Retail Bankruptcies 2020: 19 Major Companies Facing Coronavirus Bankruptcy

Spread the love

Coronavirus has hit us hard and there is fear of life in everyone’s mind. People are coming out of their houses and most of them are trying to work from home. Due to this reason some of the major companies whose business depends on people visiting their stores have filed for bankruptcy.

Business like travel, Gyms, clothing and restaurant were closed for months due to coronavirus pandemic. When lockdown was removed by the government these companies were hoping for a good start but not even single customers are visiting stores. Most of the company’s stock dropped below 50% in last three months.

Most of the Gym chains like 24 Hour Fitness and Gold Gym have filed for bankruptcy. These fitness companies are in huge dept due to membership cancellations and gym closures.

Below is the list of all major retail companies of US who have filed for bankruptcy due to coronavirus pandemic.              

SFP Franchise Corp

Filing Date: January 23

Total Debt: $100 million

sfp franchise corp bankruptcy

Schurman Fine Paper on January 23 filed for Chapter 11 bankruptcy protection. SFP is a parent company to Papyrus, Paper Destiny, American Greetings and Carlton Cards which are stationary and greeting cards stores chain. According to the chief executive officer Dominique Schurman, the Schurman Retail Group had closed 254 of their stores in North America. More than 1,100 employees have gone jobless because of this closure.

According to the reports the company has assets in the range of $50 million and debts in the range of $100 million. The company has an estimated of 5000 creditors.


DALF Energy LLC

Filing Date: February 17

Total Debt: $10 million

dalf energy

DALF Energy is another victim of Covid-19 pandemic. On February 17, the company filed for Chapter 11 bankruptcy protection. According to the reports the company has assets between $1 million to $10 million and debts are approximately equal to the assets. The estimated numbers of creditors are 50.


Pier 1 Imports

Filing Date: February 17

Total Debt: $256 million

pier 1 imports bankrupt

Coronavirus hit the home furnishing retailer company Pier 1 Imports very hard. On February 17 Company filed for bankruptcy. Pier 1 has closed more than 450 stores in whole US. The company is looking for a buyer so that they can sell the company to clear their debts. It has a total debt of $256 million.


Bluestem Brands

Filing Date: March 9

Total Debt: $125 million

bluestem brands liquidation

Bluestem Brands, a online retailer and direct-to-consumer specialist have filed for Chapter 11 protection on March 9, 2020. Bluestem is also looking for a buyer to sell the company. The company is hoping for a auction and wanted a minimum bid of $300 million. The company has a estimated debt of $125 million.


Art Van Furniture

Filing Date: March 9

Total Debt: $500 million

art van furniture bankrupt

One of the largest furniture retailers Art Van Furniture filed for Chapter 11 bankruptcy on March 9, 2020. The company is facing liquidation. The company has closed approximately 169 stores along with 3,000 employee’s gone jobless. The company has a debt in between $100 million to $500 million with 50,000 to 100,000 creditors.


Modell’s Sporting Goods

Filing Date: March 11

Total Debt: $500 million

modells bankruptcy filing

Modell’s Sporting Goods is a oldest sports goods selling merchandise US company. On March 11 2020 Company filed a Chapter 11 bankruptcy protection. The company has more than 150 stores in US with approximately 3,600 employees. All the stores have been closed and employees have gone jobless. The company has total assets in between $10 million to $50 million and debts to be paid are in between $100 million to $500 million. The company is planning to liquidate all its stores.


True Religion

Filing Date: April 13

Total Debt: $500 million

true religion bankruptcy

Designer jeans company True Religion is another retailer in the list of the companies who filed Chapter 11 bankruptcy. On April 13, True Religion Apparel Inc filed Chapter 11 bankruptcy protections for a second time in less than three years. The company has closed all of its stores but doing e-commerce business. The company has assets of $100 million to $500 million and debts of also $100 – $500 million.


Roots USA

Filing Date: April 29

Total Debt: $15.4 million

roots usa facing bankruptcies

Roots Corp. is a famous clothing retailer in United States. Due to losses during coronavirus pandemic it has decided to close all of its U.S. stores and filed a Chapter 7 bankruptcy. The company was facing loss from a long time. It had a total of $6 million loss previous year. It is recorded that this retailer company posted a loss of $44.6 million quarter ended February 1. The company has shown his assets as $9.6 million and liabilities as $15.4 million. The company is now facing liquidation.


Gold’s Gym

Filing Date: May 4

Total Debt: $1.65 billion

golds gym bankrupt

Gold’s Gym, the world largest co-ed gym chains has filed for bankruptcy protection. The company operates more than 700 gym’s all over the world of which almost 500 has been closed due to coronavirus pandemic. The company has total debts of $1.65 billion.

“This has been a complete and total disruption of every one of our business norms, so we needed to take quick, decisive actions to enable us to get back on track,” chief executive Adam Zeitsiff said in a video statement.


J. Crew

Filing Date: May 4

Total Debt: $10 billion

j. crew bankrupt

One of the US biggest clothing retailers J. Crew Group has become the first national US retailer to file for bankruptcy protection. On May 4, 2020 this clothing retailer filed a Chapter 11 bankruptcy. Total of 500 stores has been closed due to coronavirus pandemic. The company has approximately 14,500 employees in the whole US, which might lose their jobs. The company has around $1 to $10 billion as assets and debts.


Neiman Marcus

Filing Date: May 7

Total Debt: $10 billion

neiman marcus liquidation

Neiman Marcus has also filed for bankruptcy because of the coronavirus pandemic on May 7, 2020. The company was already in debts according to the reports and due to coronavirus the situation got worse. According to the reports the company has closed majority of its last call 22 stores. The total of 14,000 employees has gone jobless. The company has a total debt of around $10 billion.


Aldo

Filing Date: May 7

Total Debt: $300 million

aldo shoes company bankrupt

Aldo, a worldwide famous footwear and accessories retailer has also become victim to covid-19. On May 7, 2020 the company filed a Chapter 11 bankruptcy. Aldo has a approximately 3,000 stores worldwide which will be closed as per the lockdown rules. The company has total debt of around $300 million.


Also Read: 10 Times Police Brutality Resulted in Riots


Stage Stores

Filing Date: May 11

Total Debt: $1 billion

Stage stores filed chapter 11

On May 11, 2020 Stage Stores has filed for bankruptcy due to coronavirus pandemic. The company has total of 738 stores which will be closed and more than 500 stores will be liquidated. The company owes in between $500 million to $1 billion to more than 10,000 creditors as debt.


J.C. Penney

Filing Date: May 15

Total Debt: $3.6 billion

JC Phenny

J.C Penney has filed for bankruptcy due to coronavirus crisis on May 15, 2020. The company has 846 stores which will remain closed due to lockdown. The company tried to keep their company open and survive the pandemic by borrowing $ 450 million from lenders. The company has total of 85,000 employees all over US which makes it’s the largest US retailer to file bankruptcy in 2020. Up till now the company has a long term debt of $3.6 billion.


Centric Brands

Filing Date: May 18

Total Debt: $10 billion

centric brands chapter 11 bankruptcy

Centric Brands Inc. is a well known company which sells clothing under famous brand names like Calvin Klien, Tommy Hilfiger and Nautica. Due to coronavirus pandemic company on May 18, 2020 filed for Chapter 11 bankruptcy. The company is facing liquidation because of its debts. According to the reports company has liabilities in between $1 billion to $10 billion which equal to its assets.


Hertz

Filing Date: May 22

Total Debt: $18.8 billion

hertz filed chapter 11 bankruptcy

Travel Companies are also facing huge loss due to Coronavirus pandemic. Hertz, US largest car renting company filed for bankruptcy on May 22, 2020. The company had a total of 568,000 vehicles which it gives for rent all over US. Hertz has a loss of $356 million from previous three years. More than 15,000 employees have lost their job because of Hertz closure. Hertz has a total debt of $18.8 billion of which $14.4 billion can be backed by its vehicles.


Tuesday Morning

Filing Date: May 27

Total Debt: $200 million

tuesday morning filed bankruptcy

Household goods selling retailer Tuesday Morning filed for Chapter 11 bankruptcy on May 27, 2020. The company has approximately 700 stores in US of which around 250 has been closed and facing liquidation. Almost half of its employee lost their jobs due to this closure. The company owes around $200 million as debts.


Pyxus

Filing Date: June 15

Total Debt: $400 million

pyxus coronavirus bankruptcy

World’s largest Tobacco Suppliers, Pyxus International Inc. also filed for bankruptcy on June 15, 2020. The company was facing loss from a long time because of the declining tobacco consumption around the world. But coronavirus pandemic hit even harder and the company took this decisive step. The company has a total debt of $400 million.


24 Hours Fitness

Filing Date: June 15

Total Debt: $1.5 billion

24 hour fitness stores closed in us

24 Hour Fitness Worldwide Inc. has filed a Chapter 11 bankruptcy due to coronavirus pandemic. 24 Hour Fitness representatives said in an interview that Covid-19 hit them very hard and they would never close or filed for bankruptcy if corona was not there. The gym company has closed more than 100 gyms in US. The company has more than $1.5 billion as debt.

Geetesh.S

Hi , I am a computer engineering graduate and a professional Digital Marketing Expert.

You may also like...