusion of capital that wiped out $800M of debt. navigator.sendBeacon('https://www.google-analytics.com/collect', payload); The parent company faced financial difficulties, internal strategy issues, and industry shifts that ultimately led to bankruptcy. The company came out of that bankruptcy in May, after a judge in Delaware agreed to a restructuring plan that cleared out more than $775M in debt. Rhoads also noted general retail challenges, including the pressure to offer steep discounts (thus reducing profit margins) as contributing factors to Avenues woes. 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. During the height of the pandemic, the crafting haven actually saw an increase in sales with more people than ever picking up new hobbies like sewing and knitting during lockdown. If we sold food at those prices we'd soon go out of business. > Founded in: 1895 document.addEventListener( 'DOMContentLoaded', function() { These are the saddest restaurant closings of 2020. Summary: Japanese retailer Mujis US arm filed for bankruptcy in July, one of the latest victims of the Covid-19 pandemic. The decision to abandon online service helped doom the company, which filed for bankruptcy in 2010. Retailers that were once successful saw online shopping cut into their sales, even before the pandemic required social distancing. Summary:Discount retailer National Stores Inc. filed for Chapter 11 protection in August 2018, with plans to close 74 of its 344 stores. UK-based Missguided fell into administration at the end of May, as it owed more money than it was making and had a number of suppliers that had not been paid for orders. Category/Product(s): Apparel & accessories. In 2002, Compaq was acquired by HP for $24 billion in a controversial and contentious merger. Share. Even before the advent and surging popularity of streaming services like Netflix, Hulu, and Amazon Prime, Blockbuster was struggling. Though virtually every business faced pandemic-related struggles, few sectors had a harder time getting through 2020 than restaurants. At the time of the filing, the company said it would potentially shutter all of its standalone retail stores, including 27across the United States. 11. 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. Since Tupperware, the iconic kitchen brand that's been a household name for decades, signaled recently that it might be going out of business, you might be wondering . Increased expenses, supply chain inefficiencies, and the need to enhance operating results contributed to the perfume retailers bankruptcy, which was court-approved in October. Category/Product(s): Womens apparel & accessories. 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. How Training Can Tackle the Supply Chains Worker Retention Problem, How You Can Harness Every Successful Retailers Secret Weapon, How to Meet Grocery Shoppers Where They Are, 2023 Predictions and Trends for Retail and Consumer Companies, How Bonobos Works Cross-Functionally to Create a Winning Customer Experience, Preparing to Thrive Online This Holiday Season and Beyond. Fluid Brands Inc.,. Bluestem owns a variety of brands, including Appleseeds, Blair, Drapers & Damons, and Fingerhut, spanning multiple retail categories such as apparel and electronics. > Type of business: Sporting goods. A report from S&P Global Market Intelligence released on Friday identified 15 publicly traded restaurant chains that are most likely to default. While Sears Hometowns smaller size and focus on home goods initially positioned it to fare better than its department store-focused parent company, it ran into a number of issues, including pandemic aftershocks, a drop in sales, and increased costs. MoviePass allowed users to pay a flat monthly fee to see as many movies as they wanted in theaters. 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. > Founded in: 2003 Next stated it would operate around 80% of Joules store locations and others would be closed by administrators. Freds closed hundreds of locations prior to its Chapter 11 filing in an effort to save the company. Quiksilver ultimately declared bankruptcy in September 2015. 3. Summary:Boston-based sports apparel retailer City Sportsfiled for bankruptcy in October 2015, after facing competition from athletic apparel retailers. > Founded in: 1859 With restrictions on indoor dining and supply chain issues, as well as having to temporarily close due to local health measures, more than 100,000 eateries have closed their doors for good. The chain filed for bankruptcy previously in 2016, after going public in 2013. However, it converted its case to Chapter 7 in November. At the end of July, an Indian court accepted the Bank of Indias petition to admit debt-ridden retail chain operator Future Retail (FR) into the bankruptcy resolution process. SmartAssets free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Post-bankruptcy, the company seeks to decrease its physical footprint and focus on its more profitable storefronts. Perfumaniaplansto go private and become a digital retailer with a renewed focus on e-commerce and omnichannel initiatives. The business then sets a closing date and the rules for the sale. The classic retail chain announced that it would be closing stores as a result of the coronavirus pandemic, CNBC reported. The company first filed for Chapter 11 in January 2018, citing expansion problems and hurricane damages as reasons for its monetary woes. 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. 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. "Bed Bath & Beyond has not been doing well in terms of sales, which is why the announcement was not a surprise," she told Best Life. Category/Product(s):Athleisure manufacturer and retailer. In early June, Collected received new funding from private equity firm KKR, emerging from bankruptcy to continue its e-commerce business. xhr.setRequestHeader('Content-Type', 'text/plain;charset=UTF-8'); Summary:After announcing the closure of two-thirds of its retail locations, Wet Seal declared bankruptcy in January 2015. Bank, filed for bankruptcy in August. 21. > Type of business: Retail, luxury. Compounded by supply chain disruption, liquidity issues, and pressing royalty obligations, Covid-induced shifts led to sales dropping 44% in the fiscal year ended March 2021. > Founded in: 1971 Forma Brands parent company of beauty brands like Morphe, Lipstick Queen, and Bad Habits filed for Chapter 11 bankruptcy at the start of 2023. In 2018, Sugarfinareportedly took nearly $18M in losses, and, as of its bankruptcy, carried $26M in debt. > Founded in: 1998 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. Synonyms and related words. | 3 p.m. 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. But 2023 may be the year the once-ubiquitous retailer officially shuts its doors for good. As late as February, traffic was down nearly 40%. 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. Let Retail Dive's free newsletter keep you informed, straight from your inbox. 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. or Best Offer. Womens apparel and denim brands owned by embattled businessman Peter Nygard are up for sale. In a regulatory filing late Friday, the . Hollander Sleep Products reportedly had just $523,000 in cash on hand at the time of its Chapter 11 filing, attributing its liquidity issues at least in part to rising materials costs. An additional 36 women have been added to a lawsuit. 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. Chief Customer Officer Carrie Ask, who also filled the function of chief merchant. Among these casualties are world famous restaurants all across the country. Like many retailers, M&Co suffered the double-whammy of decreased consumer appetite and increased costs amid rising inflation. It also faced a myriad of other interrelated challenges, like sales contract disputes, false advertising charges, and consumer rights protection complaints. Compaq Kisses From Italy, a casual dining chain whose. Malls saw declining foot traffic even pre-pandemic, but stay-at-home orders further shifted shoppers to online shopping and spending cash on essential goods instead. Summary: The nations second-largest rental car company, Hertz is one of the highest-profile victims of the coronavirus pandemic, with $19B in debt and some 700,000 cars in its inventory. > Founded in: 1962 Cosmetics giant Revlon filed for Chapter 11 bankruptcy halfway through June 2022. > Type of business: Retail, books. 12. A special committee is investigating dividend payments made by Shopko to some of its equity owners, including Sun Capital. Summary: Brookstone, the mall chain retailer that sells a variety of products, filed for Chapter 11 bankruptcy in August 2018. But the banners still have a lower share of in-store spend relative to early 2020. Bestlifeonline.com is part of the Dotdash Meredith Publishing Family. The companys fortunes changed in the 21st century. A. It shut down largely due to COVID-19, but the store suffered from the same issues many department stores and retailers were facing even before the pandemic, including lower foot traffic and declining revenue as online shopping became more common. | 2 p.m. GBG USA entered into purchase agreements for its Aquatalia brand and others and looked to sell its remaining assets under court supervision. 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. As part of a reorganization plan, the retailer said it would be workingwith a combination of vendors, lenders, and creditors to stay afloat. 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. 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. The companyrecently rebranded as Gander Outdoors and has noted plans to relaunch in 2018 with a revamped customer experience for outdoors enthusiasts. 6455 Macleod Trail SW # 1426, Calgary 403-252-7666 . Gymboree had closed and liquidated 300 stores and eliminated roughly $900M in debt following its first bankruptcy in June of 2017, but it continued to steadily lose market share after that point. It may be the last hurrah for these beloved retailers. 1. Many Teavana stores were located in shopping malls, which have experienced a significant decline in foot traffic in recent years. Summary: The luxury fashion brand Roberto Cavalli filed Chapter 7 bankruptcy in April for its US division, Art Fashion Corp, which entailed closing all American stores and letting go of nearly 100 employees. The pandemic had an outsized impact on apparel sellers in general with spending and foot traffic falling in tandem. Roughly two weeks later, Lathi told the company's interim board that Tailored Brands was having liquidity problems. 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. Nokia spun it off in 2012 to a Swedish private equity group that paid over $200 million for Vertu in 2012. Summary: After emerging from its first bankruptcy in late 2017, Payless filed for bankruptcy once more on February 18, 2019. As of early November, Styles stated it had closed 50+ of its stores, laid off 300+ employees, and cut salaries to shed debt in anticipation of a turnaround bid. The company has agreed to close 5 of its 10 US locations as part of the bankruptcy process, and it plans to reorganize and repay its creditors. Amid brick-and-mortar declines and casualization of workplaces, Tailored Brands' sales were falling consistently 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. The news was not particularly surprising, as the chain had been visibly struggling earlier in the year. Its parent company and web-based business will remain in operation. 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. 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 had been struggling to pay down amid executive flight in the lead up to its filing. During the second quarter in September of 2022, "net sales declined by 6.8 percent compared to the same period last year to $463.3 million, with total comparable sales decreasing 6.2 percent," reported the Global News Wire. At the time of the filing, Yogasmoga had roughly 50 to 99 creditors,with assets valuedbetween $1M and $10M. It has since closed all of its brick-and-mortar locations. Direct-to-consumer (D2C) cosmetics brand BH Cosmetics filed for Chapter 11 bankruptcy in the middle of January 2022. After dominating the photographic film industry for decades, the company filed for bankruptcy in 2012. The bankruptcy, the companys second in four years, was a result of declining foot traffic in malls and mismanagement that impacted sales. A mounting debt, due to a leveraged buyout by a few private equity firms in 2005, along with competition from Amazon and other online merchants, caused Toys R Us ongoing crisis, which culminated in a Chapter 11 filing in September 2017. After closing over 330 stores, Wet Seal was then bought by investment and advisory firm Gordon Brothers for $3M in March 2017. UK-based fashion brand M&Co fell into administration (the equivalent of Chapter 11 in the US) in the middle of December. Retailer American Freight acquired Furniture Factory Outlet in December 2020, rebranding FFOs remaining stores to American Freight. Her work has been published in Teen Vogue, Allure, HuffPost, and more. 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). The downturn didnt stop there: from March 2020 to March 2021, income, . In October 2018, Nine West filed an amended bankruptcy plan to reduce its pre-bankruptcy debt obligations by more than $1B. 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. Sport Chalet began closing all of its locations that month, while EMS and Bobs closed only 9 locations in total. Things continue to look dire for company: They recently announced it will be closing several stores on Jan. 22. Borders In court documents, Avenue CFO David Rhoads blamed the companys circumstances in part on increased competition in the plus-size apparel space. The company had also made what proved to be an ill-timed $90M capital investment, mostly in its stores, that did not bear the desired fruit. However, the company struggled to keep up with heightened competition and decreased consumer spending amid the pandemic. Its online store has also shut down. Lauren Jarvis-Gibson is an Associate Editor at Best Life. SPONSORED. and looked to sell its remaining assets under court supervision. 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. Brands are diving into virtual environments to connect with young consumers. JCPenney has been beleaguered with problems for the past decade, many of them self-inflicted due to poor executive decisions. 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