Secoo had initially experienced resounding success, growing from a second-hand handbag marketplace to Chinas largest luxury e-commerce platform. A potential partnership with Harley-Davidson reportedly fell through, and the company ceased operations in 2018. It initially planned to keep most of its stores open, but eventually decided to shutter all locations. Summary: With 334 retail locations and over $43M in debt, Vitamin World declared bankruptcy. Escada America was born out of the previous bankruptcy of Escada USA in 2009, and the global Escada organization grappled with overexpansion, deficient leadership, and overpriced leases in the years that followed. Solyndra Following 2020, retail experienced a significant rebound as consumers returned to stores. Olympias parent organization faced a number of challenges in the time that followed, including a faulty order management system and executive flight, which were only compounded by the pandemic. According to the National Restaurant Association, these closures will affect around one out of every six restaurants in the country. These businesses will join a list of once-prominent brands that, for one reason or another (long before the pandemic), lost profitability and shut down in the past 10 years. According to Business Wire, "Revenues for the quarter were $6.08 billion compared to revenues of $6.23 billion in the prior year's quarter, largely due to a reduction in revenue from COVID vaccines and testing, store closures, and a planned loss of covered lives at [insurance company] Elixir.". > Founded in: 2012 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 brand was mid-reorganization when the pandemic forced it to close stores and lay off 76% of its workforce. But this doesnt mean that retail is out of the woods just yet. The financing. > Founded in: 1859 Category/Product(s):Shoes, fashion, accessories. A&P Supermarket disappeared in 2015 after more than 100 years in business as it could not compete with cheaper grocers like Walmart or higher-end chains like Whole Foods. 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. A. Get access to the only platform that combines expert-led research with in-depth data on the tech industry. 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. The "Real Housewives of Potomac" has fans riled up. Retail Ecommerce Ventures acquired its e-commerce business and intellectual property in August for $3.6M. FullBeauty Brands has since secured $35M in new financing. 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. West Coast chain Fry's Electronics is going out of business after 36 years. A. 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. 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. Crew and Madewell was the first national store brand in the US to file for bankruptcy since the Covid-19 pandemic began. This Made.com decline is a fast turnaround for a company that flourished during the pandemic and was valued at . In many cases, the alleged victims were under 18 years old. Topics covered: brand launches, expansion opportunities, partnerships, startup trends, funding, and more. 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. 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. Forma Brands originally launched as Morphe in 2008. The company raised about $900 million in funding, which boosted its peak valuation to $3.2 billion in 2014. Formerly known as Big R Stores, Stock+Field filed for Chapter 11 bankruptcy at the start of the year. 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. Back in 2006, Dallas-based Alon USA Energy Inc. purchased 40 of its stores and converted them into 7-Elevens. American Apparel 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. In 2018, Sugarfinareportedly took nearly $18M in losses, and, as of its bankruptcy, carried $26M in debt. 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. The Kansas City-based beauty and salon retailer is reported to have expanded its store footprint too rapidly, racking up unsustainable operating losses in the process. Summary: California-based denim retailer True Religion was another company who sought bankruptcy in efforts to revive itself from huge debts and decreasing sales. In early December, Marquee Brands acquired the brand, which will likely close all retail stores in favor of an online shop. With customers returning to in-store shopping, retailers are testing out new store concepts, exiting others and otherwise refining their brick-and-mortar touchpoints. The company first filed for Chapter 11 in January 2018, citing expansion problems and hurricane damages as reasons for its monetary woes. 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. It was later revealed that Theranos was simply testing customers blood using standard testing devices from other companies. , now just to stay alive as the pandemic continues to depress spending on apparel. 26. MoviePass allowed users to pay a flat monthly fee to see as many movies as they wanted in theaters. Inventory is gathered and any legal obligations fulfilled. It entered bankruptcy with a significant debt load $1.9B which it was unable to service as the Covid-19 pandemic put a damper on its sales. The operator of more than 1,200 Pizza Huts and nearly 400 Wendys restaurants, NPC has seen increasing turmoil in the past year, with a growing debt burden of nearly $1B, rising food and labor costs, and, finally, the pandemic-induced shutdowns. Blockbuster now has just one location in Bend, Oregon. Companies that filed for bankruptcy in 2023 so far, Companies that filed for bankruptcy in 2022, Companies that filed for bankruptcy in 2021, Companies that filed for bankruptcy in 2020, Companies that filed for bankruptcy in 2019, Companies that filed for bankruptcy in 2018, Companies that filed for bankruptcy in 2017, Companies that filed for bankruptcy in 2016, Companies that filed for bankruptcy in 2015, Discount department store chain Stein Mart, retail management firm Authentic Brands Group, Analyzing Lockheed Martins growth strategy: How the aerospace giant is spearheading advances in AI, manufacturing, and defense tech, Analyzing Cignas growth strategy: How the healthcare payer is expanding into virtual care, home health, and insurtech, Analyzing a16zs AI investment strategy: How the VC is funding the AI global takeover. Summary:Fredericks of Hollywood filed for bankruptcy protection in April 2015, blaming increased competition and decreased mall shopping for its demise. Summary: Los Angeles-based home decor brand Z Gallerie announced a Chapter 11 filing in March 2019. 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. On July 8, Brooks Brothers filed for bankruptcy in a year that's been financially brutal for many businesses. 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. The transaction completed in March 2019, and Things Remembered will continue to operate 176 sores under its brand. All of it adds turns and speed bumps to the company's road forward. 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 Chapter 11. Sports Authority While the San Francisco-based retailer did enjoy some success launching e-commerce sales, it incurred net losses of $5M in 2016 and $5.7M in 2017. In late February 2019, the footwear brand received court approval to proceed with its plan to restructure its debts. However, the company struggled to keep up with heightened competition and decreased consumer spending amid the pandemic. } Summary: FTD, a flower and gift delivery brand, declared bankruptcy in June 2019. Post-bankruptcy, the company seeks to decrease its physical footprint and focus on its more profitable storefronts. It finally filed for bankruptcy in June as the Covid-19 crisis forced it to close 40% of its locations. The North American arm of apparel maker and brand owner Global Brands (GBG USA) filed for Chapter 11 bankruptcy at the end of July. Store closures decimated sales and derailed IPO plans for Madewell, which has garnered more success and popularity than J. In early June, Collected received new funding from private equity firm KKR, emerging from bankruptcy to continue its e-commerce business. That year, it was revealed the company had over $130 million in debt, and it was liquidated. Lauren Jarvis-Gibson is an Associate Editor at Best Life. Summary: Discount home goods chain Tuesday Morning filed for Chapter 11 bankruptcy in May, citing Covid-19-induced store closures. In mid-January 2023, party supply store chain Party City filed for bankruptcy protection. But according to recent reports, the fashion retailer is going out of business and closing all of its stores nationwide. Summary: Art Van Furniture sold a fifth of its stores in its Chapter 11 bankruptcy filing, which was later converted to a Chapter 7. The good news: Foot traffic to its Men's Wearhouse and Jos. The decision to abandon online service helped doom the company, which filed for bankruptcy in 2010. 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. Palm After an attempted sale fell through, The Weinstein Company declared bankruptcy in early 2018. The company emerged from bankruptcy in February 2016 under the ownership of hedge fundMonarch Alternative Capital LP. In 2022, only a handful of companies went under. 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. The retailer received about$22M in financing from Salus Capital Partners to maintain operationsduring the process. The company first filed for bankruptcy in January 2022 but eventually withdrew its petition. > Type of business: Tech, solar panels. Summary: The Southern discount retail and pharmacy chain Freds filed Chapter 11 in September and swiftly began liquidation sales. > Type of business: Tech, wearables. 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. Summary:Employee-owned jewelry chainGM Pollack, which was family-owned until 2009, began shutting down stores in June but did not originally plan to close all of its stores. The troubled company is taking an axe to another one of its chains. In February 2019, a New York court approved a $5.2B bid by Sears Chairman Edward Lampert to buy the company. Although the company announced it would operate as usual through the bankruptcy, it asked investment bank Lazard Ltd to help explore a sale for its remaining assets, which include its jewelry and jeansware businesses, as well as its womens clothing lines, Kasper and Anne Klein. Her work has been published in Teen Vogue, Allure, HuffPost, and more. Summary: Luxury menswear brand John Varvatos declared bankruptcy in May. It was sold for $102M in August to Bedding Acquisition LLC. Gymboree is now selling its flagship brand as well as the Crazy 8 brand to The Childrens Place for $76M. Bank regained in-store market share since the early impact of COVID-19 in 2020. UK-based fashion brand M&Co fell into administration (the equivalent of Chapter 11 in the US) in the middle of December. It was ultimately approved last week by a federal bankruptcy court judge, who said "zero evidence" had been put forth to show the beneficiaries and former bondholders had been squeezed out through any scheming by Silver Point or the company. Summary: True Religions April Chapter 11 filing marked the denim retailers second bankruptcy in 3 years. Kodak was not ignorant of digital camera technology. Summary: The sporting goods retailer, Modells Sporting Goods, filed for bankruptcy in March, with plans to liquidate all of its 134 stores. Some typical causes: 1. Later that year, Sports Authoritys intellectual property was auctioned off for $15 million to its former competitor Dicks Sporting Goods. 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 August, a court approved the sale of FTD North America for roughly $110M to Nexus Capital Management. Summary:Owner of Eastern Mountain Sports, Bobs Stores, and Sport Chalet, Vestis Retail Group (owned by private equity firm Versa Capital Management LLC) announced plans for Chapter 11 bankruptcy in April 2016. Its first Chapter 11 filing came in December 2017, during which it announced the closure of 100 stores. The companywill use the capital from the liquidity to fund operations, in addition to receiving a commitment of $108M in debtor-in-possession financing from its existing lenders. It's not looking good for the retailer, but we do hope the party isn't over in 2023. In addition to macro pressures, Revlon had also been finding it increasingly difficult to capture younger consumers amid the growing popularity of beauty startups like, After 124 years in business, the high-end home goods retailer filed for Chapter 11 protection with around, in secured debt. The discount footwear chain filed for Chapter 11 protection in April 2017, which resulted in an agreement with lenders to close 800 stores and reduce debt. A. Of course . The downturn didnt stop there: from March 2020 to March 2021, income, . The downturn didnt stop there: from March 2020 to March 2021, income fell from $10M to $3.3M. THE D2C SURVIVAL GUIDE Though Freds is in the process of closing all of its stores, it sold portions of its pharmacy business to Walgreens and Express Rx in late September. In August 2021, the retailer emerged from bankruptcy after Second Avenue Capital Partners provided it with a $6.5M exit financing facility. The companys 2013 filing resulted in its sale to Toronto-based PE firm Catalyst Capital Group. Summary: Department store chain JCPenney was another early victim of the Covid-19 crisis, declaring bankruptcy in mid-May. Dressbarns CFO said the company was not operating at an acceptable level of profitability in todays retail environment., 11. The company filed forChapter 11 protection on December 11, citing declining sales due to issues with inventory, merchandising, and vendors. Summary:In a second bankruptcy within 5 years, or Chapter 22, the Great Atlantic & Pacific Tea Co. Inc. (which owned the A&P supermarket chain) chose to sell 125 stores and close 25 in efforts to save jobs and pay creditors. Samuels is looking to sell, and plans to close more than 100 stores in the process. Compaq was once one of the leading computer companies in America and the world overall. When the company went out of business in 2011, it became the most well-financed flop in U.S. venture capital history. The company filed for Chapter 11 on February 3, 2019 and emerged with court approval for its reorganization plan in less than 24 hours. The pandemic had an outsized impact on apparel sellers in general with spending and foot traffic falling in tandem. Business Casual. > Founded in: 2005 The Weinstein Company The move surfaced amid increasing debts, dropping sales, andnlawsuits stemming from the 2012 Sandy Hook school massacre (in which one of the companys rifles was used). Well into the pandemic, the company launched buy online, pick up in store and curbside systems for its largest banners, Men's Wearhouse and Jos. However, while the bank originally intended to send $8M in interest payments to Revlons lenders, it accidentally wired $900M. So even if current management drives the company into a ditch, someone will always be there to buy it out of bankruptcy for pennies on the dollar for the design, software, content, patents, and subscribers. The company said in September that it expects to exit bankruptcy by the end of October. 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. and looked to sell its remaining assets under court supervision. Charming Charlie plans to close 100 of its stores by the end of 2017 with larger plans to restructure its debt and business. Modern-day retail is at an inflection point as retailers face struggling physical storefronts, massive debt, and inefficient operations, among other issues. While the online fashion company initially experienced great success capitalizing on the rise of fast fashion, increased supply chain costs and inflation hampered its continued growth. Though virtually every business faced pandemic-related struggles, few sectors had a harder time getting through 2020 than restaurants. 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. Summary: Nebraska-based Gordmans struggled to adapt to e-commerce (it launched an online site in 2015) and experienced declining sales since 2012. Tupperware is an American kitchen classic, but the brand recently warned it could soon be out of business. Summary: Kitchenware seller Sur La Table filed for Chapter 11 bankruptcy in the same week as Muji USA. > Type of business: Vehicles, electric motorbikes. The popular retail chain carries everything from sewing patterns and beads to yarn and thread, making it a one-stop shopping . The high cost of moving the show from city to city eventually made the business model untenable. No one is walking away from that. Summary: New York & Company parent company RTW Retailwinds is closing almost all of its nearly 400 stores across 32 states as part of its Chapter 11 bankruptcy. Perhaps as a result, Vine usership plummeted, and Twitter discontinued the app in 2016. If you are a smaller shop and have close relationships with long-standing customers, this may prove to be a shock to some. } else { By 2009, Palm was bleeding cash, and it was acquired by HP for $1.2 billion in 2010. Summary: Amidst declining sales and piling debt, Perfumania filed for Chapter 11 protection in August. The company again declared bankruptcy in 2015, this time shuttering or selling all of its locations. Although the original holding company of Onkyo is no more, following bankruptcy filing, the brand has been rescued by Premium Audio Company and Sharp who bought Onkyo's manufacturing, brands . 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. Category/Product(s):Department Store Chain. 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