NEW YORK, Jan 9 (Reuters) – Storied residence items chain Mattress Tub & Past (BBBY.O) is getting ready for chapter in coming weeks following a run of poor gross sales, sources instructed Reuters final week.
A chapter would add to a listing of excessive profile collapses of shops who struggled, particularly throughout the pandemic, to compete with big-box retailers and on-line shopping for.
Ten of the most important bankruptcies over the previous 5 years are listed beneath by property and liabilities on the time of their filings:
Ascena Retail Group
Belongings: $13.69 billion
Liabilities: $12.52 billion
Shops: Greater than 2,800
The proprietor of Ann Taylor, Lane Bryant and Loft filed for Chapter 11 chapter safety in July 2020, then offered off its Justice youngsters’s attire unit and closed all Catherines shops. The corporate is now part of Premium Attire LLC, a unit of personal fairness agency Sycamore Companions, after being acquired for $540 million in November 2020.
Sears Holdings Corp
Belongings: $7.26 billion
Liabilities: $10.99 billion
Shops: About 700
As soon as the nation’s largest retailer, the 125-year-old chain filed for chapter in October 2018, following a decade of income declines, a whole lot of retailer closures. It had not turned a revenue since 2011 and stayed afloat for years because of billions of {dollars} offered by its billionaire CEO Eddie Lampert. Finally, it succumbed to stiff competitors from chains like Walmart (WMT.N).
J.C. Penney
Belongings: $7.99 billion
Liabilities: $7.16 billion
Shops: 846
After greater than a century in enterprise, the division retailer chain filed for chapter safety in Might 2020, weighed down by mounting debt.
After months of chapter proceedings, the corporate averted liquidation, after a U.S. choose dominated in November that yr to let it proceed beneath new house owners – Simon Property Group and Brookfield Asset Administration – in a bid to avoid wasting over 60,000 jobs.
Toys “R” Us
Belongings: $1 billion-$10 billion
Liabilities: $8.07 billion
Shops: greater than 1,600
The biggest U.S. toy retailer chain and proprietor of Infants “R” Us, filed for chapter safety in late 2017, straining beneath a $2.5 billion debt pile. On the time, its chapter was the most important collapse of a U.S. retailer by property since Kmart in 2002.
Neiman Marcus
Belongings: $7.55 billion
Liabilities: $6.79 billion
Shops: Almost 70
The U.S. luxurious division retailer chain laden with debt after a non-public fairness takeover filed for chapter safety in Might 2020. The almost 113-year previous chain’s CEO blamed the “unprecedented disruption” attributable to the pandemic.
It emerged from chapter months later after its restructuring eradicated greater than $4 billion of debt.
J. Crew Group Inc
Belongings: $1.59 billion
Liabilities: $2.95 billion
Shops: 491
Chinos Holdings, mum or dad of the attire chain, filed for chapter safety in Might 2020 with a plan to remove $1.65 billion of debt in trade for ceding possession to lenders. J Crew, identified for its preppy clothes favored by former first girl Michelle Obama, was the primary main retail casualty of the pandemic. It quickly emerged from chapter with a lot of its retailer base intact and $400 million in recent monetary support.
Tailor-made Manufacturers
Belongings: $2.48 billion
Liabilities: $2.84 billion
Shops: Over 1,400
The proprietor of tuxedo and enterprise go well with chain Males’s Wearhouse filed for chapter in August 2020. It emerged from chapter in December that yr, after eliminating $686 million of debt.
Claire’s Shops
Belongings: $2 billion
Liabilities: $2.52 billion
Shops: About 1,600
The jewellery retailer filed for Chapter 11 in March 2018, hit by a pointy drop in mall visitors as buyers shifted on-line. The corporate emerged from chapter in October 2018 after eliminating $1.9 billion in debt after which filed to go public once more in late 2021, backed by Goldman Sachs.
9 West Holdings Inc
Belongings: $988 million
Liabilities: $1.94 billion
Shops: About 70
The U.S. trend firm, proprietor of Anne Klein and Gloria Vanderbilt, filed for chapter in April 2018, squeezed by on-line competitors. It emerged from chapter simply days in need of a yr because it filed for chapter beneath a brand new title, Premier Manufacturers.
Supply: Compiled by New Technology Analysis’s BankruptcyData.com and from court docket filings and information experiences
Reporting by Siddharth Cavale and Uday Sampath Kumar; Enhancing by David Gregorio
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