![]() ![]() In the face of decreased consumer spending and high interest rates, the company was forced into bankruptcy yet again. ![]() It previously filed for bankruptcy in May 2020 due to pandemic-induced store closures, at which time it shut down a number of locations in restructuring. It will continue to operate under its Chuck & Don’s and Kriser’s brands in Minnesota, Colorado, Kansas, Wisconsin, and Illinois.Ĭategories/Product(s): Discount home goodsĭiscount home goods retailer Tuesday Morning filed for bankruptcy protection in February. Its sales losses only worsened with temporary store closures amid the pandemic.Īs part of its bankruptcy restructuring, the company decided to exit its Natural Pawz and Loyal Companion brands as well as close some existing stores. ![]() The company pointed to consumers’ shift away from the grain-fee, high-protein dog food sold in its stores as contributing to its financial difficulties. Independent Pet Partners - the parent company of Loyal Companion, Chuck & Don’s, Natural Pawz, and Kriser’s - filed for Chapter 11 bankruptcy in February. Boxed announced it would wind down retail operations and sell its software business amid bankruptcy proceedings. Its struggles were likely exacerbated by the crisis at Silicon Valley Bank, where it held a majority of its cash deposits and other liquid assets. For example, its stock price and market cap both fell below the New York Stock Exchange listing threshold last year. Warning signs revealed themselves gradually in the months leading up to its filing. BoxedĬategories/Product(s): Wholesale productsīoxed - an e-commerce platform selling wholesale consumer goods - entered into bankruptcy in April. The retailer also cited broader macroeconomic turbulence as contributing to its financial woes. While weddings have since picked up again, the company highlighted that its business continued to suffer due to a change in consumer preferences for wedding apparel post-pandemic. While the company emerged from its first bankruptcy in 2019, it was then thrust into the pandemic, which saw events like weddings (and the demand for wedding apparel) come to an abrupt halt. This news came just a few days after the company announced it would lay off more than 9K employees. Wedding gown retailer David’s Bridal filed for bankruptcy (again) in April. The retailer announced it would close its stores while it tries to sell parts of the business. While it narrowly avoided bankruptcy in February thanks to a share sale, it was unable to uphold the terms of the agreement. Ultimately, it turned to store closures and layoffs. ![]() Alongside supply chain disruption, its e-commerce shortcomings left it ill-equipped to keep up with consumer demand for online shopping in recent years.įaced with declining revenue and a cumbersome debt load, the company tried to reduce costs by cutting back on trademark offerings like mailer coupons and name-brand inventory. While the company grew its physical footprint considerably in the aughts, it lagged behind competitors like Target, Amazon, and Walmart in building out its e-commerce presence. * Denotes a company’s second or third bankruptcy Companies that filed for bankruptcy in 2023 so far: Bed Bath & BeyondĪfter teetering on the edge of bankruptcy for months, Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in April. Companies that filed for bankruptcy in 2015.Companies that filed for bankruptcy in 2016.Companies that filed for bankruptcy in 2017.Companies that filed for bankruptcy in 2018.Companies that filed for bankruptcy in 2019.Companies that filed for bankruptcy in 2020.Companies that filed for bankruptcy in 2021.Companies that filed for bankruptcy in 2022.Companies that filed for bankruptcy in 2023 so far.As we’ll see, Amazon is not the only reason that physical retail is troubled - mounting debt and retailers’ own missteps and lack of adaptability are also to blame, among other factors. In this report, we dig into 154 recent bankruptcies starting in 2015 and the reasons behind them. With retailers facing old challenges in addition to combating newly rising prices and a pullback in consumer spending, some reports indicate that retail bankruptcies may flare up once again in 2023. In 2022, only a handful of companies went under.īut this doesn’t mean that retail is out of the woods just yet. While there were 52 retail bankruptcies in 2020, 2021 saw just 21 - a 60% drop year-over-year, according to Axios. Following 2020, retail experienced a significant rebound as consumers returned to stores. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |