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May 3, 2020 - What I think you've seen is lots of people being forced into, 'I'm going to ... Companies that file Chapter 11 bankruptcy negotiate with creditors to ...
1 day ago - While bankruptcy doesn't inherently mean that a company will go out of business — it's more a financial restructuring — it does spell news of ...
3 days ago - 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 ...
By Emily Pandise
From iconic department stores to entertainment giants, the coronavirus has seemingly spared no one in its devastation of the U.S. economy.
Falling consumer demand, reduced entertainment spending, and stay-at-home orders mandating certain businesses stay closed continue to take their toll on a retail industry that has been struggling for the past several years as consumers pivot to online shopping.
Even with the slow reopening of the economy as lockdowns beginning to lift, social distancing measures may continue for months. That will impact store capacity for retail and restaurants. For some businesses, these temporary changes could indicate bigger problems.
While bankruptcy doesn’t inherently mean that a company will go out of business — it's more a financial restructuring — it does spell news of changes to come.
Here’s a list of all the major companies to have filed for bankruptcy so far since the start of coronavirus.
Dean & Deluca
The New York City-based gourmet foods retailer filed for bankruptcy on March 31, one of the first businesses to show signs of trouble due to coronavirus impact. The company was founded in 1977 and was acquired by Pace Food Retail in 2014.
Apex Parks
Apex Parks, which owns and operates 14 family entertainment and water parks in New Jersey, California, and Florida, filed for Chapter 11 bankruptcy on April 8. A release from the company indicated that they do not intend to close.
FoodFirst, Bravo and Brio Restaurant Parent
FoodFirst Global Holdings, the parent company of restaurant chains Bravo Cucina Italiano and Brio Tuscan Grille, filed for Chapter 11 bankruptcy on April 10. FoodFirst acquired the brands in 2018.
True Religion Apparel
True Religion, a clothing brand known for its jeans, filed for Chapter 11 bankruptcy on April 13. The company, whose trendy denim rose to popularity in the 2000s, also filed for bankruptcy in 2017.
CMX Cinemas
CMX Cinemas, a chain of movie theaters with dine-in options, filed for Chapter 11 bankruptcy on April 25. The theaters, owned by parent company Cinemex Holdings, was in the process of acquiring the Star Cinema Grill, a deal that was inked only six weeks prior.
Rubie’s Costume Company
Rubie’s, which manufactures costumes, wigs, and other festive gear, filed for Chapter 11 bankruptcy on April 30. Rubie’s claims to be the world’s largest designer and manufacturer of Halloween costumes.
J. Crew
The preppy retailer worn by celebrities and shoppers alike filed for bankruptcy on May 4. The company also owns Madewell, a women’s clothing and accessory brand.
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Gold’s Gym
Gold’s Gym, which owns and operates over 700 gyms in the U.S. and internationally, filed for Chapter 11 bankruptcy on May 4. The company said in a release they hope to be through the filing by Aug. 1, “if not sooner.”
Neiman Marcus
Luxury department store Neiman Marcus filed for Chapter 11 bankruptcy on May 7. The century-old retailer is one of several traditional department stores that could be headed for trouble.
Stage Stores, (Bealls, Goody's, Palais Royal, Peebles, Gordman’s, and Stage Parent)
Stage Stores, which owns and operates almost 800 locations in smaller and more rural communities, filed for Chapter 11 bankruptcy on May 10. The brands sell a variety of goods, including apparel, cosmetics, and home goods.
JCPenney
Based in Plano, Texas, the retailer was founded more than a century ago as one of the country’s first department stores. But it has been on a downturn as people turn to online retailers and fast fashion to shop. JCPenney has faced financial trouble for several years, and filed for Chapter 11 on May 15. The retailer said it will announce the first phase of store closures in the coming weeks.
Pier 1 Imports
Home goods retailer Pier 1 Imports, which filed for Chapter 11 bankruptcy in February, announced May 19 that it is seeking bankruptcy court approval and plans to start a wind-down of business as soon as possible. The company was unable to find a buyer due to coronavirus impact. Pier 1 operates more than 900 stores nationwide.
Hertz
The Hertz Corporation, known for its car rental services, filed for Chapter 11 bankruptcy on May 22. Hertz, which owns other brands including Dollar and Thrifty, underwent a CEO change last week, its fourth in six years.
Tuesday Morning
Discount homewares retailer Tuesday Morning filed for Chapter 11 bankruptcy on May 27. The Texas-based company operates almost 700 stores in 39 states.
Le Pain Quotidien
French-inspired bakery and café chain Le Pain Quotidien filed for Chapter 11 bankruptcy on May 27. The company's U.S.-based unit, PQ New York, is selling its locations to Aurify Brands, which owns fast casual chains The Little Beet and Five Guys Burgers, among others.
This list will be updated on a weekly basis.
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