Jun 03, · A few weeks before filing bankruptcy, Fusion borrowed $20 million from a group of its senior lenders. Fusion plans to refinance that working capital loan . Sep 01, · Sep 1, , am EDT Three groups are seeking a court order compelling Star Group Communications to file for Chapter 7 liquidation bankruptcy, according to court filings, after the company shut Author: Kenneth Hilario. Certificate of Service (related document: 1 Involuntary Petition (Chapter 7) filed by Debtor Star Group Communications, Inc., Petitioning Creditor Spongecell, Inc., Petitioning Creditor Echelon Title, LLC, Petitioning Creditor Interstate Building Maintenance Corp., 2 Involuntary Summons Issued) filed by Jeffrey Kurtzman on behalf of Echelon Title, LLC, Interstate Building Maintenance Corp., Spongecell, .
Related videosCEO Linda Rosanio on Star Group culture
FoodFirst had already closed 10 locations permanently in early January and expects to close more as their leases expire. Unlike many companies on this list, privately held Gold's Gym wasn't struggling prior to the coronavirus pandemic.
In fact, the company specifically discounts any prior issues as being a factor in its bankruptcy:. Instead, the May 4 bankruptcy was meant to help the company financially restructure. Gold's says it will permanently close 30 company-owned gyms, but it does expect its early global franchised and licensed gyms to reopen.
The company helps broadcast and cable TV providers distribute content to customers, as well as provides communications services, via a fleet of 50 satellites. Intelsat wants to launch new satellite technology that would allow it to sell off part of its C-Band spectrum as part of an FCC airwave auction. That spectrum would be sold to wireless companies as they bulk up their 5G service.
So, on May 13, the company filed for Chapter 11 bankruptcy protection, which should help relieve some of that debt burden. In fact, CEO Stephen Spengler gave the announcement a positive twist, calling the filing "a transformational moment in the history of our company. The launch of its own e-commerce site, as well as experimenting with new store formats, hasn't been enough to reinvigorate the retailer.
Even during the holiday season, which saw record consumer spending, J. Penney's same-store sales stores and websites open for at least 12 months declined 7. On May 15, the company was forced to seek out Chapter 11 bankruptcy protection, and it also announced a restructuring support agreement that would help it "reduce several billion dollars of indebtedness.
Several days after that filing, the company said it plans to permanently close J. Penney locations by American clothing retailer J. Crew began life as Popular Merchandise in before taking on its current name in It initially was a catalog operation, but it expanded into J. Crew retail stores and eventually added the Madewell brand. Declining sales have dogged the legacy brand, but Madewell was growing so much that J.
Crew considered "unlocking" value by spinning it off via an initial public offering. The coronavirus lockdown and resulting store closures derailed that plan, at least temporarily.
Crew filed for Chapter 11 bankruptcy protection on May 4, though the company expects to bounce back. Crew states. Privately held Neiman Marcus is an iconic, luxury retail chain that was founded in Its latest store, which opened in , was a three-floor, ,square-foot location in Manhattan's Hudson Yards development. COVID forced Neiman Marcus to temporarily close all of its stores, which ultimately was the company's breaking point.
Ten of its stores have since reopened for curbside pickup. Many of the companies on this list expect to continue operating during and after their bankruptcy reorganizations. Pier 1 Imports, which has already closed hundreds of stores over the past few years, has simply been unable to fight the one-two punch of growing online competition from e-commerce stocks such as Amazon.
Pier 1 had already closed of its more than stores before filing for Chapter 11 bankruptcy protection on Feb. But the coronavirus nonetheless dealt the death blow. On May 19, Pier 1 announced it was giving up on its previous bankruptcy plans and simply liquidating, shutting down its remaining or so stores.
These stores focus on moderately priced and discount goods, and are predominantly located in small towns and rural areas. Most of Stage Stores' brands were previously snapped up in bankruptcy sales, and the company had been planning to convert all stores to the Gordmans banner.
Stage had a considerable debt load and suffered poor holiday sales in , but it was working on strengthening its financial position and seeking prospective buyers when the COVID pandemic forced it to shutter its stores. California-based jeans maker True Religion , the California-based maker of high-end jeans, filed for bankruptcy on April Sales of True Religion jeans have been hit by slowing spending at department stores including Macy's M and the aforementioned Neiman Marcus.
The rise in popularity of athleisure wear was also putting pressure on demand for denim. The coronavirus outbreak sealed its fate, however. The company was forced to close its 87 retail stores and its wholesaling arm. Many U. Thanks to low oil prices and high debt loads, 41 oil companies filed for bankruptcy protection in More of the same is likely on the way.
A report by Norwegian energy research firm Rystad Energy says that if oil prices remain low, more than U. What Are the Income Tax Brackets for vs.
Skip to Content Skip to Footer. We are more worried about the life blood of the U. Here is a list of companies that have filed for bankruptcy protection, including ones that filed earlier in before the impact of COVID Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more.
I agree to TheMaven's Terms and Policy. Lucky's Market grocery stores 3. Earth Fare organic grocery stores 4. Pier 1 Imports home goods stores 5. Art Van Furniture 6. Modell's Sporting Goods 7. True Religion previously filed for bankruptcy in 9. Bridgemark energy company Southland Royalty Company energy company Dalf Energy energy company Sheridan Holding Company energy company Echo Energy Partners I energy company Neiman Marcus 2.
Nordstrom 3. Kroger 4. Best Buy 6. Penney 8. AMC Theatres 9.