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 doesnt inherently mean that a company will go out of business it's more a financial restructuring it does spell news of changes to come.
Heres 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.
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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.
Rubies Costume Company
Rubies, which manufactures costumes, wigs, and other festive gear, filed for Chapter 11 bankruptcy on April 30. Rubies claims to be the worlds 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 womens clothing and accessory brand.
Golds Gym
Golds 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, Gordmans, 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 countrys 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.
This list will be updated on a weekly basis.
Read the rest here:
- A Slow Bankruptcy Process Stops Locale-Reviving Jobs - Wall Street Journal (subscription) [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Alitalia Files for Bankruptcy, but Italy Balks at a Third Bailout - New York Times [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy auction for property of NASCAR artist Sam Bass ... - Charlotte Observer [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Pennsylvania Toy Seller Files For Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Obamacare helped make a 50% dent in personal bankruptcies ... - MarketWatch [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Puerto Rico Enters Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Puerto Rico Declares a Form of Bankruptcy - New York Times [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy Basics | United States Courts [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- The Truth About Bankruptcy | DaveRamsey.com [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Filing for Bankruptcy: What to Know | Consumer Information [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy - Wikipedia [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy | United States Courts [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Central Grocers files for bankruptcy, will sell Joliet warehouse - Chicago Tribune [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- How Obamacare Helped Slash Personal Bankruptcy by 50% - Money Magazine [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- Morning Agenda: Puerto Rico Declares a Form of Bankruptcy - New York Times [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- Why you can't ignore Puerto Rico's bankruptcy - USA TODAY [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- Goodman Networks Bankruptcy Plan Confirmed - Bankrupt Company News (press release) (blog) [Last Updated On: May 6th, 2017] [Originally Added On: May 6th, 2017]
- RBI Gets More Power Over Indian Bank NPAs - Bankruptcy An Essential Part Of Market System - Forbes [Last Updated On: May 6th, 2017] [Originally Added On: May 6th, 2017]
- Caesars: Poised For A Takeoff Or A Rocky Post-Bankruptcy Landing This Summer? - Seeking Alpha [Last Updated On: May 8th, 2017] [Originally Added On: May 8th, 2017]
- Puerto Rico's bankruptcy is the next step in its slow dance of default - The Hill (blog) [Last Updated On: May 8th, 2017] [Originally Added On: May 8th, 2017]
- This is the No. 1 reason Americans file for bankruptcy - USA TODAY [Last Updated On: May 8th, 2017] [Originally Added On: May 8th, 2017]
- Hartford Moves Closer to Bankruptcy, Soliciting Proposals From Law Firms - Hartford Courant [Last Updated On: May 9th, 2017] [Originally Added On: May 9th, 2017]
- Former 'Dance Moms' star Abby Lee Miller sentenced to prison for bankruptcy fraud - Los Angeles Times [Last Updated On: May 9th, 2017] [Originally Added On: May 9th, 2017]
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- NephroGenex Bankruptcy Plan Confirmed - Bankrupt Company News (press release) (blog) [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Food co-op's bankruptcy signals trouble for independent grocers - Chicago Tribune [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Puerto Rico's first bankruptcy hearing set for May 17 - Reuters [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Puerto Rico's Bankruptcy Fight Is About to Plunge Into the Unknown - Bloomberg [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
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- Burlington dentist takes bankruptcy to U.S. Supreme Court - Burlington Times News [Last Updated On: May 14th, 2017] [Originally Added On: May 14th, 2017]
- Mountain Creek files for Chapter 11 bankruptcy; plan would allow debt restructuring - New Jersey Herald [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Supreme Court Backs Bids to Collect Outdated Debt in Bankruptcy - Bloomberg [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- New Jersey Ski Resort Files for Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Westinghouse inches closer to rejecting construction contracts in bankruptcy - Pittsburgh Post-Gazette [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Teen Retailer Rue21 Files for Chapter 11 Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Puerto Rico's bankruptcy hearing marks reset of asset scramble - Reuters [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- N.C. questions Duke Energy's plans following Westinghouse bankruptcy - Charlotte Observer [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- Frontier Communications: Bankruptcy Looms In 2020 - Seeking Alpha [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- Bankruptcy Should Be A Last Resort For Struggling Hartford, Conn ... - Seeking Alpha [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- GulfMark Offshore to file for bankruptcy - WorkBoat (blog) [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- South Bay man sentenced to 56 months for bankruptcy fraud - The Mercury News [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- The biggest lesson of Puerto Rico's bankruptcy - CNN [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- Judge laments $15M in legal fees in St. Paul-Minneapolis archdiocese bankruptcy - Minneapolis Star Tribune [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Caesars Plans New Las Vegas Developments After Bankruptcy Exit - National Real Estate Investor [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Can Student Loans Be Discharged In Bankruptcy? - Forbes [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Q&A: How an energy company dodged bankruptcy in oil bust - Houston Chronicle [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Puerto Rico retirees will get bankruptcy committee: US Trustee - Reuters [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Caesars Plans New Las Vegas Developments After Bankruptcy Exit - Bloomberg [Last Updated On: May 22nd, 2017] [Originally Added On: May 22nd, 2017]
- Retail bankruptcies are exploding; here are the sectors where it's happening - USA TODAY [Last Updated On: May 22nd, 2017] [Originally Added On: May 22nd, 2017]
- ScanSource Sales Suffer Due to Avaya Chapter 11 Bankruptcy - CommsTrader [Last Updated On: May 22nd, 2017] [Originally Added On: May 22nd, 2017]
- Latest: Coal giant emerges from bankruptcy - High Country News [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- Seadrill: Bankruptcy Looming - Seeking Alpha [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- How brokers are making bank from retail bankruptcies - The Real Deal Magazine [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- Puerto Rico's bankruptcy will only prolong its economic meltdown - Fox News [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- More Puerto Rico agencies enter bankruptcy - MarketWatch [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
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- Payless Shoes Wants to Close 800 Stores This Year - Money Magazine [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
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- Catholic Crosiers Order Files for Bankruptcy - Wall Street Journal (subscription) [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Canada's Stelco Seeks US Bankruptcy Court Protection - Wall Street Journal (subscription) [Last Updated On: June 3rd, 2017] [Originally Added On: June 3rd, 2017]
- Surf contest pulled from auction: Cartel postpones Mavericks sale, remains in bankruptcy - San Mateo Daily Journal [Last Updated On: June 3rd, 2017] [Originally Added On: June 3rd, 2017]
- EXCLUSIVE: Township Nine owners file for bankruptcy - Sacramento Business Journal [Last Updated On: June 3rd, 2017] [Originally Added On: June 3rd, 2017]