Retailers are already struggling, and now they are suffering The impact of coronavirus bears the brunt. However, large fitness brands and large car rental companies have recently filed for bankruptcy.
However, many other brands that filed for bankruptcy are still not immune. Here are some American companies submitted in May:
The statement went on to say that applying for Chapter 11 bankruptcy protection will help it “become stronger and ready to grow”.
The 55-year-old company intends to withdraw from bankruptcy protection in August and said that it “will never go anywhere.” Gold did close 30 locations in April, but it had no intention of permanently closing any gyms.
The company has been in business since its establishment in 1918, when it opened factories with more than a dozen Ford Model Ts. Hertz survived the Great Depression, the almost complete cessation of World War II car production in the United States, and numerous oil price shocks.
By declaring bankruptcy, the rental car company said it intends to continue operations while restructuring its debt to make its financial health healthier.
The company said in a statement: “The impact of Covid-19 on travel demand is sudden and dramatic, leading to a sharp decline in the company’s revenue and future bookings.” The automotive market will be completely reopened for sale, so today’s action. “
According to a document from the US Securities and Exchange Commission (SEC), the company paid a total of $ 16.2 million to 340 executives on May 19 as part of the company’s plan to leave them in place when it tried to restructure.
Coronavirus may be the last blow of the 118-year-old department store JCPenney. It is already struggling to overcome ten years of wrong decisions, executives’ unstable and destructive market trends.
CEO Jill Soltau said in a statement: “Before this pandemic hit, we made significant progress in rebuilding the company.” He added that the company’s efforts “have begun Get rewarded. “
J. Crew Group
The company owns the old-school J. Crew and Madewell brands and hopes to continue its business and stand out from bankruptcy to become a profitable company. The fast-growing denim brand Madewell, which is about to conduct an initial public offering (IPO), will remain part of the company’s business.
Since the acquisition of J.Crew Group from private equity firms TPG Capital and Leonard Green & Partners for $ 3 billion in 2011, its debt burden has been heavy.
In the nine years since the transaction was completed, it has grown rapidly, and the number of stores has almost doubled. But it also accumulated more debt. Before announcing the transaction, it had $ 50 million in long-term debt in 2010, and by February this year, that number had surged to $ 1.7 billion.
The company operates nearly 500 stores, including J. Crew’s factory outlet store.
The company’s history can be traced back to 113 years, when its first store in Dallas was still the location of its headquarters. The company also operates the Bergdorf Goodman and Last Call chain stores.
The fate of ITS is likely to be sealed in 2013, when Ares Management and the Canada Pension Plan Investment Committee paid $ 6 billion in the form of a leveraged buyout to privatize the company.
“The biggest problem in Neiman is [private equity companies] Too much paid, too much debt burden.
CEO Steve Becker (Steve Becker) said that before the pandemic, the company’s business was booming. However, the resulting temporary store closures and employee vacations have caused “serious consequences” for our business.
In a statement, he said: “Store operations were completely suspended for two months, which put the company in a financial position, and only through Chapter 11 reorganization can the problem be effectively resolved.
The Dallas-based chain filed an application on May 27, saying it would permanently close about 230 of its nearly 700 US stores.
-Chris Isidore and Nathaniel Meyersohn of CNN Business contributed to this report.