New data from Corsite Research shows that American retailers have announced 8,400 closures this year. Esca’s retail has closed at the highest locations at around 1,200. Corsite’s expected shutdown will snowball and set a new record this year, breaking the firm’s 2019 record of 9,302 closures.
U.S. Business is just as vague for the restaurant industry. About 1% of the country’s restaurateur restaurants – about 110,000 – have closed permanently this year, with thousands more on the brink, according to a recent report by the National Restaurant Association.
With the release and the catastrophic lockdown of the restaurant – many of which were already in deep trouble, dozens of people declared bankruptcy this year.
Papyrus: Mall, known for selling stationery and upscale greeting cards, went out of business, closing more than 250 stores in the US and Canada. Papers blamed the excesses of stores, the downturn in brick-and-mortar shopping and the inability to fully recover from the 2008 financial crisis.
Bar Louie: About 90 U.S. of the casual restaurant chain. It was the last call for about half of the locations, known for happy time deals. The chain files for Chapter 11 and came to an agreement with its lender to buy the chain through the sale of bankruptcy.
Crystal: In its bankruptcy filing, the 88-year-old fast food chain blamed a number of contributing factors, including increased competition, changing customer tastes and the addition of delivery online delivery platforms. Crystal emerged from bankruptcy in May.
February
Pier 1 import: Home goods retailers filed for bankruptcy following years of decline due to competition online competition and the Big-Bax chain. Pier 1, which at one time had more than 1,000 locations, closed completely at all its locations. In July, the brand name was purchased by an investment firm and will relaunch just as an online online store.
March
Model’s sporting goods: The family-owned chain, founded in 1889, was known for selling local team jerseys and equipment for the Youth League. As a result of the ban, all its 153 stores were closed permanently, mainly in the Northeast. The same company that bought the Pier 1 also bought the brand name of the model in ll gust for the August online store.
April
True religion: The trend from temporary store closures and housework reached denim retailers. True Religion emerged from bankruptcy in October October, and it managed to reduce its debt but dozens of locations closed.
May
J.Crew Group: Preppy Retailer, which manages the J.Crew and Medwell brands, became the first national U.S. retailer to file for bankruptcy protection as the epidemic forced the temporary store to close. With a small debt burden in November, it went bankrupt in September and named a new CEO in November – its third in three years.
Neiman Marcus: The 113-year-old upscale department store hit the nation hard, especially working from home. It emerged from bankruptcy in September with billions of dollars less and fewer stores, including its few Hudson Yards stores, which opened in New York City in 2019.
JCPenney: The epidemic was the final blow to the 119-year-old company, which has struggled to overcome a decade of bad decisions, executive instability and damaging market trends. Jaspenny closed about a third of its stores. The company was rescued in December by mall owners Simon Property Group and Brookfield Asset Management, which bought JCPenney out of bankruptcy.
Supremacy and Sweet Tomatoes: The Covid-19 was a brutal blow to the buffets you could eat, especially for this restaurant chain. He spent all his U.S. 97 U.S. dollars. Rest restaurants announced the closure of the rent and liquidated its assets.
Tuesday morning: Another discount home goods retailer for bankruptcy in the spring said the prolonged store closures were an “inevitable financial hurdle.” Its Dallas-based chain is home to about 700 U.S. cities. About 230 of the stores have closed in permanent locations where “too many locations are nearby.”
June
G.N.C. The 85-year-old vitamin and dietary supplement company closed about 1,200 stores as part of its bankruptcy. G.N.C. It is carrying a debt of about billion 1 billion and is facing declining sales at its brick-and-mortar sites before the outbreak. It is in the process of selling itself to a Chinese pharmaceutical company
CEC Entertainment: Prolonged shutdowns and stay-at-home orders especially Chuck E. Cheese’s parents were detrimental to the company. The CEC, which also owns Peter Piper Pizza, is “using Chapter 11 defense to achieve a comprehensive balance sheet restructuring that supports its reopening and long-term strategic plans.”
July
NPC International: The name of this huge franchise may not sound familiar, but the stores it operates definitely have name recognition: 1,200 Pizza Hut and 400 Wendy’s Restaurant Rents in the United States. The company blamed its debt burden on nearly 1 1 billion as well as rising labor and food costs for bankruptcy. Weeks later, NPC announced that about 300 of its pizza hut locations would close.
Brooks Brothers: A 200-year-old menswear retailer that sold 40 U.S. Dressed as president and unofficially filed for bankruptcy of Wall Street bankers. The privately operated company was struggling as business attire grew more accidentally in recent years and was particularly damaged by the epidemic, which sent demand for the suits to swell. The brand was bought by Simon Property Group in September.
Sur la Table: Purvier of 50-year-old upscale kitchenware filed for bankruptcy, resulting in his U.S. About half of the 120 stores were closed. Sur La Table an Gust was sold to an investment company for $ 90 million.
Muji USA: The U.S. hand of the Japanese retailer entered bankrupt and closed a “small number” of its locations. Ji is using the Muji process to refocus on online sales.
Lucky brand: At one point the trendy denim company filed for bankruptcy, explaining in a publication that the epidemic “has had a huge impact on sales across all channels.” The Lucky brand will soon close about 200 of its stores in North America, mostly in malls. He sold himself to Spark Group, the owner of Nautica and Aeropostal, in August.
RTW RetailWinds: Filed in mid-July by owner of women’s retailer New York & Co. RTW Retailwinds, which has about 400 stores and 5,000 employees, has closed hundreds of its locations. It affected its collapse “with a challenging retail environment and the impact of an epidemic” that has caused “significant economic hardship”.
Essena Retail Group: Owners of Ann Taylor, LOFT, Lane Bryant and other women’s clothing stores also filed for bankruptcy. Even before the outbreak, the deep-seated Eschena closed all its hundreds of stores, including about 300 Catherine locations. It is currently preparing to sell itself to a private equity firm.
California Pizza Kitchen: A 35-year-old pizza chain has filed for bankruptcy due to a ban on indoor dining in several US states. He used the process to reduce his debt and closed many lucrative places. The CPK went bankrupt in mid-November.
.Gust
Lord & Taylor: Snezi Upscale Retailer filed for bankruptcy once a year after buying for 2 million. Hopes of owning some of its stores were quickly dashed a month later with the announcement of the brand, which closed them all, ending a nearly 200-year run.
Tailored Brands: Men’s Warehouse and Jose A. The bank-owned brand filed for bankruptcy to cut its debt. The filing follows an earlier announcement that it was closing a third of its stores and cutting 20% of corporate positions. Rose from bankruptcy in December with a mild debt burden.
Stein Mart: The third-largest discount retailer filed for bankruptcy and closed its 300 U.S. stores. The 112-year-old company blamed its failure to change consumer habits and epidemics, both of which have “caused significant economic hardship to our business,” its CEO said. The brand was purchased by an investment company in December with plans to relaunch Rela Naline.
September
21st Century: Favorite by New Yorkers, the 60-year-old run has been completed at its 13 locations by the department store chain. The company blamed a lack of payments on its business disruption insurance as the cause of his death.
Sizzler USA: The bank chain, the country’s first casual restaurant chain, filed for bankruptcy due to the Covid-19L downdown, which forced it to temporarily close its dining rooms. The 62-year-old company said it was using the bankruptcy proceedings to reduce bankruptcy and reconsider its leases.
October
Ruby Tuesday: The second The casual dining chain blamed the epidemic for its bankruptcy. Ruby said Tuesday he is using the process to reduce his debt and manage it as normally as possible. The privately held chain has closed about 200 locations in the last few years, leaving about 300 globally.
November
Friendly: The East Coast dinner chain is known for its “fribble” milkshakes and sandwiches, which it filed for bankruptcy for the second time in less than a decade. It intends to “significantly sell all of its assets” to a private hedge fund company that owns other quick-service restaurants, including Red Hango and Super Salad. There are about 130 seats left in Friendly’s, down from 400 operated almost a decade ago.
Guitar Center: The 61-year-old company, the largest musical instrument retailer in the United States, tried to stay afloat by giving virtual music lessons during the epidemic, but eventually went bankrupt. Stores like Guitar Center are based on people making prudent purchases being among the most affected retailers this year.
December
Francesca: Moles felt one more tweak with the bankruptcy of this woman’s boutique. Francesca is closing about a quarter of its 700 stores, and is using bankruptcy to seek new financing and potential sales.
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