Photo Credit: 13 WIBW (Source MGN) (WILX)
Due to the coronavirus pandemic and these extremely unprecedented times, big time companies are filing for bankruptcy all around the world. “I’m pretty confident we will see more bankruptcies than in any businessperson’s lifetime.” said James Hammond, CEO of New Generation Research, which runs BankruptcyData.
The Seattle-based home and cooking retailer, Sur La Table, has filled for Chapter 11 bankruptcy, reports Forbes. The company will close more than one-third of its stores and is negotiating with Investment Companies to sell the remaining locations.
The Japanese retailer known for office supplies and home goods, Muji, filed for Chapter 11 bankruptcy in Delaware on July 9. With this, the retailer is offering furniture rentals to cater to those working from home for as low as $7/month.
In January, Pier 1 said it planned to close up to 450 stores. With the push of the coronavirus pandemic, home decor retailer Pier 1 Imports, announced in a press release, that it is "pursuing a sale" by voluntarily filing for Chapter 11 Bankruptcy. In May, the company announced its shut down after failing to find a buyer.
Clothing retailer, J. Crew, filed for Chapter 11 bankruptcy and plans to convert $1.65 billion of its debt into equity.
Texas-based name brand retailer, Neiman Marcus, filed for Chapter 11 bankruptcy, explaining "inexorable pressure" from the coronavirus pandemic.
The American department store, JCPenny, filed for bankruptcy and will close about 30% of its stores due to pandemic-related disruptions.
GNC, Pennsylvania-based American company selling health and nutrition related products, filed for Chapter 11 bankruptcy announcing the plan to close roughly 1,000 stores while it looked for a buyer. 248 stores that would close immediately had been announced.
Brooks Brothers, the oldest men's clothier in the United States, filed for Chapter 11 bankruptcy and plans to close 51 stores while seeking a buyer.
The largest Chapter 11 bankruptcy thus far has been the car-rental company, Hertz.
There are many more companies filing for Chapter 11 bankruptcy as the pandemic takes its toll.