Corside Research’s New data U.S. retailers have announced 8,400 closures this year. Askena retail closed most of the space at nearly 1,200. Corside closes snowball and expects to set a new record this year, breaking the 2019 record of 9,302 closures monitored by the company.
Business was on par with the American restaurant industry. About 17% of the country’s restaurants – about 110,000 – have been closed permanently this year, with thousands on the edge, according to a recent National Restaurant Association report.
Locks are destroying retail and restaurants – many of which were already in deep trouble, with dozens declaring bankruptcy this year.
Papyrus: The mall, which is popular for selling stationery and upscale greeting cards, has gone out of business, closing more than 250 stores across the United States and Canada. Papyrus blamed over-expansion of stores, the collapse of brick and mortar shopping and the inability to fully recover from the 2008 financial crisis.
See Louis: This is the last call to half of the 90 U.S. locations of the casual restaurant chain, which is very popular for happy hour deals. The chain filed for Chapter 11 and came to an agreement with its lenders to purchase the chain through a bankrupt sale.
Crystal: In its bankruptcy filing, the 88-year-old fast food chain blamed a number of factors, including increased competition, changing consumer tastes and the rise of online distribution sites. Crystal emerged from bankruptcy in May.
February
Shipping 1 Import: Following years of decline due to online competition and large box chains, the home goods retailer applied for bankruptcy. Pier 1, which once had more than 1,000 seats, eventually closed all its seats. In July, the brand name was purchased by an investment firm and will be re-launched as an online-only store.
March
Model Sporting Goods: Founded in 1889, the family-owned chain specializes in selling local team jerseys and equipment for youth leagues. The bankruptcy closed all of its 153 stores primarily permanently in the Northeast. The same company that bought the Pier 1 bought the model’s brand name for an online store in August.
April
True religion: Temporary store closures and the trend of working from home affected the denim retailer. True religion emerged from bankruptcy in October, and it was able to reduce its debt, but closed dozens of seats.
May
J. Crew Team: J. The preppy retailer that runs the Crew and Mattwell brands became the first national U.S. retailer to file for bankruptcy protection as the epidemic forced a wave of makeshift store closures. It came out of bankruptcy with a small debt burden in September and named a new CEO – the third in three years – in November.
Neyman Marcus: The 113-year-old upscale department was particularly hard hit by the home-working nation. It emerged with less than a billion dollars in debt from bankruptcy in September and five fewer stores, including its brightest Hudson Yards stores, which opened in New York City in 2019.
JCP Penny: The epidemic is the final blow to a 119-year-old company that has been plagued by a decade of poor results, managerial instability and market trends. JCP Penny closed one-third of its stores. The company was recovered in December by mall owners Simon Property Group and Brookfield Asset Management, which bought JCP Penny from bankruptcy.
Suplantation and sweet tomatoes: Covid-19 was a brutal blow to all the buffets you could eat, especially to this restaurant chain. It announced the closure of all of its 97 American restaurants and dissolved its assets.
Tuesday morning: Another discounted home goods retailer filed for bankruptcy in the spring, saying prolonged store closures caused an “insurmountable financial hurdle.” The Dallas-based chain closed its nearly 700 U.S. stores permanently in about 230 cities, where “more places are nearby.”
June
GNC: The 85-year-old vitamin and food supplement company closed about 1,200 stores as part of its bankruptcy. GNC is indebted to nearly $ 1 billion and has been cutting sales at its brick and mortar locations since before the epidemic. It is in the process of selling itself to a Chinese pharmaceutical company.
CEC Entertainment: Prolonged closures and home stay orders especially Chuck E. Cheese’s parent company will be harmed. The CEC, which also owns Peter Piper Pizza, is using Chapter 11 security to “achieve a comprehensive balance sheet restructuring that supports its reopening and long-term strategic plans.”
July
NPC International: The name of this big owner is not known, but the stores that operate it certainly have name recognition: 1,200 Pizza Hut and 400 Wendy’s restaurants across the United States. The company blamed the nearly $ 1 billion debt burden and rising labor and food costs for bankruptcy. Weeks later, NPC announced that up to 300 of its pizza hut locations would be closed.
Brooks Brothers: The 200-year-old menswear retailer, dressed as 40 U.S. presidents and unofficially turned into an outfit for Wall Street bankers, has filed for bankruptcy. The privately owned company has been struggling in recent years as business wear has grown so casual, especially damaged by the epidemic, that the demand for suits has plummeted. The brand was acquired by Simon Property Group in September.
Sur la Table: The 50-year-old upscale kitchen has filed for bankruptcy, resulting in the closure of half of its 120 U.S. stores. The Sur La Table was sold in August to an investment firm for $ 90 million.
Muji USA: The U.S. arm of the Japanese retailer went bankrupt and closed “a small number” of its locations. Muji uses this process to focus on renewed online sales.
Lucky brand: Once the trendy denim company applied for bankruptcy, an epidemic “severely affected sales on all channels” explained in a release. The Lucky brand will close 13 of its approximately 200 stores in North America immediately, mostly in malls. It sold itself in August to SPARC Group, the owner of Natica and Aeropostyle.
RTW Retailers: The owner of New York & Co., a women’s retailer, filed in mid-July. RDW Retail Winds, with nearly 400 stores and 5,000 employees, closed hundreds of its locations. It blamed its decline on a “significant financial crisis” with a “challenging retail environment and the impact of the epidemic”.
Askana Retail Group: Owners of Ann Taylor, Loft, Lane Bryant and other women’s clothing stores also applied for bankruptcy. Askana, which was in deep financial trouble before the epidemic, closed hundreds of stores, including about 300 of its Catherine venues. It is currently in the process of selling itself to a private equity firm.
California Pizza Kitchen: The 35-year-old pizza chain applied for bankruptcy because of restrictions on dining in several US states. It used this process to reduce its debt and closed many nonprofits. The CPK went bankrupt in mid-November.
August
Lord & Taylor: The once-bad upper-class retailer filed for bankruptcy a year after it was bought for $ 75 million. Hopes of owning some of its stores came a month after the brand announced they had all closed, ending a nearly 200-year run.
Designed brands: Men’s Warehouse and Jose A. The brand, which owns the bank, has filed for bankruptcy to reduce its debt. It was filed following an earlier announcement that it would close one-third of its stores and cut 20% of corporate positions. The tailor emerged from bankruptcy in December with a light debt burden.
Stein Mart: The third largest discount retailer filed for bankruptcy and closed its 300 U.S. stores. The 112-year-old company has been accused of failing to change consumer habits and epidemics, both of which have “caused a significant financial crisis in our business,” its CEO said. The brand was acquired by an investment firm in December with plans to launch online again.
September
21st Century: Beloved by the New Yorkers, the department store chain completed its 13-seat 60-year run. The company blamed its failure to pay for its business interruption insurance.
Sisler USA: The restaurant chain, one of the first casual restaurant chains in the country, filed for bankruptcy with the Covit-19 locks, forcing its restaurants’ dining rooms to close temporarily. The 62-year-old said it would use the bankruptcy process to reduce debt and reconsider its leases.
October
Ruby Tuesday: Another The ordinary food chain blamed the epidemic for its bankruptcy. Ruby said on Tuesday he would use the process to reduce his debt and make it work as normally as possible. The privately held chain has closed about 200 locations over the past few years, with about 300 locations worldwide.
November
Friendship: The East Coast dinner chain is best known for its “friable” milkshakes and sandwiches, which went bankrupt for the second time in less than a decade. It wants to “sell all of its assets substantially” to a private hedge finance company that owns other fast service restaurants, including Red Ma and Super Salad. There are about 130 locations for the friendship, up from 400 that ran a decade ago.
Guitar Center: The 61-year-old company, the largest instrument retailer in the United States, tried to float during epidemics by offering virtual music lessons, but eventually filed for bankruptcy. Stores like the Guitar Center depend on the wise buyers among the retailers who have suffered the most this year.
December
Francesca: The malls took another step as this woman’s boutique went bankrupt. Francesca is closing a quarter of its 700 stores, and it is using bankruptcy to secure new funding and potential sales.