- A number of retailers and restaurant companies have filed for bankruptcy in 2020.
- Not all bankruptcies result in outright liquidation.
- Companies can also use bankruptcy as an opportunity to turn things around financially.
- Visit Business Insider’s homepage for more stories.
2020 has been a hectic year for retail bankruptcies.
The previous year saw a number of well-known national and regional retailers file for both Chapter 7 and Chapter 11 bankruptcy. This resulted in everything from outright liquidation to financial reshuffling.
But as the coronavirus pandemic roils the industry, more major retailers and restaurant chains have now have now filed for bankruptcy in the first seven months of 2020 than all of 2019. Here’s a list of the retail companies and restaurant chains that have filed for bankruptcy so far in 2020:
The entire fleet of Papyrus stores was slated to shut down when the chain’s parent company, The Schurman Retail Group, filed for bankruptcy in January.
Source: Business Insider
After Kroger announced it would divest its stake in Lucky's Market in December, grocery industry observers wondered whether the regional chain might be in jeopardy. The following month, Lucky's filed for Chapter 11 bankruptcy.
Source: Business Insider, CNN
Organic grocer Earth Fare filed for Chapter 11 bankruptcy on February 4. The chain's 50 natural foods stores were set to shut down, but some locations have been acquired by new owners.
Source: Associated Press, Business Insider, Supermarket News
Noah's Event Venue, a chain offering spaces for various gatherings, technically filed for bankruptcy in May 2019. However, in February 2020, a federal judge ordered the remaining Noah's locations closed, leaving engaged couples around the country scrambling.
Home goods retailer Pier 1 filed for Chapter 11 bankruptcy on February 17. In May, the Texas-based company said it would shut down its business after failing to find a buyer.
Source: Business Insider, Business Insider
Michigan-based chain Art Van Furniture filed for Chapter 11 on March 8.
Source: Click on Detroit
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Modell's Sporting Goods filed for Chapter 11 on March 11. The family-owned sporting goods chain will liquidate its remaining stores after failing to find a buyer, Bloomberg reported.
Source: Bloomberg
FoodFirst Global Restaurants, the parent company of the Brio Italian Mediterranean and Bravo Fresh Italian restaurant chains, filed for Chapter 11 bankruptcy on April 10. The company said that 71 of its 92 restaurants had temporarily closed amid the coronavirus outbreak.
Source: Restaurant Business
True Religion filed for Chapter 11 bankruptcy protection on April 13. It had previously filed for bankruptcy in 2017 but emerged from proceedings four months later.
Source: Bloomberg
J. Crew filed for Chapter 11 bankruptcy protection on May 4. The company now plans to convert $1.65 billion of its debt into equity.
Source: Business Insider
Neiman Marcus filed for Chapter 11 bankruptcy on May 7, citing "inexorable pressure" from the coronavirus pandemic.
Source: Business Insider
Stage Stores, which owns Goody's, Palais Royal, Bealls, Peebles, and Gordmans, filed for Chapter 11 bankruptcy on May 10, saying that coronavirus-related closures exacerbated a "challenging market environment." The company said it would start winding down operations while seeking a buyer for part or all of its business.
Source: Stage Stores
Garden Fresh Restaurants, owner of the buffet chains Souplantation and Sweet Tomatoes filed for Chapter 7 bankruptcy on May 14, choosing to close its doors for good.
Source: Restaurant Business
JCPenney filed for bankruptcy on May 15, saying in court documents that pandemic-related disruptions pushed it over the edge. It will close about 30% of its stores.
Source: Business Insider, Business Insider
On May 27, off-price retailer Tuesday Morning filed for Chapter 11 bankruptcy and announced plans to close approximately 230 stores.
Source: Business Insider
The US arm of Le Pain Quotidien filed for Chapter 11 bankruptcy on May 27. It sold all of its 98 locations to Aurify Brands, which reportedly plans to reopen at least 35 restaurants.
Source: Nation's Restaurant News
GNC filed for Chapter 11 bankruptcy protection on June 24, announcing it planned to close between 800 and 1,200 stores while it looked for a buyer. It announced a group of 248 stores that would close imminently.
Source: Business Insider, Business Insider
CEC Entertainment, the parent company of Chuck E. Cheese, filed for Chapter 11 bankruptcy protection on June 25. Its finances had been in freefall since the coronavirus pandemic hit.
Source: Business Insider
Reuters reported that Lucky Brand Dungarees filed for Chapter 11 on June 3. The jeans brand is now in the process of closing over a dozen stores and pushing for a sale to SPARC Group, the owner of Aéropostale and Nautica.
Source: Reuters
Brooks Brothers filed for Chapter 11 bankruptcy on July 8, citing disruption from the pandemic. It said it planned to close 51 stores. In August, Authentic Brands Group and SPARC acquired Brooks Brothers for $325 million.
Source: Business Insider, Business Insider
Sur La Table filed for Chapter 11 bankruptcy on July 8. It later sold for $89 million to a joint venture between CSC Generation and Marquee Brands LLC, which plans to keep at least 50 stores open.
Source: Business Insider, Chain Store Age
Japanese lifestyle brand Muji plans to close struggling stores after filing for Chapter 11 bankruptcy on June 10. Reuters reported that the chain's filing will "not affect its operations in other markets."
Source: Reuters
The parent company of New York & Co. and Fashion to Figure filed for bankruptcy on July 13. RTW Retailwinds filed Chapter 11 and plans to shutter a "significant portion" of its stores.
Source: Business Insider
The Paper Store, a specialty gift store with 86 locations in the Northeast, filed for Chapter 11 bankruptcy on July 14 and said it was seeking a sale.
Source: The Paper Store
Ascena Retail, operator of Ann Taylor, LOFT, Lane Bryant, Lou & Grey, Justice, Catherines, and Cacique, filed for bankruptcy on July 23. It said it would close a number of stores, including all of its Catherines stores.
Source: Business Insider
California Pizza Kitchen filed for Chapter 11 bankruptcy on July 30 after permanently closing an undisclosed number of restaurants due to the pandemic.
Source: Business Insider
Lord & Taylor parent company Le Tote filed for Chapter 11 bankruptcy on August 2 and said it would seek a buyer.
Source: Associated Press
Tailored Brands, owner of Men's Wearhouse, Jos. A. Bank, Moores Clothing for Men, and K&G Fashion Superstore, also filed for bankruptcy on August 2.
Source: Reuters
Off-price apparel and home goods retailer Stein Mart filed for Chapter 11 bankruptcy on August 12. The next day, it said it would close all of its stores.
Source: Business Insider
Garbanzo Mediterranean Grill, a chain with four company-owned restaurants and 21 franchised locations, filed for Chapter 11 bankruptcy on August 12, saying that it was "entirely brought on by the unprecedented and the sudden impact of COVID."
Source: Nation's Restaurant News
KB US Holdings, parent company of the grocery chains Kings Food Markets and Balducci's, filed for Chapter 11 bankruptcy on August 23 and said it had accepted a $75 million buyout offer from TLI Bedrock.
Source: KB US Holdings