Retail Bankruptcies: Next On the Chopping Block. 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. Hamilton, Bermuda-based oil and natural gas producer Energy XXI Ltd. ("Energy XXI") trickled into the No. Here are the ten largest bankruptcies in 2020--from the oldest companies like Sears to giants like JCPenney and Neiman Marcus. Sports Authority filed for bankruptcy protection on Wednesday, becoming the latest big retailer to go down that road. Jones Day is representing Peabody in connection with its chapter 11 filing. Teen apparel retailer Aeropostale wasn't spared by the malaise that has come to plague the retail world, as it was forced to file for bankruptcy in May 2016. Oklahoma City, Oklahoma-based oil and gas producer SandRidge Energy, Inc. ("SandRidge") trickled into the final spot on the Top 10 List for 2016 when it filed for chapter 11 protection on May 16, 2016, in the Southern District of Texas to implement a prenegotiated $3.7 billion debt-for-equity swap. 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. retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. SandRidge listed $3 billion in assets and $4.4 billion in debt at the time of the filing; the company engages in the exploration, development, and production of crude oil, natural gas, and NGLs in Oklahoma and Kansas. Wells Fargo agreed to provide $100 million of debtor-in … 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. Retail Bankruptcies This Year Are on Pace to Exceed Post-Great Recession Filings. Retail bankruptcies in 2020 hit the highest levels in more than a decade, and experts say there are more to come Last Updated: Dec. 28, 2020 at 1:25 p.m. 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. "The rate of Chapter 11 filings is often an indicator of an industry's health and that's bad news for retailers," said Ian Wenik, bankruptcy reporter at The Deal. FN recounts the biggest bankruptcies in retail history as the sector experiences one of its most cataclysmic years in modern days. The bankruptcy court confirmed the companies’ joint plans of reorganization and liquidation on December 14, 2016. I t’s the perfect summation of 2020 to say that, in the commercial real estate industry, it was a much better year to be a bankruptcy lawyer than a retailer.. Pacific Sunwear of California, another teen apparel retailer, went through the trauma of Chapter 11 in April 2016 and subsequently emerged in September 2016 after being acquired by the private equity firm Golden Gate Capital. 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. Don't have a Benzinga account? The State of Retail Bankruptcies in 2021. 14 February 2020 Consultancy.uk. Dec. 28, 2018, 5:57 PM UTC The bankruptcy court confirmed a chapter 11 plan for Arch Coal on September 13, 2016. The bankruptcy court confirmed SandRidge’s chapter 11 plan on September 9, 2016. Everything you need to know about the market - quick & easy. SunEdison borrowed heavily in recent years to acquire wind and solar developers but faced disappointing earnings from its yield company subsidiaries, TerraForm Global Inc. and TerraForm Power Inc., which did not file for bankruptcy. 2020 has been a hectic year for retail bankruptcies. The 10 largest UK retail bankruptcies of the 2010s. Paragon listed $3.3 billion in assets and $2.6 billion in debt at the time of the filing. Create one. Other notable debtors (public, private, and foreign) in 2016 included the following: Hanjin Shipping Co., Ltd. ("Hanjin"), the world’s ninth-largest container shipping company worldwide and No. Fitch: Secular Challenges Spur U.S. Retail Bankruptcies September 28, 2016 09:29 AM Eastern Daylight Time . The combined companies, with 3,100 employees and assets valued at $1.3 billion, struggled due to falling print revenues and the burdens of high-cost, legacy information technologies. Paragon proposed a chapter 11 plan that offered bondholders cash and equity in the reorganized company and allowed existing equity holders to retain a 65 percent stake in the company. The company couldn't survive the reorganization and had to close down for good in March 2018. Retailers may be headed for a tough year. SunEdison also failed to close several deals, including the $2.2 billion takeover of Vivint Solar Inc. and the $700 million buyout of Latin America Power, and faced allegations of financial reporting improprieties as well as investigations by the U.S. Securities and Exchange Commission and the Department of Justice. Yet another company reeling from the downturn in oil prices and reduced demand for its logistic services, CHC filed for bankruptcy shortly after the company grounded much of its fleet following a crash of one of its helicopters in Norway that killed two pilots and 11 oil workers returning to the Norwegian mainland. How The Toys 'R' Us Bankruptcy Impacted July's Jobs Data, Sears Bankruptcy 'Another Blow' To Apparel Supplier Iconix. Sears Holdings Corp (NASDAQ: SHLD)'s years-long struggle in a tough retail environment culminated in the department store filing for Chapter 11 bankruptcy protection this week. The company exited its second bankruptcy trip in January. Through the first quarter of this year, nine retailers have sought bankruptcy protection. Neiman Marcus. The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. PE firm Golden Gate Capital, a lender to the company, agreed to convert over 65% of its loan into equity of the reorganized company and add another $20 million in financing. The company listed $8.4 billion in assets and $6.5 billion in debt at the time of the bankruptcy filing. Here are the biggest retail bankruptcies of 2019. 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. Sindhu Sundar. In 2012, Online fashion retailer Nasty Gal reached $100 million in sales but began experiencing declining sales in the ensuing years. Details of the cookies and other tracking technologies we use and instructions on how to disable them are set out in our, Singular Tradition of Client Service and Engagement with the Client, Mutual Commitment of, and Seamless Collaboration by, a True Partnership, Formidable Legal Talent Across Specialties and Jurisdictions, Shared Professional Values Focused on Addressing Client Needs. Another victim of plunging oil prices and an unsustainable debt load, the company joined a crowd of oil and gas firms in bankruptcy. © 2021 Benzinga.com. Bankruptcies in the United States decreased to 21655 Companies in the fourth quarter of 2020 from 22391 Companies in the third quarter of 2020. Houston, Texas-based oil and gas producer LINN Energy, LLC ("Linn Energy") trickled into the No. More than 8,000 employees were also affected by the shutdown, with the majority losing their jobs. This year has been a challenging one for retailers. It also sells coal to power plants, steel mills, and industrial facilities. By Dawn Geske 12/25/20 AT 1:00 PM. The bankruptcy court entered an order recognizing the restructuring on July 22, 2016. Unable to pay back the $5 billion in debt, retail toy chain Toys R US filed for bankruptcy in September 2017. ITT filed a chapter 7 case on September 16, 2016, in the Southern District of Indiana after closing 136 technical schools and leaving more than 35,000 students stranded in one of the largest college shutdowns in U.S. history. 2016 Major Retailer Bankruptcies. 2 position on the Top 10 List for 2016 was excavated by the largest U.S. coal mining company, St. Louis, Missouri-based Peabody Energy Corporation ("Peabody"), which filed for chapter 11 protection on April 13, 2016, in the Eastern District of Missouri with $11 billion in assets and $10.1 billion in debt. Tracing its roots to 1917 and R.H. Donnelly Co., publisher of the first Yellow Pages business directory, Dex (then known as Dex One Corp.) exited its first bankruptcy in 2009. The second bankruptcy came as the retailer struggles to overcome years of losses and rising online competition. 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. Incidentally, Claire's, which was once a public company, went private in 2007 after it was bought by Apollo Global Management in 2007. All U.S. Retail Chapter 11 Bankruptcies Resulting in Going Out of Business Liquidation Sales 2008 - 2015: 2015 Great Atlantic & Pacific Tea Company (A&P) Chapter 11 Filing. 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. Bankruptcy had been a near-certainty for one of the nation’s biggest and fastest-growing developers of renewable-power plants for some time. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm. The company listed $3.5 billion in assets and $3.1 billion in debt at the time of the filing. 6 spot on the Top 10 List when it filed for chapter 11 protection on April 14, 2016, in the Southern District of Texas with $4.7 billion in assets and $3.6 billion in debt. Read full article. 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. In 2016, a significant number of store closings and bankruptcies are an indication of both shifting consumer preferences, and an unsteady economy. These included Chesterfield, Missouri-based ethanol plant operator Abengoa Bioenergy US Holding, LLC, which filed for chapter 11 protection in the Eastern District of Missouri, and construction and engineering firm Abeinsa Holding Inc. ("Abeinsa"). The retail sector so far this year is showing no signs that the dismal scene of bankruptcies and closings will end soon. Retailers may be headed for a tough year. Privately held, Englewood, Colorado-based sporting goods retailer Sports Authority, Inc. ("Sports Authority"), which filed for chapter 11 protection on March 2, 2016, in the District of Delaware with $1.1 billion in debt and intentions to find a buyer after closing 140 of its 463 stores. All U.S. Retail Chapter 11 Bankruptcies Resulting in Going Out of Business Liquidation Sales 2008 - 2015: 2015 Great Atlantic & Pacific Tea Company (A&P) Chapter 11 Filing After 156 years in business, one of the oldest U.S. retail chains still in business filed Chapter 11 bankruptcy in July, 2015. St. Louis, Missouri-based Arch Coal, Inc. ("Arch Coal") collapsed into the No. The plan provides for a debt-for-equity swap that cut Arch Coal’s debt load by 93 percent. The industry has also been troubled by slower demand from China. Heard on: Listen ... It’s been a very tough year for the retail industry. After defaulting on a debt payment, children's clothing retailer Gymboree filed for Chapter 11 in June 2017 and emerged in September. The petition listed $5.9 billion in assets and $5.4 billion in debt. 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. 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. 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. The company emerged from bankruptcy in August 2017 with a renewed focus on the U.S., Latin America and Asia. 3 Big Retail Bankruptcies of 2019 -- and 4 More That May Be Next A weakening retail landscape has sunk over a dozen big-name retailers so far, … Each company gracing the Top 10 List for 2016 entered bankruptcy with assets valued at more than $3 billion. This equals the entire number of filings for 2016. Singapore-based China Fishery Group Limited ("China Fishery"), which through its subsidiaries sources, harvests, onboard-processes, and delivers fish worldwide. The foreign representatives of Abengoa and 24 Spanish affiliates filed petitions on March 28, 2016, in the District of Delaware, seeking recognition under chapter 15 of a Spanish insolvency proceeding in which Abengoa is attempting to restructure $16.5 billion in debt and thereby avoid the largest Spanish bankruptcy ever. The big-box chain also struggled with a shift to online shopping. Continue Reading . Mattress Firm, the largest mattress retailer in the U.S., filed for Chapter 11 bankruptcy protection in October. Biggest Retail Bankruptcies Of 2020: A Complete List Of Bankrupt Retailers. 7 position on the Top 10 List for 2016, when it filed for chapter 11 protection in the Southern District of New York on February 25, 2016, with $3.5 billion in assets and $3.6 billion in debt. Such partnerships were bankrolled by the U.S. shale boom, but many took on heavy debt loads to fund their acquisitions. The 10 biggest retail bankruptcies of 2020 This year, Neiman Marcus and J.C. Penney joined the ranks of some of the biggest retail bankruptcies on record, including Sears, Toys R … And while the Toys “R” Us bankruptcy was one of the largest ever retail bankruptcies, it isn’t even in the running for a top 10 or even top 50 listing. Energy XXI engages in the acquisition, exploration, development, and operation of oil and natural gas properties onshore in Louisiana and Texas and offshore on the Gulf of Mexico. Half of the companies on the Top 10 List filed prepackaged or prenegotiated chapter 11 cases. Abeinsa and nearly 20 affiliates filed chapter 11 cases in the District of Delaware on March 29, 2016. One year later, BHS had collapsed, resulting in the loss of 11,000 jobs. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. Performance Sports Group Ltd. ("Performance"), maker of the Bauer hockey and Easton baseball equipment brands, which filed for chapter 11 protection in the District of Delaware on October 31, 2016, with plans to auction its assets. After filing two bankruptcies within a year’s time, American Apparel finally closed shop in November 2016. In talking to a host of experts, one thing is abundantly clear: more retail bankruptcies are very likely over the next twelve months. Benzinga does not provide investment advice. 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. 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. A Chapter 11 bankruptcyfacilitates reorganization of a company through a plan to keep its business alive and pay creditors over time. Here are a few standouts in 2016 and 2015. The filing was part of a worldwide effort (which also included legal proceedings in Canada, the U.K., Germany, Japan, Spain, Singapore, Belgium, Italy, Australia, and France, among other countries) to stop creditors from seizing Hanjin’s vessels. Therefore, store closings and openings are used an indicator of how well the U.S. economy is doing overall. It was acquired by the Canadian apparel firm Gildan. 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. A daily collection of all things fintech, interesting developments and market updates. Dallas, Texas-based Yellow Pages publisher Dex Media, Inc. ("Dex"), which filed for chapter 11 protection for the third time in seven years on May 16, 2016, in the District of Delaware to implement a prepackaged chapter 11 plan. 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. 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. The bankruptcy court confirmed the companies’ joint plans of reorganization and liquidation on December 14, 2016. Does Sycamore Partners Want to Buy Ann Taylor, Loft and Lane … 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 … Jones Day publications should not be construed as legal advice on any specific facts or circumstances. Spanish alternative energy producer Abengoa SA ("Abengoa"), a Seville-based clean energy and environmental sustainability engineering company with 35,000 employees in 50 countries. In addition, Paragon’s big customers, including Petróleos Mexicanos and Petrobras, cut back their contracts significantly. 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. ALSO READ: 3 Big Retail Bankruptcies of 2019 -- and 4 More That May Be Next. According to CNBC, this puts 2017 on pace to tie 2009's Even for those retailers emerging from bankruptcy, vendors are likely to be tepid to ship them product while at the same time tightening payment terms as the pandemic rages on. The bankruptcy court entered an order on December 14, 2016, recognizing Hanjin’s South Korean reorganization proceedings under chapter 15. After the filings, Hanjin drastically reduced its fleet in an effort to streamline the company. After a rise in retail bankruptcies in 2016, retailers have continued to see challenges in 2017. 9 spot on the Top 10 List for 2016 belonged to Houston, Texas-based offshore drilling rig operator Paragon Offshore PLC ("Paragon"). Indianapolis, Indiana-based short-haul carrier Republic Airways Holdings Inc. ("Republic") taxied into the No. Following the 2008/2009 recession, major retail bankruptcies reached historic highs in 2010, setting the record with 48 filings. The bankruptcy court denied confirmation of Paragon’s plan on October 28, 2016, ruling that the plan was not feasible because it drained too much cash from the company to allow it to survive the current downturn in the oil and gas industry. Retail Bankruptcies of 2011 December 2011 In our December 2010 blog posts entitled Retail Bankruptcies of 2010 Part I and Part II , we discussed retail bankruptcy strategies and trends during 2010, including the increase in sales auctions and liquidations resulting from failed attempts to reduce overhead costs and right-size operations and the inability of retailers to restructure their debt. The you know what is about to hit the fan in America's retail sector because of the coronavirus pandemic. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. Previous. Vitamin World, a retailer of vitamins and health supplements, filed for Chapter 11 bankruptcy on September 12, 2017. By any measure, 2020 was a brutal year in business, ending up with a record number of more than 160 consumer-facing businesses filing for bankruptcy, including the 35 retailers below, and 12,200 store closings. An estimated two-thirds of the U.S. gross domestic product (GDP) comes from retail consumption. 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. Electronics store retailer RadioShack seems to have zeroed in on bankruptcy as a tested formula for survival. That one-two punch usually kills a wounded retailer for good. Privately held, Englewood, Colorado-based sporting goods retailer Sports Authority, Inc. ("Sports Authority"), which filed for chapter 11 protection on March 2, 2016, in the District of Delaware with $1.1 billion in debt and intentions to find a buyer after closing 140 of its 463 stores. Already in January 2021, Christopher & Banks filed for … The bankruptcy court confirmed Halcón’s prenegotiated chapter 11 plan on September 8, 2016. China Fishery filed for chapter 11 protection in the Southern District of New York on June 30, 2016, with $2.6 billion in assets and $2.5 billion in debt, to prevent creditors from selling off the company’s assets at fire-sale prices. 1 in South Korea, with a fleet of 100 container vessels. 6 of 22. After 156 years in business, one of the oldest U.S. retail chains still in business filed Chapter 11 bankruptcy in July, 2015. Even though just under one-third of the U.S. grid is still powered by coal, and hundreds of mines are still profitable and operating, coal mining companies have struggled with a host of challenges. If it continues at this rate, the industry could experience the highest number of bankruptcies in around eight years. Retail Bankruptcies: Next On the Chopping Block. Ascena, which operates Ann Taylor, LOFT, Lane Bryant, Lou & … Privately owned Modular Space Corp. ("ModSpace"), a Berwyn, Pennsylvania-based manufacturer of office and construction trailers, portable storage solutions, classrooms, and other temporary structures. Los Angeles, California-based Breitburn Energy Partners LP ("Breitburn") drilled into the No. 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. The foreign representatives of Oi and several affiliates filed petitions seeking chapter 15 recognition of the Brazilian restructuring proceeding on June 21, 2016, in the Southern District of New York. 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. ... One year later, BHS had collapsed, resulting in the loss of 11,000 jobs. 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. The parent company divested itself of La Senza in January 2019, which was further affected by the retail apocalypse. Saint Louis, Missouri-based solar-energy company SunEdison Inc. ("SunEdison") flared into the No. Chapter 7 is a plan where a company's non-exempt property is liquidated and the proceeds are paid to creditors. Several causes have been attributed for the surge in bankruptcy filings. And, given that there are less than three months left in the year, it's possible there will be even more bankruptcies to come in 2019. Bankruptcies in the retail sector are piling up and chains have aggressively closed under-performing stores. ModSpace filed a restructuring proceeding in Toronto and a chapter 11 case in the District of Delaware on December 21, 2016, to restructure more than $1 billion in long-term debt by means of a prepackaged chapter 11 plan providing for a debt-for-equity swap. Justin Ho Sep 29, 2020. Since the buyout, rival Dick’s Sporting Goods Inc. ("Dick’s") added hundreds of locations, but Sports Authority’s debt load hampered its ability to expand or innovate. "The number of large-liability retail Chapter 11 filings (at least $250 million in liabilities) nearly doubled in 2016 and that trend shows no signs of slowing down. More U.S. retail companies sought bankruptcy protection in the first half of 2020 than in any other comparable period. Leonard Green & Partners L.P. bought Sports Authority, once the largest sporting goods chain in the U.S., in a $1.3 billion leveraged buyout in 2006. We all knew that brick-and-mortar retail was going to get hit hard, and it did, as the magnitude of 2020’s retail bankruptcies--around $100 million in assets--has been larger than in years past. A Chapter 11 bankruptcy facilitates reorganization of a company through a plan to keep its business alive and pay creditors over time. 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. 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 Retail bankruptcies with assets over $100 million, sized by assets. $0.3B. 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. 2015 Cache Chapter 11 Filing and Liquidation . Newsletters, February 2021 By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. Sports Authority ultimately was forced to sell its retail assets to liquidators, which conducted going-out-of-business sales beginning in May 2016. Clearly, online retailers such as Amazon are partly to blame. With one exception, the Top 10 List of "public company" (defined as a company with publicly traded stock or debt) bankruptcies of 2016 consisted entirely of energy companies—solar, coal, and oil and gas producers—reflecting, as in 2015, the dire straits of those sectors caused by weakened worldwide demand and, until their December turnaround, plummeting oil prices. 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