The prominent department store chain has lost money for nine straight years, and its troubles were exacerbated by the pandemic that forced its 850 remaining locations to close. The ALDO Group, a Montreal-based shoe retailer that operates about 3,000 locations in more than 100 countries, filed on May 7 under pressure from store closures. J.Hilburn, a Dallas-based luxury menswear retailer rooted in one-on-one contact with customers for its custom-made suits and shirts, filed on May 4. and announced plans to be sold to restaurant conglomerate Aurify Brands, which will keep 35 of its 98 bakeries in the U.S. open. Stores and factories worldwide are running out of money as the COVID-19 pandemic forces them to ... [+] close. These are the companies on Retail Dive's bankruptcy "watch list" for 2020, based on data from CreditRiskMonitor. British airline Flybe, one of Europe’s largest regional carriers, entered administration and grounded all flights on March 5. , which pversees two Lasik eye surgery providers. OneWeb, a satellite internet startup backed by SoftBank that launched 74 satellites into space, filed on March 27. and announced that it will permanently close more than 100 of its roughly 400 gyms, citing the “disproportionate impact” of the coronavirus pandemic on the fitness industry. with demand for elective surgeries all but disappearing. , weighed down by $4.2 billion in debt. but planned to keep its restaurants open. , one of Australia’s largest airlines co-founded by billionaire Richard Branson. It still plans to reopen its 181 J.Crew stores, 170 factory stores and 140 stores for its women’s clothing brand Madewell after coronavirus-related restrictions are lifted. For example, here are 3 times big brands tried to expand into new countries, only to come limping back. to convert about $1.7 billion of debt to equity. with all 41 of its theaters closed nationwide during the pandemic. Briggs & Stratton, a Wisconsin-based engine manufacturer for outdoor power equipment, filed on July 20 and announced plans to sell almost all its assets to private equity firm KPS Capital Partners. McDermott International, a commercial construction and engineering company, initiated a Chapter 11 process on January 21 to eliminate $4.6 billion in debt. 53% of SMB Owners Felt They’re At a Disadvantage in Customer Service, Compared to Larger Enterprises. Skillsoft, a corporate e-learning and talent development servicer, filed on June 14 to reduce its debt to $410 million from about $2 billion. I, I'm a reporter on Forbes' wealth team keeping tabs on billionaires and their money. SHARE. A. Forbes noted that eBay learned from these early mistakes and made more successful returns to both countries several years after its initial failed … Libbey, an Ohio-based glass tableware manufacturer for restaurants and bars that no longer needed new drinking glasses while they were closed, filed on June 1. It is liquidating its business in Ireland, permanently closing its 11 stores there. Not all products on this list were total failures, however. . Here is a look at the 25 biggest product flops of the last 10 years. Medium-sized companies were more likely to consider IT to be a critical ingredient. Whiting Petroleum filed on April 1, though it said it would continue to operate its business. , aiming to reduce its debt load while continuing normal operations. Wisconsin-based auto parts and plastics manufacturer Techniplas filed on May 6 as it hopes to find a buyer. and announced it was liquidating and closing its 13 stores. It was operating a fleet of Embraer E175s for Delta. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. . Full coverage and live updates on the Coronavirus, I'm a reporter on Forbes' wealth team keeping tabs on billionaires and their money. Travel data company Cirium found that 43 commercial airlines have failed — completely ceased or suspended operations — in 2020 so far, compared to 46 in all of 2019 and 56 throughout 2018. and agreed to sell its businesses in Europe and Asia. More are on the way. California Resources Corp., the largest oil and natural gas producer in California, filed on July 15 to wipe out more than $5 billion in debt. , an intrastate airline in Alaska, ceased operations and laid off all staff when it. Still, despite favorable conditions, American consumer trends come and go, and the days are numbered for several major products and brands. Bank, filed on August 2, weeks after it announced it was laying off 20% of its corporate workforce and closing up to 500 stores. Chesapeake Energy, which pioneered the practice of fracking in the oil and gas industry, filed on June 28 to eliminate approximately $7 billion of debt. Áine Cain and Madeline Stone. Avianca, which served more than 30 million passengers last year as one of Latin America’s largest airlines, filed on May 10 with all of its passenger flights grounded since mid-March due to Covid-19. Business at all of them has been upended by coronavirus shutdowns. Chuck E. Cheese’s parent company, CEC Entertainment, filed on June 24. Speedcast International, a satellite internet company that provides connectivity to the embattled cruise industry when ships are out at sea and serves 80% of cruise brands globally, filed on April 23. , an online search platform for rental homes, while at the same time announcing it was being bought out of bankruptcy by competitor CoStar Group. Despite a recent uptick in gun sales, Remington has faced years of litigation after making the rifle used by the gunman in the tragic 2012 Sandy Hook Elementary School shooting, and victims’ families worry that the bankruptcy filing may jeopardize their lawsuit. 2020-11-23T14:41:00Z The letter F. An envelope. Of 101 companies surveyed by CB Insights, 13% failed because they simply lost focus, while 7% failed to make the necessary changes. Bankruptcy isn’t a death sentence. on January 21 to eliminate $4.6 billion in debt. into bankruptcy on January 5, aiming to reduce its debt load while continuing normal operations. The pioneering company put the first commercial communications satellite in space in 1965. New technology develops, inevitably rendering older products obsolete. , a Dallas-based luxury menswear retailer rooted in one-on-one contact with customers for its custom-made suits and shirts. The two companies went back and forth over market share for some time, before Netscape seemingly dropped off the map by failing to launch a new updated Netscape refresh in a timely manner. Could Tesla Raise A $30 Billion Cash War Chest. American Addiction Centers, the first publicly traded addiction treatment provider in the U.S., filed on June 20. on February 17, before the weight of the pandemic even reached the U.S. Shares were trading at more than $460 in 2013 before beginning a steep and steady decline. M&A Fee Guide 2020; Featured Interviews; Data Room Insights. Bar Louie, a nationwide gastropub chain, filed on January 27 after closing 38 of its locations, leaving less than 100 remaining. , which offers products for aortic disorders. Ascena made a scene in October 2019 when the operator of Ann Taylor, Loft, Justice and other chains hotly denied that it was considering bankruptcy. “Pharma 2020: Marketing the future” is the third in this series of papers on the future of the pharmaceutical industry published by PricewaterhouseCoopers. “There has not been a dramatic uptick in the last 45 days. The prominent department store chain has lost money for nine straight years, and its troubles were exacerbated by the pandemic that forced its 850 remaining locations to close. Co-CEO Raymond Gindi blamed the company’s insurers that “turned their backs on us” in a press release. According to the University of Michigan’s Index of Consumer Sentiment, Americans appear more comfortable with their finances — and more willing to spend money — than they were at the same time last year. and American Airlines Frontier Communications A list of the biggest companies that have filed for bankruptcy during the coronavirus pandemic, ranked by assets. Statistics show that 29 percent of new businesses reportedly failed because of lack of finance. for the second time in the last year as it struggled to stay afloat with its stores closed. , a food distributor with $3.5 billion in revenue in 2018, filed on June 10 weeks after its assets. , which pioneered the practice of fracking in the oil and gas industry. Lucky Brand, a Los Angeles-based fashion designer and retailer specializing in denim, filed on July 3 and announced it is being acquired by Sparc, the parent company of Aeropostale and Nautica. San Antonio-based oil and gas servicer Pioneer Energy filed on March 2, though it is continuing operations. . Ascena Retail Group. Popular nationwide fast casual chain California Pizza Kitchen filed on July 30 and warned that it may close unprofitable locations. Specialist Leisure Group, a British company with 44 hotel and travel brands like Shearings, a century-old tour bus operator, entered administration on May 22 and cut 2,460 jobs. It aims to reduce its debt by $700 million and continue normal operations. and cut 2,460 jobs. Virgin Australia, one of Australia’s largest airlines co-founded by billionaire Richard Branson, filed on April 21 after the Australian government denied the company’s pleas for a bailout. British rent-to-own operation BrightHouse entered administration—the equivalent of a bankruptcy process—on March 30, immediately halting all new rent-to-own and cash loan lending activities. , four days after its competitor Hertz, with global travel still ground to a halt. General Motors to reduce its debt to $410 million from about $2 billion. Bankruptcy isn’t a death sentence. Another US regional feeder, and one owned by the same holding company as Trans States Airlines (mentioned earlier in this list). Trucking conglomerate Comcar Industries filed on May 17 and announced it was selling its five operating companies. and announced it was being bought and taken private by Deerfield Partners. . How they respond next year to their respective problems could make all the difference. However, not all companies are likely to fail. Luxury department store Lord & Taylor and its owner, Le Tote Inc., joined the growing list of major retailers going bankrupt on August 2. Earth Fare, a North Carolina-based organic grocery chain, filed on February 4, a day after announcing it was closing all of its stores and liquidating its inventory. , a luxury grocery store chain with 42 locations until it started downsizing in recent years. About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to … . It laid off 10,000 of its North American employees in April. General. This, in part, is a result of the lack of demand and revenue, but it’s definitely not the only case. Pullmantur Cruceros, a joint venture between Royal Caribbean and Cruises Investment Holding that has canceled all cruises through November 15, filed for reorganization in Spain on June 22. The pioneering company put the first commercial communications satellite in space in 1965. to renegotiate its debt. Only 70 employees remained to wind down the business. Below is a list of five major tech companies that failed and the reason behind their fall. Texas-based BJ Services filed on July 20 as it looks to sell off its cementing business and parts of its fracking business. filed on April 18 as the company revealed it had $800 million in previously undisclosed losses. Even the largest companies make mistakes — and you can learn from them. Singapore-based oil trader Hin Leong, founded by ex-billionaire Lim Oon Kuin, filed on April 18 as the company revealed it had $800 million in previously undisclosed losses. Co-CEO Raymond Gindi blamed the company’s insurers that “turned their backs on us” in a press release. Lucky’s had a loss of $100 million last year and a 10.6% decline in comparable sales. Clothing conglomerate Nygard Entities filed for Chapter 15 on March 19. , a British company with 44 hotel and travel brands like Shearings, a century-old tour bus operator. About 60,000 were local businesses, or firms with fewer than five locations. 24/7 Wall St. reviewed media reports, financial statements, and company press releases to determine the 10 brands that will disappear in 2020. Its reorganization plan is expected to reduce its sizable debt load by $10 billion. on March 30, shortly after its 73 locations were required to close. 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