Home décor company Z Gallerie filed for Chapter 11 in March, saying that it would close 17 of its 76 stores and emerge from bankruptcy after four months. As the New Year unfolds, here are 10 retailers to watch for a possible Chapter 11 filing in 2019. Caroline Jansen A little over one year after A'gaci exited its first Chapter 11, it found itself back in bankruptcy court again. The retailer announced the sale and the filing the same day. Furthermore, the company has been short on cash and "operating without sufficient liquidity throughout the summer." It was a close call for the 40-year-old retailer, which was acquired in 2012 by private equity firm Madison Dearborn from two other PE firms. The company cited a number of factors that led to its bankruptcy filing, including a decrease in wholesale orders, a dramatic decline in net sales and instances of theft and fraud. The company said it filed bankruptcy as it looked for a buyer for its e-commerce business, but its brick-and-mortar stores shuttered at the end of September. Like. The plus-size women's apparel retailer was formed more than 30 years ago. Without a buyer in sight, though, the business now is mostly disintegrating, and its wind-down has been swift so far. The filing came after the company, unbeknownst to employees and customers. The company agreed to turn over control to its lenders and slashed $900 million in debt, according to court documents. Women’s apparel brand A’gaci filed its second bankruptcy in 2019, announcing plans to close all 54 of its stores. "While it's true that consumer preferences are changing, successful retailers are those that can adapt to those tastes and curate goods and experiences consumers value. on from Brigade Capital Management, LP and B. Riley Financial, Inc. with the United States Bankruptcy Court for the Southern District of New York, Barneys revealed that all the stores closing have historically operated at a loss. The company initially announced that it was restructuring its operations at the time of its bankruptcy filing and closing 38 stores in the process. Just before filing, the retailer had announced the closure of 25 stores, which it plans to liquidate through Chapter 11. It has laid off hundreds of employees and sold major assets, including its specialty pharmacy business. Below is a list of the major filings of this year. But will the trend continue? Liquidation of the company began quickly and ended with the 72-year-old company shutting its doors for good. While some of the retailers were able to emerge from bankruptcy, others fell to the wayside, closing stores and eventually disappearing from existence. Going out of business sales at the accessories and apparel retailer are expected to yield $30 million in revenue. "This process does not affect the Company's franchise operations or its Latin American stores, which remain open for business as usual.". Five locations, including its New York City store on Madison Avenue, will remain open. Data shows that stores are closing or filing for bankruptcy this year at a faster pace than in 2018. Outcome: The maternity apparel retailer plans to close roughly half its stores and sell itself in bankruptcy. At the time of the filing, the retailer owed $6.9 million on a secured loan and $11 million in unsecured debt to suppliers and landlords. The filing came just a few weeks after the retailer announced it would be closing 25 stores and cutting down on corporate staff. “2017 was a big year. View this year's bankruptcies. The retailer finally announced it was filing Chapter 11 in September, closing all of its stores within 60 days. The news of the Chapter 11 filing came the same day as the purchase of the mall engraving retailer was announced, causing the company to close most of its 400 stores, Retail Dive reported. Trustee William Harrington filed an objection, stating that they company was rushing through the Chapter 11 too quickly. Protests against systemic racism this year pushed retailers to take a magnifying glass to diversity, and many areas are lacking. But it wasn't enough to stabilize its spiraling finances. After spinning off from Limited, it was acquired by Redcats USA, filed for bankruptcy in 2012 and then bought out of bankruptcy by private equity firm Versa Capital Management. Like many PE-backed retailers, Things Remembered, which last year attempted to boost sales through an Amazon storefront, is burdened with debt, which Reuters last month pegged at about $120 million. In a surprise move, the company filed and received approval on a restructuring plan in 24 hours. Still, Tempur Sealy CEO Scott Thompson earlier this month called the businesses retail footprint "overextended" and its capital structure "thin," with neither "designed to effectively respond to the competitive pressures of the recent retail environment.". . Avenue Stores went into bankruptcy with a plan to wind down all of its remaining 222 stores and sell its e-commerce operation. , and updated its return and exchange policies. Just prior to the retailer filing, it shut down its e-commerce operations, and updated its return and exchange policies. "This is something that will be very difficult to accomplish in a crowded and competitive sector.". Payless ShoeSource filed for bankruptcy twice — first in 2017 when it closed 673 locations, and again in February 2019, when it shut down its US operations entirely. Outcome: Filed with plans to liquidate 25 stores and potentially sell its remaining 33. For years, Forever 21 was a fast-fashion juggernaut, doubling down on its cheap prices in 2014 with an even cheaper offshoot, churning out trendy looks that were here today, gone tomorrow. The retailer also shut down its e-commerce business prior to the Chapter 11 filing, Retail Dive reported. Walgreens then won 63 stores during an auction of the retailer's pharmacy assets. Innovative Mattress Solutions, which runs the Sleep Outfitters, Mattress Warehouse and Mattress King brands, is hardly alone: Ubiquitous retailer Mattress Firm is in the process of shuttering some 700 stores after filing Chapter 11 last fall. Among other things, the company pointed to an unsuccessful brand repositioning attempt, which caused it to open 11 new format store locations between 2014 and 2016 and led to significant operating losses as those stores underperformed. Gap Inc. bought the Janie and Jack brand for $35 million, the news outlet said. Subject to court approval, the business will have $28 million debtor-in-possession financing from secured lender KeyBank National Association. The shoe retailer looked for a buyer, but its efforts proved fruitless as no promising investor came forward. on ... s Lafayette 148 and Abercrombie & Fitch’s lingerie brand Gilly Hicks have all opened stores or extended pop-ups in 2019. … As a mall-based, teen apparel retailer owned by private equity (acquired by Advent International in 2009 in a $380 million take-private buyout), Charlotte Russe joins other embattled retailers hampered in a turnaround. But new competition in the plus-size space from mass merchants and fashion stalwarts cut into sales while discounting, dwindling traffic, e-commerce and debt took their toll on the company. Crew and 99 Cents Only. In a turn of events, Shopko eventually closed its doors after 57 years in business. "Beyond the financial aspect, it requires talented merchants, skilled store labor and an inspirational vision," Portell said. Competition impacted the amount of traffic the retailer received, which led to discounting and slimmer profits, per court documents, and the consumer shift to online didn't help either. Five profitable years followed. Last year sent 17 major retailers into bankruptcy. Outside of the announced 17 store closures, Z Gallerie is expected to keep physical locations and its website open and operational through the duration of bankruptcy processes, pending funding approval by the courts. Furthermore, the company has been short on cash and "operating without sufficient liquidity throughout the summer." Fred's had tried to turn itself around by focusing on higher-margin private label products, reducing SKUs, expanding its alcohol offering and tightening its budget. That represented most of the Southern discount and drugstore retailer's footprint. Sam's Club locations in the United States decreased to 597. The retail apocalypse is the closing of numerous brick-and-mortar retail stores, especially those of large chains worldwide, starting around 2010 and continuing onward. This was the second bankruptcy for Payless. , as well as from big-box retailers like Target and even discount players like T.J. Maxx. The day after famed Barneys New York announced that it was closing stores in Chicago, Las Vegas, and Seattle, the retailer filed for Chapter 11 bankruptcy protection reportedly saying that all of its stores were operating at a loss. Outcome: Filed with plans to liquidate all Gymboree and Crazy 8 stores and operations, while looking for a buyer for the Janie and Jack brand. But will the trend continue? Since April, Fred's has been shuttering stores at an accelerated rate, with successive announcements totaling over 430 closures. intense pressure from rivals like The Children's Place. The court documents originally filed by McKesson allege that the retailer, "ceased making payments to multiple other vendors," and "has stopped paying numerous other creditors." Payless is an interesting case. Twitter, Follow The retailer, which operates Motherhood Maternity, Pea in the Pod, and Destination Maternity stores, plans to sell itself off in a December auction, but without a buyer may be forced into liquidation, Retail Dive reported. Rivals Tuft & Needle, Leesa, Nest and Purple have partnered with legacy retailers and Amazon, which itself moved into the space last year with its own, By signing up to receive our newsletter, you agree to our, opted to wind down its physical footprint, As retailers focus on diversity, executive representation is stagnant, Sears is closing 13 more stores, further shrinking its footprint, Longtime L Brands CFO to retire, but not before Victoria's Secret spins off, Hudson's Bay to launch online marketplace. The retailer was once a darling of the footwear industry. Debtwire senior retail analyst Philip Emma, that bankruptcies will pull back in 2019, simply because so many have already folded. And it bet heavily on brick and mortar rather than e-commerce; The company first launched online in 2005, and now some 16% of its total sales come from there, according to. By mid-January, and obtained $480 million in financing from lenders to continue business operations throughout the bankruptcy process. Some operations abroad, including in Mainland China, Taiwan and France, were shuttered even earlier. Subject to court approval, the business will have $28 million debtor-in-possession financing from secured lender KeyBank National Association. The luxury retailer filed Chapter 11 once before in 1996. hese aren't companies whose growth will outpace debt service," he said in comments emailed to Retail Dive, adding that it's a distraction from their basic task of retailing. Already under pressure to notch sales, the debt level creates a situation that "doesn't work," according to Greg Portell, lead partner in the global consumer and retail practice of strategy and management consulting firm A.T. Kearney. Z Gallerie plans on closing 17 stores in the process. CEO Shaz Kahng noted in a statement that the retailer would be using the bankruptcy process to "preserve" the Janie and Jack brand. Founded in 2004 by Charles Chanaratsopon, the retailer made its name largely by its approach to merchandising, grouping products together by color and pricing them between department stores like Macy's and teen retailers like Claire's. Amid retail bankruptcies, the buzz is that physical stores are dead. Beyond the financial aspect, it requires talented merchants, skilled store labor and an inspirational vision. Payless ShoeSource closed all 2,300 store locations as it filed for bankruptcy in February. Daphne Howland Outcome: The accessories and apparel retailer plans to close all of its remaining stores in its second Chapter 11 filing. A few weeks later, pharmaceutical drug supplier McKesson Corporation filed a lawsuit alleging that Shopko owed the company $67 million after it "would not commit to any future date on which Shopko would be able to make payment," according to court documents. Leadership has also been upended more than once, as several top employees have come and gone in recent years, according to the LinkedIn pages of past executives. Brookstone joins a list of other retailers that have filed for bankruptcy this year, including struggling department store Bon-Ton, which began liquidation in April, and teen retailer Claire’s, which entered bankruptcy in March with the hopes of restructuring and emerging as a stronger company. Rivals Tuft & Needle, Leesa, Nest and Purple have partnered with legacy retailers and Amazon, which itself moved into the space last year with its own affordable and premium mattress options. At the time of filing, the company had 856 full-time and 2,486 part-time employees. Founded in 1982 as a catalog retailer catering to professional women in need of maternity clothes, Destination Maternity became a leading player in a niche market. Click on a retailer to learn more about their bankruptcy. The company also pointed to problems with sales performance from February to June this year, which decreased revenue by $34 million. The first weekend after the new year began, Beauty Brands filed for Chapter 11 bankruptcy protection, saying it had entered into an asset purchase agreement with Hilco Merchant Resources for the sale of its operating assets. “The bankruptcies [this year] are kind of lumpy,” said Vince Tibone, a lead retail analyst at commercial real estate services firm Green Street Advisors. Below you’ll find a list of all the brands and retailers that have closed stores or filed for bankruptcy in 2019. According to the filing, "closing certain expensive, long-term, and underperforming stores as well as obtaining relief from other burdensome executory contracts is crucial to its ability to continue operating.". The discount shoe company spent last year closing down some 900 stores and cutting jobs at its headquarters after emerging from bankruptcy late in 2017. Leader Casper started off last year with plans to open its, across North America after inking deals with Target and Nordstrom. In between filing and receiving approval, U.S. Retailers May Hemorrhage For Two More Years, Wall Street Pushes Higher As Jobs Data Bolster Case For Stimulus, 3 Medical Experts Debunk COVID Vaccine Death Myths, Myanmar Restricts Twitter As Outrage Over Coup Grows, Trayvon Martin Remembered On His Birthday, Patients Asphyxiate As Latin America Battles Oxygen Crisis, Want To Prevent The Next Generation Of Student Debt? That would demolish the previous record of about 9,800 closures, set in 2019. Without a buyer in sight, though, the business now is mostly disintegrating, and its wind-down has been swift so far. And the retail apocalypse has already claimed many victims in 2019. The company liquidated its assets. What does a government reckoning with Google and Facebook mean for retail? The industry is approaching a record for filings this year, and others are still vulnerable as the economy, pandemic and retail evolution take their toll. In an era when sustainability is gaining traction among apparel consumers, Forever 21 has done little to appeal to them. Subscribe to Retail Dive to get the must-read news & insights in your inbox. Date: February 2019 (second bankruptcy) Category/Product(s): Footwear. In Chapter 11 now, it plans to continue marketing itself and is eyeing a December auction for the business. Discover announcements from companies in your industry. This trendline explores several topics facing small retailers as disruptions from the pandemic, e-commerce and broader economic trends continue to bedevil operations. Fred’s. Making and selling bedding has become a nightmare in the U.S. as disruptive material and sales innovations from bed-in-box startups like Casper continue to undermine traditional store-based mattress sales in the U.S. ", Even less hobbled retailers are struggling to keep up with disruption in the sector, but those like Charlotte Russe, distracted by their financial difficulties, including their real estate, are destined to fall even further behind. March 2019 – Pretty Green Pretty Green, the fashion retailer founded by the former Oasis frontman Liam Gallagher, has been placed into administration, which is loosely equivalent to the U.S. Chapter 11 bankruptcy proceedings. on Stuzo and Kount Partner to Bring Industry-Leading Fraud Protection to Stuzo’s Open Commerce®... Retail Academy Announces Customized eTraining to Upskill Employees and Maximize Profitability. Court documents state that the retailer estimates up to $500 million in assets. The company said at the time that it was looking to sell its business, which it did in April to YM Inc. The retailer attempted to work with landlords to reduce rents on its properties, which it pointed to as one of the reasons behind its current financial troubles. of them — nearly half the store closures that Coresight Research recently estimated the U.S. would see this year. But declines in the U.S. birth rate and expanded competition, along with mall traffic declines, knocked nearly a third off the retailer's top line. In December it was announced that the Midwestern retailer was closing 39 stores shortly after Debtwire revealed that the retailer was exploring restructuring. The retailer announced a sale to Enesco and the bankruptcy filing the same day. Plus-sized clothing retailer Avenue Stores filed for Chapter 11 in August, closing all 222 of its stores in the process. The retailer operates about 3,400 stores in more than 40 countries, a footprint that Stephen Marotta, appointed last month as the company's chief restructuring officer, said in a statement contributed to its demise, and is closing a massive number of them — nearly half the store closures that Coresight Research recently estimated the U.S. would see this year. Destination Maternity filed for Chapter 11 bankruptcy in October with $244 million in debt. Last year brought some big retail bankruptcies including that of 125-year-old company Sears. Outcome: Enesco, which sells gifts, home décor and accessories through third-party businesses, is buying the mall-based engraved-gifts retailer for an undisclosed amount. Retailing is not an easy exercise. "While it's true that consumer preferences are changing, successful retailers are those that can adapt to those tastes and curate goods and experiences consumers value. If it has seemed like going-out-of-business sales are around every corner, there's a startling reason: Forever 21, Walgreens, Dressbarn, GameStop, Gap and other chains shut down more than 9,300 stores in 2019 — making it the biggest year ever for store closings.. That's according to Coresight Research, which says closures jumped about 60% from the 5,844 the firm tracked in 2018. Outcome: The company plans to shutter 94 stores and sell itself, and awaits court approval for $50 million in debtor-in-possession financing to keep operations afloat. As it tried to turnaround, the company burned through five CEOs in as many years. The company has obtained $275 million in financing from existing lenders with JPMorgan Chase Bank as agent, plus $75 million in new capital from investment firm TPG Sixth Street Partners. But its troubles center around more than finances or channels, according to GlobalData Retail Managing Director Neil Saunders. “2017 was a big year. Along with 28 stores, the business has wholesale partnerships with a variety of retailers including Nordstrom Rack, Saks Fifth Avenue and Amazon.com, among others. McKesson declined further comment on those allegations. 2019 turned out to be another big year.” 2020 will inevitably bring with it more bankruptcies… , and plans to sell the still-relevant Janie and Jack brand, as well as the IP and online platform for Gymboree. The company met its demise after it worked to cut debt and reduce expenses but it wasn’t enough to “stabilize” its business and produce revenue to continue to operate. Using Brand Purpose to Drive Awareness and ROI, Raising the B2B Bar: Bringing B2C Growth and Opportunity to B2B Ecommerce, Scotch & Soda selects Nedap as strategic RFID partner. While the overall economy saw gains in 2019, retail chains unable to compete with online competitors were forced to close hundreds of stores amid bankruptcy filings this year. on As it tried to turnaround, the company burned through five CEOs in as many years — each bringing his or her own strategy vision — and went through a bruising board fight. Updated: October 23, 2019 Last year delivered some of the biggest bankruptcies in retail history, including the Chapter 11 filing of 125-year-old department store, Sears. A little over a year after exiting Chapter 11 on its first go around, Charming Charlie filed for bankruptcy again in July, this time with plans to wind down and close all 261 of its remaining stores. Twitter, Follow Outcome: Fred's filed for Chapter 11 with plans to close all stores, liquidate its operations and sell off its remaining pharmacies. Interface and Video Analytics Company, Ignite Prism, Form Exclusive Partnership, 17 retailers that could go bankrupt as the COVID-19 era wears on, Nordstrom leans on off-price, digital to chase customers and profits, Fearing store closures, mall landlords raise alarm about Sycamore's new version of Ascena, Retailers tout initiatives for Black History Month. Outcome: The department store stated in a press release that it will close stores in Chicago, Las Vegas and Seattle, along with five concept locations and seven Barneys Warehouse stores. Through the Chapter 11 process, the children's retailer is shedding its unsuccessful brands, something a few analysts were surprised didn't happen during the retailer's last bankruptcy, and plans to sell the still-relevant Janie and Jack brand, as well as the IP and online platform for Gymboree. The company’s assets were purchased by Hilco Merchant Resources after owing $6.9 million on a secured loan and $11 million in unsecured debt, Retail Dive reported. A bankruptcy filing for the fast-fashion retailer has been rumored for months, with the company reportedly hiring restructuring advisers in June. Beyond the financial aspect, it requires talented merchants, skilled store labor and an inspirational vision. It also sold off its Peek Kids brand to another entity and closed all of its 500 stores at the time of the purchase. This came as social media users buzzed about notices and locked doors at several of A'gaci's physical store locations in Texas. https://www.businessinsider.com/bankrupt-companies-retail-list-2019-3 As Things Remembered prepped for bankruptcy, it was also apparently working out a deal that could preserve at least some of its retail operations and jobs — the company otherwise reportedly faced. Prior to filing Chapter 11, the company was attempting a sale. The retailer announced the sale and the filing the same day. on Trax and Blue Yonder Partner to Launch Dynamic Workforce Management Solution for Retailers a... Best Buy is quietly closing US stores across 4 states, End-of-life regulation is coming for fashion, Naomi Sims’ Legacy: Entrepreneurship, Inclusion and Black Is Beautiful, How Nestle’s Garden of Life Attracted New Customers With Their DTC Approach, Power-Rank and Store-Cluster in Minutes, Not Days, Voice of the Industry: Building Bigger Baskets by Engaging Shoppers, 2020 Annual Survey: Digital Product Creation Maturity in Retail, Footwear and Apparel, Reimagining Retail Commerce in a Post-COVID World, Wharton School Launches 12-month Advanced Business Analytics Program. 125-Year-Old company Sears in April to YM Inc Charlie — it was expecting to file, with the 72-year-old shutting! Debtor-In-Possession financing from strategic partner Tempur Sealy as it filed for Chapter 11 filing the retailer has the intention closing! 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