Major retail companies that are riddled with debt from leveraged buyouts are falling like dominos as consumers shift their attention to online channels. Mattress Firm, the largest specialty mattress retailer in the US, filed for Chapter 11 bankruptcy protection on October 5. Apply market research to generate audience insights. Traditional retailers like Macy's, JC Penney, and Sears are struggling to attract customers as online retailers like Amazon consume more and more of the market. Remington settled a class-action lawsuit in 2014 and agreed to replace the triggers on 7.5 million allegedly defective guns, free of charge. Hundreds of retail companies have gone bankrupt some almost overnight. The 202-year-old company, which owns gun manufacturers including Bushmaster and Marlin, said its sales fell 30% last year to $600 million. Select personalised content. Bankruptcy filing: October 2018. Remington isn't the only gun company facing sales declines. ... United State's largest retail shopping space, in King of Prussia, Pennsylvania, U.S., December 8, 2018. The bankruptcy came after a decline in traffic to malls in the U.S. as more and more people choose to shop online. Retailers are filing for bankruptcy at record-high rates as Americans' changing shopping habits, along with years of overly aggressive store growth, continue to shake up the industry. At the time of the filing, the company had more than $1 billion in debt. Sears, once the largest retailer in the world, filed for Chapter 11 bankruptcy protection on October 15 and announced that Eddie Lampert would be stepping down from his role as the company's chief executive. The Bon-Ton Stores owns multiple department store chains including Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers. Getty/Scott Olson 50 US shops filed for chapter in 2017, and extra bankruptcies are at the horizon. Home retail brand Brookstone filed for bankruptcy on Aug. 3, facing anywhere from $100 to $500 million in liabilities and assets between $50 to $100 million. retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. Here's the retail carnage so far this year: Nine West Holdings filed for bankruptcy in April. In December, Lampert, who remains Sears' chairman, submitted a $4.4 billion bid through his hedge fund to purchase many of the company's assets, including 425 stores. We provide a quick snapshot of these retailers as well as the number of stores and jobs affected where data was available. Retail bankruptcies just hit an all-time high — and these 18 companies could be the next to default. The wedding-gown retailer David's Bridal filed for Chapter 11 bankruptcy protection in November. 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. Through namesake hedge … The company, which filed for bankruptcy in September, also, A'gaci filed for Chapter 11 bankruptcy in January. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Sign up for Insider Retail. ... with many more defaults and bankruptcies expected for the remainder of 2018. The retailer blamed the bankruptcy on a negative environment for retailers, the costs associated with its Conway's acquisition, lost revenue from Hurricanes Harvey and Maria, and a 2017 data breach. Cosmetics retailer Kiko USA Inc filed for Chapter 11 bankruptcy protection in January and said it would close all but four of its 29 stores and shut down its New York headquarters. Gibson will continue manufacturing musical instruments and equipment but will phase out its Innovations unit, which makes speakers, headphones, and audio equipment. the president is seen as supportive of the gun industry, filed for Chapter 11 bankruptcy protection, Retail bankruptcies just hit an all-time high — and these 18 companies could be the next to default. Toys R Us. When Sears couldn't scrape together a $134 million loan payment, it filed for bankruptcy and secured a new loan for $800 million. But those that are just too far into debt to fund the changes they need to thrive in the new retail world face a likelihood of going bankrupt. 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. The biggest retail crashes in modern history. The company filed for Chapter 11 in the beginning of the holiday season after failing to pay its suppliers. Women's shoe and accessory retailer Nine West filed for bankruptcy protection on April 6. Southeastern Grocers, the parent company of the grocery chains Winn-Dixie, Harveys, and Bi-Lo, filed for Chapter 11 bankruptcy protection in March. The company, . Here is a closer look at the major retail bankruptcies of 2020 so far. Last year, 26 major retailers, or those with more than $50 million in liabilities, filed for bankruptcies, according to data from research firm AlixPartners. "Once we complete the reorganization process, our company will have meaningfully reduced debt and interest costs and be well positioned for the future.". • A.C. Moore announced on November 25, 2019 that all 145 of its stores would close. The Bon-Ton stores filed for bankruptcy Feb. 4 and its fate is still undecided. ), Shoe retailer the Walking Company filed its second bankruptcy in 10 years on March 6, calling it the “final step in transforming … into a more vertically integrated, omni-channel retailer.”. These are just two of the latest US retail bankruptcies. Mattress Firm is currently considered to be the US' largest specialty mattress retailer with an estimated 3,272 stores across the US, according to Wedbush analyst Seth Basham. The company has since said it would close more than 220 stores. The company said at the time that it planned to close 49 of its 76 stores. Chapter 11, named after the U.S. bankruptcy code 11, is a bankruptcy generally filed by corporations and involves a reorganization of assets and debt. The firm had suffered from declining sales amidst the current protests against gun violence. The company, which has 59 restaurants in the US, said it had agreed to sell its assets to Right Lane Dough Acquisitions LLC for nearly $20 million. The company said it plans to close as many as 700 of its stores. 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