retail bankruptcies 2016

The bankruptcy court confirmed SandRidge’s chapter 11 plan on September 9, 2016. 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. 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. 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"). Carmel, Indiana-based for-profit college operator ITT Educational Services Inc. ("ITT"). Los Angeles, California-based Breitburn Energy Partners LP ("Breitburn") drilled into the No. Testing times for global retail as bankruptcies abound The pandemic has proved to be death knell for US retailers with stores remaining closed for most part of the year. That has led to an uptick in store closures this year. 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 Several causes have been attributed for the surge in bankruptcy filings. 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. After a rise in retail bankruptcies in 2016, retailers have continued to see challenges in 2017. Retailers may be headed for a tough year. Already in January 2021, Christopher & Banks filed for … Commentaries, We use cookies to deliver our online services. Retail Bankruptcies: Next On the Chopping Block. ... One year later, BHS had collapsed, resulting in the loss of 11,000 jobs. The State of Retail Bankruptcies in 2021. Ascena, which operates Ann Taylor, LOFT, Lane Bryant, Lou & … already seen a greater number of major retail bankruptcies than in all of 2016. The company was also caught off guard by a rapid shift in demand from fixed-line telephone service to more profitable mobile service. After posting losses for 11 straight quarters, the retailer filed for bankruptcy in February 2015 only to emerge a month later following its purchase by General Wireless. Dick’s acquired Sports Authority’s intellectual property, including its brand name, as well as more than 30 stores at a bankruptcy auction in June 2016. Don't have a Benzinga account? 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. According to CNBC, this puts 2017 on pace to tie 2009's 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 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. The bankruptcy court entered an order recognizing the restructuring on July 22, 2016. Despite a significant number of store closings and retail company bankruptcies in 2015, retail employment expanded every month in 2015, except for January. 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. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. Sindhu Sundar. It also sells coal to power plants, steel mills, and industrial facilities. Sports Authority ultimately was forced to sell its retail assets to liquidators, which conducted going-out-of-business sales beginning in May 2016. The 50-year-old company, which had campuses in 38 states, was forced to close its doors after the U.S. Department of Education demanded a steep increase in the security the company was required to post to guarantee federal student aid. The exception came from the airline industry. 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. The company listed $3.5 billion in assets and $3.1 billion in debt at the time of the filing. One year later, BHS had collapsed, resulting in the loss of 11,000 jobs. Neiman Marcus. 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. See Also: Sears Bankruptcy 'Another Blow' To Apparel Supplier Iconix. The State of Retail Bankruptcies in 2021. The you know what is about to hit the fan in America's retail sector because of the coronavirus pandemic. Houston, Texas-based oil and gas producer LINN Energy, LLC ("Linn Energy") trickled into the No. These include high leverage, low energy prices, stringent new environmental regulations, the decline of steel production, and power plants that have replaced coal with natural gas made abundant and cheap by shale drilling. An estimated two-thirds of the U.S. gross domestic product (GDP) comes from retail consumption. Leonard … 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. This year has been a challenging one for retailers. Fitch: Secular Challenges Spur U.S. Retail Bankruptcies September 28, 2016 09:29 AM Eastern Daylight Time . Next . 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. Arch Coal produces and sells thermal and metallurgical coal from 16 surface and underground mines located in the U.S. The company listed $8.4 billion in assets and $6.5 billion in debt at the time of the bankruptcy filing. Continue Reading . 6 of 22. Republic blamed its failure to succeed on a pilot shortage and the grounding of planes during its negotiation of labor contracts and agreements with larger carriers. By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. The Brick-and-Mortar Challenge: Meeting Customers Where They Are. 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 … 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. The previous year saw a number of well-known national and regional retailers file for both Chapter 7 and Chapter 11 bankruptcy. 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. 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. Oilfield helicopter services company CHC Group Ltd. ("CHC"), the parent company of Vancouver, British Columbia-based CHC Helicopter, which filed for chapter 11 protection on May 5, 2016, in the Northern District of Texas with $2.3 billion in assets and $2 billion in debt. The bankruptcy court entered an order on December 14, 2016, recognizing Hanjin’s South Korean reorganization proceedings under chapter 15. 2. Bankruptcies in the retail sector are piling up and chains have aggressively closed under-performing stores. 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. ModSpace was hurt by the slowdown in the oil and gas and mining sectors, as well as the diminished volume of nonresidential construction. 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. This equals the entire number of filings for 2016. Read full article. Source: Neiman Marcus. 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. 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. 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. Note the PE firms behind many of them: April 16, 2016: Vestis Retail Group, the operator of sporting goods retailers … That one-two punch usually kills a wounded retailer for good. Such partnerships were bankrolled by the U.S. shale boom, but many took on heavy debt loads to fund their acquisitions. Dex emerged from bankruptcy as a private company on July 29, 2016, after the bankruptcy court confirmed a chapter 11 plan that eliminated $1.8 billion in debt by means of a debt-for-equity swap. 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. Department store chain Bon-Ton had its tryst with Chapter 11 protection in February and is clawing its way back. 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. Half of the companies on the Top 10 List filed prepackaged or prenegotiated chapter 11 cases. 1 in South Korea, with a fleet of 100 container vessels. 9 spot on the Top 10 List for 2016 belonged to Houston, Texas-based offshore drilling rig operator Paragon Offshore PLC ("Paragon"). 2016 Major Retailer Bankruptcies. Saint Louis, Missouri-based solar-energy company SunEdison Inc. ("SunEdison") flared into the No. Jones Day publications should not be construed as legal advice on any specific facts or circumstances. Sports Authority filed for bankruptcy protection on Wednesday, becoming the latest big retailer to go down that road. 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. Through the first quarter of this year, nine retailers have sought bankruptcy protection. 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.. After the filings, Hanjin drastically reduced its fleet in an effort to streamline the company. "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. April 7, 2016: Pacific Sunwear of California, clothing retailer with nearly 600 stores and derailed ambitions of skate-and-surf cool, filed for Chapter 11 bankruptcy. In 2016, a significant number of store closings and bankruptcies are an indication of both shifting consumer preferences, and an unsteady economy. 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 U.S. Securities and Exchange Commission brought fraud claims against ITT in 2015 for allegedly concealing major losses in two student loan programs. filing for Chapter 11 bankruptcy protection, according to a larger list of 57 recent retail bankruptcies compiled by CB Insights, Sears Bankruptcy 'Another Blow' To Apparel Supplier Iconix, Carter Worth And Mike Khouw's Amazon Trade Going Into Earnings, Privacy Policy / Do Not Sell My Personal Data. In talking to a host of experts, one thing is abundantly clear: more retail bankruptcies are very likely over the next twelve months. According to CNBC, this puts 2017 on pace to tie 2009's record, when 18 chain retailers filed for bankruptcy protection. 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. 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. It listed $10 billion in assets at the time of the chapter 11 filing. The parent company divested itself of La Senza in January 2019, which was further affected by the retail apocalypse. 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. The bankruptcy court confirmed Halcón’s prenegotiated chapter 11 plan on September 8, 2016. Restructuring Practice Communications Coordinator, February 2021 A’gaci Women’s apparel brand A’gaci filed its second bankruptcy in 2019, announcing plans to close all 54 of its stores. Through the first quarter of this year, nine major retailers have sought bankruptcy protection. 5 spot on the Top 10 List for 2016 when it filed for chapter 11 protection in the Southern District of New York on May 15, 2016, with $4.8 billion in assets and $3.4 billion in debt. Breitburn, once the largest U.S. oil producer organized as a master limited partnership, acquires, exploits, and develops oil, natural gas liquids (NGLs), and natural gas properties in the Midwestern U.S., Ark-La-Tex, the Permian Basin, the Mid-Continent, the Rockies, the Southeastern U.S., and California. 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. Bankruptcy had been a near-certainty for one of the nation’s biggest and fastest-growing developers of renewable-power plants for some time. 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 2012, Online fashion retailer Nasty Gal reached $100 million in sales but began experiencing declining sales in the ensuing years. On October 28, 2016, the bankruptcy court appointed a chapter 11 trustee for China Fishery, concluding that creditors had justifiably lost confidence in its management and that the debtors’ prospects for rehabilitation under existing management were "problematic, if not dim.". 14 February 2020 Consultancy.uk. The company emerged from bankruptcy in August 2017 with a renewed focus on the U.S., Latin America and Asia. Incidentally, Claire's, which was once a public company, went private in 2007 after it was bought by Apollo Global Management in 2007. Sinking oil prices slowed Paragon’s drilling and production activities. St. Louis, Missouri-based Arch Coal, Inc. ("Arch Coal") collapsed into the No. A daily collection of all things fintech, interesting developments and market updates. The bankruptcy court entered an order recognizing the proceeding on April 27, 2016. Another victim of plunging oil prices and an unsustainable debt load, the company joined a crowd of oil and gas firms in bankruptcy. Linn Energy focuses its exploration and production efforts on the Colorado Rockies, California, the Hugoton Basin, the Mid-Continent, the Permian Basin, Texas, Louisiana, Michigan, and Illinois. It was acquired by the Canadian apparel firm Gildan. Heard on: Listen ... It’s been a very tough year for the retail industry. Bankruptcies in the United States decreased to 21655 Companies in the fourth quarter of 2020 from 22391 Companies in the third quarter of 2020. Newsletters, February 2021 Jones Day is representing Peabody in connection with its chapter 11 filing. The bankruptcy filings came just months after Performance revealed that it was under investigation by securities regulators in Canada and the U.S. for accounting irregularities. 4 position on the Top 10 List of 2016. A Chapter 11 bankruptcy facilitates reorganization of a company through a plan to keep its business alive and pay creditors over time. 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. Retail Bankruptcies: Next On the Chopping Block. 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. 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. © 2021 Benzinga.com. 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. The second bankruptcy came as the retailer struggles to overcome years of losses and rising online competition. 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. 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. Though steps like curbside pickups, shipping from store websites, furloughs and pay reductions have helped some retailers survive the crisis, the remaining have been forced to go down the bankruptcy lane. Chapter 7 is a plan where a company's non-exempt property is liquidated and the proceeds are paid to creditors. The retail sector so far this year is showing no signs that the dismal scene of bankruptcies and closings will end soon. Houston, Texas-based oil and gas exploration company Halcón Resources Corporation ("Halcón") drilled its way into the No. Sporting goods retailer Sports Authority filed for Chapter 11 in March 2016, but it was converted to a Chapter 7 filing after a few months. It later merged with its rival SuperMedia Inc. in dual-track chapter 11 cases filed in 2013. Electronics store retailer RadioShack seems to have zeroed in on bankruptcy as a tested formula for survival. 3 spot on the Top 10 List for 2016 when it filed for chapter 11 protection on May 11, 2016, in the Southern District of Texas after reaching the broad terms of a deal with the majority of its lenders to restructure $8.3 billion in debt and obtain $2.2 billion in fresh financing. The company plans to close 51 stores out of the 334 total; already 45 stores have been closed since 2016. 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, … 8 position on the Top 10 List for 2016 when it filed for chapter 11 protection on July 27, 2016, in the District of Delaware to implement a prenegotiated restructuring agreement that would eliminate $1.8 billion in debt and $222 million in preferred stock by means of a debt-for-equity swap. 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. Everything you need to know about the market - quick & easy. Arch Coal ran into debt trouble after purchasing International Coal Group Inc. for $3.4 billion during a coal price peak in 2011. The retail sector so far this year is showing no signs that the dismal scene of bankruptcies and closings will end soon. 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. 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. 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. 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 … 2016 US Retail Industry Overview Statistics, Types of Retailing. Recent articles in The Wall Street Journal suggest that we may see a rise in retail bankruptcies in 2016, and, once in bankruptcy, retailers are more likely than other industries to shut down and liquidate, as opposed to reorganize. Online shopping has hit retailers where it hurts. ALSO READ: 3 Big Retail Bankruptcies of 2019 -- and 4 More That May Be Next. Paragon listed $3.3 billion in assets and $2.6 billion in debt at the time of the filing. Retail Bankruptcies On the Rise, Despite Overall Drop in Filings. Here are a few standouts in 2016 and 2015. Retail bankruptcies are on pace to surpass those filed in 2010, while store closings have already passed those from 2019, according to a report. After a rise in retail bankruptcies in 2016, retailers have continued to see challenges in 2017. Singapore-based China Fishery Group Limited ("China Fishery"), which through its subsidiaries sources, harvests, onboard-processes, and delivers fish worldwide. Ascena Retail Group, which owns several women's and girls' clothing brands, filed for Chapter 11 bankruptcy on July 23. 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. 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. Abeinsa and nearly 20 affiliates filed chapter 11 cases in the District of Delaware on March 29, 2016. The bankruptcy court confirmed the companies’ joint plans of reorganization and liquidation on December 14, 2016. 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. More U.S. retail companies sought bankruptcy protection in the first half of 2020 than in any other comparable period. Privately owned Modular Space Corp. ("ModSpace"), a Berwyn, Pennsylvania-based manufacturer of office and construction trailers, portable storage solutions, classrooms, and other temporary structures. 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