Summary: The largest musical instruments retailer in the US filed for bankruptcy in November. UK-based fashion brand M&Co fell into administration (the equivalent of Chapter 11 in the US) in the middle of December. Summary: Minneapolis-based Christopher & Banks said it would close most, if not all, of its 450 physical stores at the time of its Chapter 11 filing in January. Having secured a $150M bankruptcy loan, the company is planning to keep operations running while it restructures its debt load as of the end of September 2022, Party City had $1.7B in debt and $122M in available liquidity. Business Casual. 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. The company plans to restructure and close approximately 230 locations, leaving 450 stores remaining across the US, and is currently seeking buyers. > Founded in: 2003 American Apparel laid off employees and auctioned off its brand and equipment for just $88 million. The retailer will close 70+ of its 112 stores and will sell its assets to Fortress Investment Group. Summary: Storied menswear brand Brooks Brothers has grappled with evolving its brand in recent years, as more casual dress styles have become the norm. Summary: Behind the labels Joie, Current/Elliot, and Equipment, The Collected Group, which had 33 locations at its height, was already in the process of closing its locations when the pandemic hit, accelerating its move away from physical retail. Not least is turnover in the C-suite. 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 Illinois-based lumber company stated that it planned to retain the Stock+Field name and offer the same products and services. Oct. 18 2022, Published 1:56 p.m. This mismanagement trickled down to its subsidiaries, including Escada America, which left the company ill-equipped to endure the pandemic. 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. The bankruptcy, the companys second in four years, was a result of declining foot traffic in malls and mismanagement that impacted sales. Its online store has also shut down. Summary: The oldest US department store operator, Lord & Taylor, filed for Chapter 11 bankruptcy in early August and announced it would be liquidating all 38 of its stores. The New York Times reported that the loss of its identity and the struggle to move online contributed to the downfall of Barneys New York. 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. After failing to find a buyer to keep the business alive, the company liquidated and sold all its assets in May 2016, signaling continued difficulties for brick-and-mortar sportswear apparel. The company also obtainedanother $525M in lines of credit tofinance its exit frombankruptcy. Jo-Ann Fabrics, now formally known as JOANN, is a crafter's heaven. 8. Plus, everyone loves the product. If youre ready to be matched with local advisors that can help you achieve your financial goals, get started now. Many brick-and-mortar operations struggled to compete with online shopping, while industry analysts believe consumers have been spending less on luxury goods in favor of other purchases like phones and other tech. While the company set up a restructuring committee, its plans to reorganize have not moved forward and could be challenged by ongoing litigation stemming from the 2020 Citi fiasco. go out of business Definitions and Synonyms. > Type of business: Health care. navigator.sendBeacon('https://www.google-analytics.com/collect', payload); Several private equity firms combined to take Toys R Us private in a $6.6 billion leveraged buyout deal in 2005. As August came to a close, consumer brand-owner Sequential Brands filed for Chapter 11 bankruptcy protection. 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. Mid-tier gym chains have faced increasing competition from boutique classes, such as OrangeTheory and Barrys Bootcamp, and cheaper facilities, like Planet Fitness. However, the company ultimately announced Chapter 7 bankruptcy in July 2015 and that it would be dissolving its entire business due to massive debt. Kodak was not ignorant of digital camera technology. Category/Product(s): Health & wellness goods. Jewelry brand Alex and Ani filed a restructuring support agreement in June 2021, requiring the company to file Chapter 11 proceedings in Delawares bankruptcy court. In March 2017, the company rebranded to become Boardriders, Inc. and in early December, made a bid to acquire Australian competitor Billabong, which is currently pending approval. Category/Product(s): Outdoor apparel and gear. The company said it will close up to 1,200 stores across the nation. Gawker.com was purchased by Bustle and planned to relaunch in 2019, but after a series of disagreements among staff and management, the relaunch was postponed and the staff laid off. FullBeauty Brands has since secured $35M in new financing. 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. A. 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. Tailored Brands announced its emergence from bankruptcy on Dec. 1. By 2009, Palm was bleeding cash, and it was acquired by HP for $1.2 billion in 2010. Summary: Furniture Factory Outlet, which is owned by private equity firm Sun Capital Partners, filed for Chapter 11 bankruptcy in November. > Type of business: Tech, computers. 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. (Representatives of Tailored Brands said they told Meghji that its board was meeting on an interim basis in the weeks after Chapter 11 emergence and had not intended to exclude him.). The company filed for Chapter 11 bankruptcy in September 2017, noting the need to improve its financialsandclose many ofits 88 stores. Tupperware's share price plummeted by almost 50% since 3 April and the company might soon delist from the New York Stock Exchange . The company entered into an acquisition deal that would see lenders take over its wholesale operations, online platforms, and international Morphe stores. This reportedly marks the third bankruptcy filing for the rental car company, having previously filed in 2008 and 2013. Despite several consecutive years of year-over-year revenue increases, it began taking accelerating losses in 2016. However, new leadership has recently claimed that HHGregg will make a comeback with a revamped website and smaller physical footprint. The parent company faced financial difficulties, internal strategy issues, and industry shifts that ultimately led to bankruptcy. 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. The business then sets a closing date and the rules for the sale. According to court papers,company lacked a sophisticated e-commerce platform to compete in todays market. The company also said its assets and liabilitiesranged between$1M to $10M, with between 1,000 and 5,000 creditors. Jawbone is a classic case of a unique Silicon Valley phenomenon: death by overfunding. The wearable tech company, known for making Bluetooth headsets and speakers, was once worth billions of dollars, but only because of all the capital it raised and not necessarily because of its earning potential. Teavana Acquired by Feld Entertainment in 1967, the circus began losing its popularity over the past few decades attendance has reportedly dropped by as much as 50% since the 1990s. It also shuttered nearly 100 stores in the process, and plans to remodel 100 stores in 2018. In a business update, the company stated: "For the third quarter of fiscal 2022 (endedNovember 26, 2022), the Company expects to reportNet Sales of approximately $1.259 billion compared to $1.878 billion in the year ago period, reflecting lower customer traffic and reduced levels of inventory availability, among other factors. 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. Category/Product(s): Flower delivery company. It now operates as an online-only retailer. The retailer liquidated its assets and sold off its intellectual property, retail store leases, and the lease of its corporate office and distribution center to help pay down debts. According to the National Restaurant Association, these closures will affect around one out of every six restaurants in the country. Lubys 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. This promising idea earned Theranos a $9 billion valuation. Jawbone Unable to compete with Best Buy and Amazon, Indiana-based HHGregg filed for bankruptcy. Avaya execs have "substantial doubt" that it can continue as a viable business. Vertu was founded in 1998 by Nokia as a high-end luxury phone maker. Roberto Cavalli, as an entity, admitted to having financial difficulties as it strategized ways to stay afloat. 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