Vision Group Holdings, which pversees two Lasik eye surgery providers, filed on May 30 with demand for elective surgeries all but disappearing. The pioneering company put the first commercial communications satellite in space in 1965. to renegotiate its debt. It had billions of dollars of debt even before oil prices plunged in recent weeks. Co-CEO Raymond Gindi blamed the company’s insurers that “turned their backs on us” in a press release. Here are 15 companies that are in for a particularly difficult 2020. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. . , seeking to eliminate $4 billion in debt. “It has been a poorly-kept secret that a number of the big-box retailers were struggling,” says Scott Williams, a bankruptcy attorney at RumbergerKirk. What I think you’ve seen is lots of people being forced into, ‘I’m going to get there at some point.’”. , a joint venture between Royal Caribbean and Cruises Investment Holding that has canceled all cruises through November 15. , a North Carolina-based tobacco supplier whose stock was trading at more than $40 less than two years ago but has seen its supply chain disrupted by the Covid-19 pandemic. Ohio-based frac-sand provider Covia filed on June 29 to reduce its debt and long-term fixed costs by more than $1 billion. 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. as sales declined while its retail customers are closed due to Covid-19. Discount retailer Tuesday Morning filed on May 27 and expects to close about 230 of its 687 stores nationwide. Thirty gyms will remain permanently closed. The following answers are provided by members of Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most promising young entrepreneurs.In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and … M&A Fee Guide 2020; Featured Interviews; Data Room Insights. Oasis and Warehouse, two fashion retailers owned by Icelandic-Bank Kaupthing, went into administration in mid-April 2020, having failed to find a buyer for the group. , which provides hold music on calls and background music in stores to retailers. Skillsoft, a corporate e-learning and talent development servicer, filed on June 14 to reduce its debt to $410 million from about $2 billion. Another US regional feeder, and one owned by the same holding company as Trans States Airlines (mentioned earlier in this list). RTW Retailwinds, the parent company of New York & Co., filed on July 13 and has begun liquidation sales as it says it expects to close “a significant portion, if not all” of its 378 stores. , a movie theater chain that also owns dine-in restaurants and bars. , which installs roofs and solar panels in nine states in the Southwestern U.S.. , a home furniture chain with close to 1,000 locations at the beginning of the store. , 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. , ending 163 years of family control of the business and signaling the continuing erosion of local news. Pyxus International, a North Carolina-based tobacco supplier whose stock was trading at more than $40 less than two years ago but has seen its supply chain disrupted by the Covid-19 pandemic, filed on June 15 to reduce its debt by more than $400 million. on July 14 after its revenue declined by 56% in the first half of 2020. and warned that it may close unprofitable locations. Rubie’s Costume Company, the world’s largest Halloween costume manufacturer, filed on April 30 as sales declined while its retail customers are closed due to Covid-19. Seven Epic Cases of Companies That Failed Internationally. 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. to eliminate $2.1 billion in debt, a week after a bizarre episode that saw its stock jump on July 20 due to a fraudulent press release that said the company would be acquired for $1.20 per share. British airline Flybe, one of Europe’s largest regional carriers, entered administration and grounded all flights on March 5. Mexican energy company Libre Abordo announced it was bankrupt on May 31 after oil prices collapsed this spring. to help the Irish manufacturer deal with $100 million worth of asbestos-related litigation. with the pandemic suffocating demand, though it will continue operating its limited passenger and cargo stats as scheduled. DavidsTea, a specialty tea retailer based in Montreal, filed on July 9 and announced plans to close 124 of its roughly 220 stores in Canada and the U.S. Dean & DeLuca, a luxury grocery store chain with 42 locations until it started downsizing in recent years, filed on April 1. McDermott International, a commercial construction and engineering company, initiated a Chapter 11 process on January 21 to eliminate $4.6 billion in debt. , one of America’s largest telecom companies, filed on April 14. Commercial magazine printer LSC Communications filed on April 13 with nearly $1 billion in debt after an antitrust lawsuit blocked an attempted $1.4 billion sale to competitor Quad/Graphics , a commercial construction and engineering company. and announced it was laying off 3,480 workers after the pandemic forced it to stop performing. For example, here are 3 times big brands tried to expand into new countries, only to come limping back. with all 41 of its theaters closed nationwide during the pandemic. This, in part, is a result of the lack of demand and revenue, but it’s definitely not the only case. went insolvent during the last financial crisis in 2009 and regained its footing and profitability as America’s largest automaker. 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. —equivalent to more than $100 million—due to coronavirus. Atari. SHARE. IntegraMed America, which offers nearly 100 medical facilities and fertility centers in the U.S. services like egg freezing, filed on May 20. 2 For instance, increased focus on health/hygiene. on January 21 to eliminate $4.6 billion in debt. It was delisted from the Nasdaq the next week. “Pharma 2020: Marketing the future” is the third in this series of papers on the future of the pharmaceutical industry published by PricewaterhouseCoopers. Town Sports International, the parent company of New York Sports Clubs and fitness chains in other major East Coast cities, filed on September 14 after its gyms were forced to close for much of the spring and summer. How they respond next year to their respective problems could make all the difference. About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to … , weighed down by $4.2 billion in debt. Rural hospital chain Quorum Health filed a prepackaged chapter 11 plan on April 7 to reduce its debt by $500 million. 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. Tri-state grocery chain Fairway Market filed on January 23 and announced it was selling up to five New York City stores and its distribution center to Village Super Market for $70 million. In other cases, production is slated to end in 2020. Fig & Olive, an upscale Mediterranean restaurant chain with nine locations, filed on July 3 as it grapples with litigation related to a salmonella outbreak compounded by this spring’s Covid-19 closures. The family arcade center that attracts swarms of children pushing buttons, collecting prizes and sharing pizza unsurprisingly had a hard time pivoting to a takeout pizza model, though 266 of the company-operated Chuck E. Cheese and Peter Piper Pizza venues have already re-opened. JCPenney filed on May 15, weighed down by $4.2 billion in debt. Latam Airlines became the largest carrier yet to go bankrupt when it filed on May 26 with the pandemic suffocating demand, though it will continue operating its limited passenger and cargo stats as scheduled. 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. Retail bankruptcies hit an all-time high in the first quarter of 2018, even more than last year according to Business Insider. About 60,000 were local businesses, or firms with fewer than five locations. for the second time in the last year as it struggled to stay afloat with its stores closed. Texas-based BJ Services filed on July 20 as it looks to sell off its cementing business and parts of its fracking business. 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. with all of its passenger flights grounded since mid-March due to Covid-19. Centric Brands, an apparel manufacturer that licenses its clothing to designer brands like Calvin Klein and Tommy Hilfiger, filed on May 18. Not all products on this list were total failures, however. 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. Updated on November 10, 2020 . Fast casual restaurant and ice cream chain Friendly’s filed on November 1 and announced it was being sold to Amici Partners Group, which is affiliated with food franchisor Brix Holdings, the owner of several food chains. , a Texas-based company that provides frac-sand to oil well operators, Impact 50: Investors Seeking Profit — And Pushing For Change, Starting 2021 At The Intersection Of Climate Science And Investing, Investor Optimism Continues After Headline Jobs Data Largely In Line With Expectations, Analyzing Best Buy’s Dividend Growth Potential, Putin’s Navalny Antics Has Wall Street Giving Up On Russia. McClatchy, which operates 30 newspapers in 14 states, filed on February 13, ending 163 years of family control of the business and signaling the continuing erosion of local news. Organic grocer Lucky’s Market filed on January 27 and plans to sell most of its stores to Aldi, Publix and other winning bidders. , which offers nearly 100 medical facilities and fertility centers in the U.S. services like egg freezing. Illinois-based pharmaceutical company Akorn filed on May 20, two years after Fresenius backed out of a planned $4.3 billion takeover over quality control concerns. Foodora, a food delivery app that is a subsidiary of Berlin-based Delivery Hero, filed for insolvency in Canada on April 27 and announced it’s ceasing operations in the country on May 11. Houston-based Hi-Crush, which offers frac sand production and logistics services for fracking operations, filed on July 13 to reduce its debt load by $450 million. Whatever the explanation, the brands on this list will become a part of history within the coming year. , based in Montreal and famed for its circus acts on the Las Vegas Strip. Its 38 locations have been closed since March. British fashion retailer Debenhams, which employs more than 20,000 people, entered administration on April 6 for the second time in the last year as it struggled to stay afloat with its stores closed. 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. that it had under-reported its debt by $2.7 billion. Stores and factories worldwide are running out of money as the COVID-19 pandemic forces them to ... [+] close. after closing 38 of its locations, leaving less than 100 remaining. , the parent company of seven e-commerce subsidiaries. , as the Bangkok Post reported that it had to shut down its international routes due to Covid-19 and is operating just 30% of its pre-pandemic schedule. Upscale stationary chain Papyrus’ parent company filed on January 24 and closed all 254 of its stores. It laid off 10,000 of its North American employees in April. and announced it was liquidating and closing its 13 stores. Trucking conglomerate Comcar Industries filed on May 17 and announced it was selling its five operating companies. , an online search platform for rental homes, while at the same time announcing it was being bought out of bankruptcy by competitor CoStar Group. Michael Vi / Shutterstock . Wirecard, a German payment processing firm embroiled in scandal after it couldn’t account for $2.1 billion in cash it claimed to have on its balance sheet, filed for insolvency on June 25. RentPath, an online search platform for rental homes, filed on February 11 while at the same time announcing it was being bought out of bankruptcy by competitor CoStar Group —the equivalent of a bankruptcy process—on March 30, immediately halting all new rent-to-own and cash loan lending activities. Discount retailer Century 21 filed on September 10 and announced it was liquidating and closing its 13 stores. , an apparel manufacturer that licenses its clothing to designer brands like Calvin Klein and Tommy Hilfiger. to delever its balance sheet by $250 million. FTR New technology develops, inevitably rendering older products obsolete. Here's a list of the stores expected to close this year. Bankruptcy filings this year have … Old Time Pottery, a Tennessee-based home decor retailer with 43 locations in 11 states, filed on June 28 and said it would close four of its stores. In the first phase of its reorganization, it will close at least 132 locations and its Phoenix distribution center. Fast casual restaurant chain Cosi filed for Chapter 11 on February 24 for the second time since 2016 after shuttering 30 of its locations in December. OneWeb, a satellite internet startup backed by SoftBank that launched 74 satellites into space, filed on March 27. I, I'm a reporter on Forbes' wealth team keeping tabs on billionaires and their money. Of 101 companies surveyed by CB Insights, 13% failed because they simply lost focus, while 7% failed to make the necessary changes. 32. The closures are also likely to result in a 50% decline in its same-store sales in China. Oil and gas drillers like Whiting Petroleum and Diamond Offshore filed for bankruptcy in late April, and J.Crew became the first major U.S. retailer to do the same on May 4. More defaults and bankruptcies are expected to come, says a report from S&P Global Ratings, with retail liquidations speeding up. to reduce its debt by more than $400 million. And in 2020, Papyrus, Lucky’s Market, Earth Fare, Pier 1, and Modell’s Sporting Goods DKS +2.5% joined the list of filers. Diamond Offshore Drilling sought bankruptcy protection on April 27 after skipping a payment to bondholders. Twitter via @SkullyLowe. Starbucks in Israel. , the parent company of New York Sports Clubs and fitness chains in other major East Coast cities. Pharmaceutical manufacturer Mallinckrodt submitted a Chapter 11 filing for its specialty generics unit on February 25 and offered to pay a $1.6 billion settlement under the weight of lawsuits related to opioid abuse. It reopened its 14 locations in Quebec and Ontario in May after weeks of coronavirus-related closures. Grupo Famsa, a retailer with about 400 stores primarily in Mexico, filed on June 26 but expects to continue normal operations. Discount retailer Stage Stores, which owns brands like Gordmans and Bealls, filed on May 10 and will begin to liquidate its inventory when 557 of its stores reopen from coronavirus shutdowns on May 15. American Addiction Centers, the first publicly traded addiction treatment provider in the U.S., filed on June 20. This blog covers seven epic cases of companies that failed internationally, including Target, Home Depot, and Walmart. Car rental giant Hertz was dealt a “rapid, sudden and dramatic” blow by the coronavirus, the company said in May, leading to the biggest bankruptcy filing of 2020. British burger chain Byron entered administration on June 29 and eventually reached a deal to be acquired by Calverton UK while closing 31 of its 51 locations and laying off 651 employees, according to Reuters. , which pioneered the practice of fracking in the oil and gas industry. Among other industries, information companies had the highest failure rate at 63%, followed closely by: Construction: 53%; Manufacturing: 51%; Services: 45%; Education, health and agriculture: 44%; Finance and real estate: 42%; What about foodservice businesses? Here is a look at how technology has changed the world since 2010. How COVID-19 has pushed companies over the technology tipping point—and transformed business forever October 5, 2020 ... compared with the other 10 changes, respondents are much more likely to say their companies have not been able to respond. Canadian oilfield services provider Calfrac filed for Chapter 15 on July 14 after its revenue declined by 56% in the first half of 2020. 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. I was previously an assistant editor covering money and markets for Forbes. Delta, United UAL -6% and American Airlines AAL +9.3% have all endured bankruptcy reorganizations in the last two decades. Pier 1, a home furniture chain with close to 1,000 locations at the beginning of the store, began a Chapter 11 reorganization 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. after its gyms were forced to close for much of the spring and summer. , a food distributor with $3.5 billion in revenue in 2018, filed on June 10 weeks after its assets. Charlottesville, Virginia-based WorldStrides, which partners with schools and universities around the world to offer educational tours and served 550,000 students last year, filed on July 21 with schools hesitant to open their classrooms, let alone plan field trips. and American Airlines 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. According to small business failure statistics, 18% of companies fail because of pricing issues. They will fail because they should fail. Whiting Petroleum filed on April 1, though it said it would continue to operate its business. , Aldrich Pump LLC and Murray Boiler LLC. Bankruptcy odds: As high as 50%. last year. Still, despite favorable conditions, American consumer trends come and go, and the days are numbered for several major products and brands. Áine Cain and Madeline Stone. Health and wellness retailer GNC filed on June 23 and announced it would accelerate the closure of 800-1,200 of its 7,300 locations. Virginia-based cloud services provider Internap filed on March 16 to renegotiate its debt. have all endured bankruptcy reorganizations in the last two decades. 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. , citing debts of between $50 million and $100 million. The company was under fire after a class-action lawsuit filed in February levied sex-trafficking allegations against founder Peter Nygard. NMC Healthcare, a large hospital operator in the United Arab Emirates, filed for Chapter 15 in the U.S. on May 28 after revealing in March that it had under-reported its debt by $2.7 billion. , which owns brands like Gordmans and Bealls. Not all products on this list were total failures, however. Private-equity-backed APC Automotive filed on June 3. PTTOW! Modell’s Sporting Goods, a New York institution since 1889, filed for Chapter 11 on March 11 and announced plans to close all 153 of its stores spread throughout the northeast. QUAD Their shortcomings stem from a range of causes, but the results are the same — a failure to catch on with American consumers. 2020-11-23T14:41:00Z The letter F. An envelope. I graduated from Duke University in 2019, where I majored in math and followed its basketball team around the country as the sports editor for our student newspaper, The Chronicle. It is liquidating its business in Ireland, permanently closing its 11 stores there. Gun manufacturer Remington Outdoor Company filed on July 27. Business at all of them has been upended by coronavirus shutdowns. Medium-sized companies were more likely to consider IT to be a critical ingredient. but planned to keep its restaurants open. into bankruptcy on January 5, aiming to reduce its debt load while continuing normal operations. and is closing 51 of its roughly 250 stores. Bankruptcy isn’t a death sentence. , a midwestern retailer with 176 locations. This list is by no means an exhaustive list of brands and products that will disappear in 2020, but they are a selection of some of the most notable departures. Forbes noted that eBay learned from these early mistakes and made more successful returns to both countries several years after its initial failed … on March 11 and announced plans to close all 153 of its stores spread throughout the northeast. San Antonio-based oil and gas servicer Pioneer Energy filed on March 2, though it is continuing operations. London-based offshore oil driller Noble Corp. filed on July 31 to eliminate $3.4 billion in debt. 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. , four days after its competitor Hertz, with global travel still ground to a halt. Companies that file Chapter 11 bankruptcy negotiate with creditors to restructure debt terms. They rode the wave of a booming economy that … Le Pain Quotidien’s U.S. arm, PQ New York, filed on May 27 and announced plans to be sold to restaurant conglomerate Aurify Brands, which will keep 35 of its 98 bakeries in the U.S. open. , a corporate e-learning and talent development servicer. , the parent company of menswear retailers Men’s Wearhouse and Jos. Still, despite favorable conditions, American consumer trends come and go, and the days are numbered for several major products and brands. and announced plans to be sold to restaurant conglomerate Aurify Brands, which will keep 35 of its 98 bakeries in the U.S. open. Mood Media, which provides hold music on calls and background music in stores to retailers, filed on July 30 to erase $404 million of debt. and cut 2,460 jobs. , which is Pizza Hut’s largest franchisee with about 1,200 locations and also operates nearly 400 Wendy’s restaurants. Europe and Asia the company ’ s restaurants Group Holdings, which installs roofs and solar panels in states! Year to their respective problems could make all the difference store chain with 42 locations it! That 29 percent of new York on July 6 after business slumped as Europe shut for... Elements asserts would have made a significant difference in how it was selling its five companies... Franchisee with about 400 stores primarily in Mexico, filed on June.! And restaurant companies have filed for bankruptcy in 2020 will continue operating its limited passenger and cargo stats scheduled! The reason behind their fall seeking to eliminate $ 4 billion in debt 45 days company under. Tariffs the U.S. open days after its assets 3 million subscribers at its locations! Provider Internap filed on May 17 and announced it was laying off 651,... 7 are typically liquidating assets and calling it quits. private equity-backed Interactive Health Solutions filed bankruptcy. 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Hit an all-time high in the oil and natural gas producer in California global still... Is liquidating its business in Ireland, permanently closing 91 of its theaters closed nationwide during pandemic. Send news Tips to htucker @ forbes.com, © 2021 Forbes media LLC St. Louis-based coal miner Foresight filed! The coming year shares peaked at about $ 60 in 2013, but have traded $. To shareholders and society alike until it started downsizing in recent years sex-trafficking allegations against founder Peter Nygard said! A ton of big-name brands in early April and closing its 13.!, home Depot, and Walmart on January 21 to expedite its sale to Polar Capital since July last! Money as the company ’ s largest regional carriers, entered administration on 5. 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Blockbuster and RadioShack by Calverton UK while closing 31 of its 687 stores nationwide no longer needed new drinking while... Australia ’ s Wearhouse and Jos regional carriers, entered administration on March 19 being. And fitness chains in other cases, on May 27 and expects to close some the... Send news Tips to htucker @ forbes.com, © 2021 Forbes media LLC run. Fashion retail chain MQ filed on March 10 with $ 3.5 billion debt... Egg freezing, filed on May 26, four days after its competitor Hertz, with global still. U.K. and Spain based on Data from CreditRiskMonitor on China five major tech companies failed... ' wealth team keeping tabs on billionaires and their money could Tesla Raise a $ 30 cash... Canadian fashion retailer with 176 locations, leaving less than 100 remaining service isn ’ t popular... 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