6 of 22. Oi, Brazil’s fourth-largest telecom, with more than 74 million customers and 142,000 employees, ascribed its financial woes to Brazil’s deep recession and corruption scandals that have hurt foreign investment and crippled the Brazilian capital markets. Peabody’s chapter 11 filing was part of a wave of bankruptcies that have ricocheted through the U.S. coal mining industry, following filings by Arch Coal Inc.; Alpha Natural Resources, Inc.; Patriot Coal Corp.; and Walter Energy, Inc. Ascena, which operates Ann Taylor, LOFT, Lane Bryant, Lou & … One year later, BHS had collapsed, resulting in the loss of 11,000 jobs. Emerald bought the 107th Street properties in 2016 with the intention of converting them into condominiums, while the 117th Street properties were acquired in March 2018 with a … Retail store closings in the U.S. reached a record in the first half of 2020 and the year is on pace for record bankruptcies and liquidations as the Covid-19 pandemic accelerates industry changes. Arch Coal produces and sells thermal and metallurgical coal from 16 surface and underground mines located in the U.S. Following the 2008/2009 recession, major retail bankruptcies reached historic highs in 2010, setting the record with 48 filings. The foreign representative of Hanjin, a victim of global overcapacity and high debt, filed a petition on September 2, 2016, in the District of New Jersey, seeking recognition under chapter 15 of the company’s South Korean reorganization proceedings. 1 in South Korea, with a fleet of 100 container vessels. All rights reserved. Houston, Texas-based oil and gas exploration company Halcón Resources Corporation ("Halcón") drilled its way into the No. Linn Energy focuses its exploration and production efforts on the Colorado Rockies, California, the Hugoton Basin, the Mid-Continent, the Permian Basin, Texas, Louisiana, Michigan, and Illinois. According to CNBC, this puts 2017 on pace to tie 2009's Next . Bankruptcies in the retail sector are piling up and chains have aggressively closed under-performing stores. Therefore, store closings and openings are used an indicator of how well the U.S. economy is doing overall. Retail bankruptcies ‘tip of the iceberg’, ... Rivals’ bankruptcies, he said, had been caused largely by too much debt — not an underlying lack of customer demand for jeans. 2. April 7, 2016: Pacific Sunwear of California, clothing retailer with nearly 600 stores and derailed ambitions of skate-and-surf cool, filed for Chapter 11 bankruptcy. Everything you need to know about the market - quick & easy. Retail bankruptcies are on pace to surpass those filed in 2010, while store closings have already passed those from 2019, according to a report. The bankruptcy court confirmed the companies’ joint plans of reorganization and liquidation on December 14, 2016. American Apparel filed for its second bankruptcy protection in just over a year in November 2016, weighed down by intense competitive pressures facing U.S. teen retailers and a rocky relationship with its founder. ALSO READ: 3 Big Retail Bankruptcies of 2019 -- and 4 More That May Be Next. This year, Neiman Marcus and J.C. Penney joined the ranks of some of the biggest retail bankruptcies on record, including Sears, Toys R Us and Circuit City. 2015 Cache Chapter 11 Filing and Liquidation . Through the first quarter of this year, nine retailers have sought bankruptcy protection. already seen a greater number of major retail bankruptcies than in all of 2016. Yet another victim of the commodities rout, Linn Energy was once the largest energy producer operating as a partnership. Republic blamed its failure to succeed on a pilot shortage and the grounding of planes during its negotiation of labor contracts and agreements with larger carriers. Benzinga does not provide investment advice. While a certain amount of retail bankruptcies is to be expected, especially over the past few years, as e-commerce has provided staunch competition for brick and mortar, the pace of this year’s retail bankruptcy news has been dizzying. Retailers who act on location-rich data to place products where customers are, then personalize the shopping experience to suit new habits, will withstand the COVID-19 disruption and excel in the postpandemic era. retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. New Hampshire-based Performance, which also filed a bankruptcy case in Canada, stated that the filing was due to high-profile bankruptcies of its retail customers, weakness in the baseball and softball equipment market, and the relative strength of the U.S. dollar, which reduced profitability in overseas markets. The bankruptcy court confirmed Energy XXI’s chapter 11 plan on December 13, 2016. Carmel, Indiana-based for-profit college operator ITT Educational Services Inc. ("ITT"). Such partnerships were bankrolled by the U.S. shale boom, but many took on heavy debt loads to fund their acquisitions. ModSpace was hurt by the slowdown in the oil and gas and mining sectors, as well as the diminished volume of nonresidential construction. The company plans to close 51 stores out of the 334 total; already 45 stores have been closed since 2016. RadioShack yet again filed for bankruptcy in March 2017, as its partnership with Sprint Corp (NYSE: S) — one of the foundations of its return to health — fell through. Key features of a proposed chapter 11 plan filed by Republic on November 16, 2016, include reinstatement of its secured debt, distributions of cash and stock to unsecured creditors, and the extinguishment of old equity. Retail Bankruptcies: Next On the Chopping Block. Retail store closings in the U.S. reached a record in the first half of 2020 and the year is on pace for record bankruptcies and liquidations as the Covid-19 pandemic accelerates industry changes. See Also: Sears Bankruptcy 'Another Blow' To Apparel Supplier Iconix. Online shopping has hit retailers where it hurts. The 50-year-old company, which had campuses in 38 states, was forced to close its doors after the U.S. Department of Education demanded a steep increase in the security the company was required to post to guarantee federal student aid. After 156 years in business, one of the oldest U.S. retail chains still in business filed Chapter 11 bankruptcy in July, 2015. The company emerged from bankruptcy in August 2017 with a renewed focus on the U.S., Latin America and Asia. Founded in 2011 by legendary wildcatter Floyd C. Wilson, Halcón was a pioneer of the shale oil and gas boom, with operations in the Bakken Shale in North Dakota and the El Halcón in central Texas. The second bankruptcy came as the retailer struggles to overcome years of losses and rising online competition. © 2021 Benzinga.com. Continue Reading . The previous year saw a number of well-known national and regional retailers file for both Chapter 7 and Chapter 11 bankruptcy. Brazilian telecommunications company Oi SA ("Oi"), which filed the largest bankruptcy case in Brazil’s history on June 20, 2016, after a $19 billion out-of-court restructuring proposal collapsed. China Fishery and its subsidiaries are part of the Pacific Andes Group, the world’s 12th-largest seafood company and one of the world’s largest producers of fish meal and fish oil. To request reprint permission for any of our publications, please use our "Contact Us" form, which can be found on our website at www.jonesday.com. Wells Fargo agreed to provide $100 million of debtor-in … The you know what is about to hit the fan in America's retail sector because of the coronavirus pandemic. Houston, Texas-based oil and gas producer LINN Energy, LLC ("Linn Energy") trickled into the No. The State of Retail Bankruptcies in 2021. The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Already in January 2021, Christopher & Banks filed for … Republic operates a fleet of smaller planes that provide flights for larger airlines, including American Airlines Group Inc. ("American"), Delta Air Lines Inc., and United Continental Holdings Inc. Republic’s bankruptcy filing is the first by a major airline since American filed for chapter 11 in 2011. Posted on October 19, 2020; by Pamela Danziger; in All, from most recent, Retailers & Retailing; Following the 2008/2009 recession, major retail bankruptcies reached historic highs in 2010, setting the record with 48 filings. More than 8,000 employees were also affected by the shutdown, with the majority losing their jobs. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. The following are 10 of the most notable filings in a wave of retail bankruptcies since 2016, according to a larger list of 57 recent retail bankruptcies compiled by CB Insights. The second-largest coal miner in the U.S., Arch Coal filed for chapter 11 protection on January 11, 2016, in the Eastern District of Missouri to implement a restructuring to eliminate more than $4.5 billion in debt from the company’s balance sheet. As of 2016, it was the biggest collapse in the British retail industry since the demise of Woolworths in 2008, and provoked intense scrutiny from politicians keen to avoid further such incidents. As recently as September, tech company CSC Generation Holdings purchased Bon-Ton's websites, customer lists and intellectual property, bringing the retailer and its products back to customers. It’s become a depressingly familiar headline in 2017: [RETAILER NAME HERE] Declares Bankruptcy, Closes [XX] Stores.The Payless Chapter 11 filing on April 4 makes it the 10th retailer to declare bankruptcy in 2017. Don't have a Benzinga account? Dick’s acquired Sports Authority’s intellectual property, including its brand name, as well as more than 30 stores at a bankruptcy auction in June 2016. Business Retail armageddon: More bankruptcies in four months than all of 2016 USC experts talk about big changes in the retail market as storefronts close in the face of ‘e-tailers’ and big boxes In 2019, retailers in the United States announced 9,302 store closings, a 59% jump from 2018, and the highest number since tracking the data began in 2012. Sindhu Sundar. 4 position on the Top 10 List of 2016. Restructuring Practice Communications Coordinator, February 2021 Sports Authority filed for bankruptcy protection on Wednesday, becoming the latest big retailer to go down that road. Paragon filed for chapter 11 protection on February 14, 2016, in the District of Delaware to implement a prenegotiated restructuring plan that would reduce its debt by approximately $1.1 billion. 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